Finance Minister Muhammad Aurangzeb has said the Reko Diq gold and copper mining project will play a central role in transforming Pakistan into an export-driven economy, with annual export earnings from the mine projected to reach $2.8 billion once production begins in 2028.
Speaking at the Lahore Chamber of Commerce on Saturday, the finance minister described copper as a critical component in the global shift toward renewable energy, citing rising demand and global shortages. “Copper is going to play the most critical role in terms of energy transition,” he noted, adding, “To this, deposits in Reko Diq are our answer.”
Aurangzeb compared Reko Diq’s potential to Indonesia’s success with nickel, which generated $22 billion in export earnings in 2024. “Copper is to us what nickel has been to Indonesia,” he said.
The minister highlighted macroeconomic improvements including declining inflation, falling policy and KIBOR rates, and a resulting drop in corporate debt servicing costs. He acknowledged recent volatility in the stock market, but cautioned against reading too much into short-term fluctuations. “I consider our stock market as a data point… it is still not deep enough to reflect main street sentiment.”
Referring to a conversation with the Ethiopian ambassador during the Made in Gujranwala Expo 2025, Aurangzeb emphasised the need for export orientation across sectors. “Every single sector has to export,” he said.
On fiscal matters, the minister stated that discussions with the International Monetary Fund (IMF) are progressing positively, and the government is committed to improving tax collection. “We aim to raise the tax-to-GDP ratio from 9–10% to 13%. Only if we broaden the tax base will this be the last IMF programme,” he said.
Aurangzeb also signalled upcoming relief measures, including simplifying income tax filing for the salaried class through mobile apps. He shared that he had not taken a salary in the past 15 months, underscoring his commitment to public service.
On the privatisation front, he confirmed that new expressions of interest for the sale of Pakistan International Airlines (PIA) will be issued later this month.
