LAHORE: “Trade deficit is a major issue. Import substitution through local production and gradually increasing the exports should be the way forward. Mines and mineral sector alone has the potential to take the country out of prevailing crisis. But unfortunately no allocation has been made for the development of this sector in the 2023-24 budget,” said Khadim Hussain, Pakistan Stone Development Company (PASDEC) board member while talking to Business Recorder.

Neither the federal government nor any of the provincial governments have paid any attention to mining industry in their respective budgets for fiscal year 2023-24.

Hussain, who is also executive committee member of Lahore Chamber of Commerce and Industry, said that the government should support mining sector by providing resources in the shape of machinery and necessary training to manpower.

“Government’s support can help mining sector to reduce its losses. Presently, marble and other stones are being exported in the form of big blocks. By stopping this practice and encouraging processing and value addition, Pakistan can increase foreign exchange revenues. More marble cities should be set up to boost the marble industry and its exports,” said Khadim Hussain.

As per the stakeholders, people at helm of affairs continued the past tradition of supporting the large scale manufacturing with little or even no attention to other sectors. This time around, the federal and the Punjab governments have shown interest in promoting the agriculture sector but still without mentioning the mechanism of disbursement of the allocated funds.

More than 200,000 individuals are employed by the mining industry. There are around 3,000 processing units and more than 1,400 operational quarries in Pakistan.

Out of 170 types of stones explored so far, Pakistan is exporting 53 varieties to various countries, mostly in the raw shape of big blocks. By supporting mining and value addition and processing of marble, Pakistan can tap the full potential of the industry and increase its exports considerably.

Khadim Hussain said there is a need for reaping benefits from the best quality marble deposits in Pakistan. Government should strengthen PASDEC to provide technical resources and training to local mining industry.

Copyright Business Recorder, 2023