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ISLAMABAD, The Islamabad Chamber of Commerce and Industry (ICCI) emphasized the untapped potential in Pakistan’s rich mineral resources, urging the government to prioritize the mining and mineral sector. By doing so, it could capitalize on these reserves, bolstering trade, exports, and overall economic growth.
According to Islamabad Chamber of Commerce and Industry (ICCI), Ahsan Zafar Bakhtawari, the President of ICCI, addressed a delegation from the All Pakistan Mines and Minerals Association led by its Chairman, Meer Behrose Regi Baloch. Bakhtawari pointed out that countries like China, Italy, Turkey, Spain, and Brazil have successfully harnessed their mineral sectors for economic prosperity. However, Pakistan has yet to give this sector the attention it deserves, despite having the world’s second-largest salt mines and coal deposits, fifth-largest copper and gold reserves, and significant reserves of marble, granite, gemstones, chromite, gypsum, iron ore, and other minerals.
Bakhtawari highlighted the potential for Pakistan to generate billions of dollars from this sector, emphasizing the multifaceted benefits, including increased trade, employment opportunities, domestic and foreign investments, and faster economic growth. He called on the government to address the challenges plaguing the sector, promising that the ICCI would champion these concerns at the appropriate forums.
Chairman Baloch detailed the myriad issues faced by the mines and mineral sector’s business community. He underscored the need for an improved regulatory framework, stating that procedural delays were deterring potential investors. He also called for government-backed infrastructure development, technological advancements, easier access to financing, human resource development, and marketing support. Furthermore, Baloch emphasized the need for dedicated banking products tailored for the mining and processing subsectors. He highlighted that the current inadequate road networks leading to mines, utilities, and industrial zones were major obstacles to investment and growth.
Zafar Bakhtawari, former President of ICCI and Secretary General of UBG Pakistan, lamented the use of outdated technology in quarrying and processing, which hindered the production of value-added products. He pressed the government to introduce contemporary technology and mechanized mining to upgrade the sector’s product quality and subsequently increase exports.
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