ISLAMABAD: State Minister for Petroleum Dr Musadik Malik said on Monday the government will soon introduce a new regulatory regime in the mining sector of the country which would promote healthy competition and protection to international investors.
In a pre-event conference on the mining sector scheduled to be held Tuesday, the state minister said his government had established a one-window operation to facilitate foreign investment.
Ministry of Petroleum, in collaboration with Nutshell Conferences Group, is organising the first Pakistan Minerals Summit on Tuesday, August 1, 2023. The highly anticipated event is themed “Dust to Development: Investment Opportunities in Pakistan” and aims to explore and capitalise on the vast potential of the minerals industry.
Barrick Gold is supporting the summit in partnership with the Government of Balochistan, Pakistan Petroleum Limited (PPL), Government Holdings Private Limited (GHPL), Oil and Gas Development Company Limited (OGDCL), Frontier Works Organization (FWO), Balochistan Mineral Resources Limited (BMRL), and RekoDiq Mining Company, it further said.
Musadik Malik said in the shape of the Special Investment Facilitation Council (SIFC), they had established a one-window operation, which would be presided by the prime minister and the Chief of the Army Staff (COAS) themselves and will give a red carpet welcome to investors in mining.
He further revealed that the value of the mineral reserves of Pakistan stands at $6.1 trillion which help to generate employment opportunity for medium and low-skilled workers.
He said instructions had already been issued to all ministries and attached departments to eliminate red tape from their departments.
“We will harmonise all laws and regulations pertaining to mining under one regime and the highest health and safety standards offered internationally shall be adopted by companies eyeing entry into Pakistan’s mining sector,” he added.
Copyright Business Recorder, 2023
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