A significant agreement was signed between Pakistan and an American firm, Miracle Saltworks Collective Incorporation, aimed at enhancing the value of Himalayan Pink Salt to boost its export potential. This agreement marks a crucial step in the nation’s efforts to leverage its natural resources for economic growth.
During the signing ceremony, Caretaker Prime Minister Anwaar-ul-Haq Kakar emphasized the importance of the agreement, stating that it not only opens up avenues for the export of Pakistan’s pink rock salt but also signifies a significant achievement for the nation’s investment climate.
The commitment of a $200 million investment in this initiative reflects a strong vote of confidence in Pakistan’s economic policies and its conducive investment environment.
Kakar reiterated Pakistan’s determination to fully exploit the potential of the mining sector as a new driver of economic growth. He outlined various measures undertaken by the government to attract foreign direct investment (FDI), including comprehensive reforms, transparent regulations, streamlined procedures, and robust legal frameworks.
Kakar also highlighted the pivotal role played by the Special Investment Facilitation Council (SIFC) in facilitating investors and providing them with a supportive environment.
Caretaker Minister for Energy Muhammad Ali shed light on the practical implications of the agreement, noting that the establishment of a state-of-the-art crushing and packaging plant will enable Pakistan to process and export pink salt rock more efficiently.
Despite Pakistan’s vast reserves of over 50 billion tons of pink rock salt, currently, only a fraction of this resource is being extracted. Minister Ali emphasized the need to maximize the utilization of these resources to boost economic growth.
Minister Ali also underscored the significance of the mining sector in Pakistan’s economy, noting its current contribution of one percent to the GDP. He expressed aspirations to significantly increase this contribution to approximately five percent within the next five years. Additionally, he highlighted the diverse mineral potential of Pakistan, including reserves of copper, gold, silver, chromite, lead, zinc, and graphite.
He also mentioned the presence of unexplored reserves of nickel, lithium, and cobalt, indicating further opportunities for economic development through responsible mineral exploration and extraction.
