PMIF-2026 inaugurated: Investors urged to tap vast mineral sector
ISLAMABAD: Deputy Prime Minister and Foreign Minister (DPM/FM) Senator Mohammad Ishaq Dar on Thursday called for greater international investment, technology transfer and industrial cooperation to unlock Pakistan’s vast mineral potential, saying the country aims at moving from exporting raw minerals to developing domestic processing, refining and manufacturing capabilities.
Addressing the inaugural session of the third Pakistan Minerals Investment Forum (PMIF-2026), Dar said participation from more than 60 countries reflected growing international interest in Pakistan’s mineral sector and confidence in its commitment to building long-term investment partnerships.
The DPM/FM formally declared the PMIF-2026 open and inaugurated its international exhibition, expressing confidence that the event would lead to meaningful engagement and successful investment partnerships.
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He said mineral development was a strategic component of Pakistan’s economic transformation, aimed at diversifying exports, strengthening the industrial base, attracting long-term investment and creating employment opportunities.
Highlighting Pakistan’s mineral wealth, Dar referred to its significant copper and gold deposits along the Tethyan Metallogenic Belt, particularly in the western parts of the country, as well as its reserves of iron ore, chromite, lead, zinc, coal, rock salt, marble, gypsum and gemstones.
Citing the RekoDiq copper-gold project in Balochistan, he said the partnership involving Barrick Gold, federal state-owned enterprises and the Balochistan government demonstrated how international expertise, national participation and provincial ownership could underpin major long-term investments.
The DPM/FM stressed that Pakistan’s ambition extended beyond mineral extraction, with the government seeking to develop the entire value chain through investment in processing facilities, refining, technology, energy, transportation and logistics.
He noted that the global transition towards clean energy, electric vehicles, battery storage and advanced technologies had significantly increased demand for copper and other critical minerals, creating opportunities for Pakistan to emerge as a competitive and trusted destination for mineral exploration.
Dar described Balochistan as central to Pakistan’s mineral future while also highlighting opportunities in Khyber Pakhtunkhwa and the mineral-rich northern regions, Punjab and Sindh. He said mining projects must generate benefits beyond extraction sites through local employment, skills development, infrastructure investment and greater participation of Pakistani companies in supply chains.
He further stated the National Mineral Policy, Pakistan Investment Policy 2023 and the Special Investment Facilitation Council (SIFC) were providing an institutional basis for coordinated development, investor protection and resolution of cross-government issues.
On the diplomatic front, Dar said Pakistan was focusing on translating its international relationships into tangible opportunities for trade, investment, technology transfer and industrial cooperation.
He identified China, the United States, Saudi Arabia and other Gulf countries, Türkiye, Azerbaijan, Central Asian Republics and European partners as important avenues for expanding economic engagement.
He invited international mining companies, exploration firms and associated service providers to engage with federal and provincial institutions and explore commercially viable opportunities in Pakistan.
Dar assured investors that government institutions would remain engaged beyond the two-day forum to advance proposals and facilitate practical partnerships.
He said Pakistan’s objective was to develop its mineral resources responsibly, diversify exports, strengthen domestic industry, empower provinces and communities, and establish itself as a competitive partner in the global minerals economy.
Federal Minister for Finance and Revenue Muhammad Aurangzeb on Thursday said the minerals and mining sector would play a crucial role in driving Pakistan’s sustainable economic growth, boosting exports and attracting foreign investment.
He said the country had made significant progress towards macroeconomic stability and was now focused on achieving sustainable, export-led growth through structural reforms and investment in productive sectors.
Highlighting the government’s economic achievements, the finance minister said Pakistan had reduced its twin deficit from around 12.5 per cent of Gross Domestic Product (GDP) a few years ago to 2.6 per cent by the end of June 2026. He said the fiscal deficit had reached a 22-year low, while the country had recorded primary surpluses for three consecutive years.
Aurangzeb said Pakistan had also strengthened its external position, increasing foreign exchange reserves to USD 21.5 billion, equivalent to slightly more than three months of import cover.
He described the reserves as the highest in the country’s history and said the improved fiscal and external buffers had helped Pakistan withstand economic shocks, including the October 2025 floods and the ongoing conflict in the Gulf region.
The minister said international confidence in Pakistan’s economy was reflected in three credit rating upgrades since April 2025 and the country’s successful return to international capital markets.
He recalled that Pakistan had raised US$ 750 million through a private placement in April 2026, accessed the Chinese capital market through its inaugural Panda bond in May, and issued USD 3 billion in Eurobonds in September after a gap of around four years.
He said the Eurobond issue received bids worth twice the amount offered, with participation from major investors in Europe, the United States, Asia and the Middle East.
However, Aurangzeb stressed that sustaining economic stability required deep structural reforms rather than temporary measures.
He said the government was pursuing reforms in taxation, energy, public finance, pensions and tariffs, while promoting privatisation and reducing the role of inefficient state-owned enterprises.
He added that 26 state-owned entities had been handed over to the Privatisation Commission as part of the government’s efforts to strengthen private-sector participation in the economy.
The finance minister said Pakistan would avoid consumption-driven growth based on imports, which had repeatedly created balance-of-payments pressures and forced the country to seek external financial assistance.
Instead, he said, the government was pursuing export-led growth, supported by lower taxation for exporters and financing rates ranging between 4.5 and 6 per cent.
Aurangzeb said the government projected economic growth of four per cent for the current fiscal year, following growth of nearly 3.7 per cent last year.
He also highlighted the potential of information technology exports, saying IT export services were expected to reach around USD 5 billion during the current fiscal year.
Emphasising the importance of investor confidence, he said macroeconomic stability, predictable policies and the ability to repatriate profits and dividends were essential for attracting foreign direct investment.
He cited the privatisation of Pakistan International Airlines (PIA) as an example of growing confidence among domestic investors, saying two major business groups had submitted bids collectively worth nearly USD 1.2 billion.
Turning to the minerals sector, Aurangzeb said a single mining project was expected to generate USD 2.8 billion in export proceeds once it entered commercial operations.
He said the project alone could contribute around 10 per cent of Pakistan’s existing total goods exports.
Although the project had faced delays, he expressed confidence in its financing arrangements, describing its syndicated financing as the largest in Pakistan’s history.
The minister also highlighted the potential of the Tethyan Belt, saying Pakistan’s mineral resources could help address the expected global shortage of copper as countries accelerated their transition towards cleaner energy.
He termed minerals and mining among the most important sectors for bringing a major transformation in Pakistan’s economy and achieving sustainable growth.
On the occasion, the AJK Prime Minister, the Chief Ministers of Punjab, Sindh, Balochistan and Gilgit-Baltistan and the Governor of Khyber Pakhtunkhwa highlighted the mineral resource potential of their respective regions and the facilitation extended to investors.
In her address, Punjab Chief Minister Maryam Nawaz announced that there is “significant evidence” of substantial placer gold deposits flowing through the province’s five rivers, particularly concentrated in the Mianwali and Attock districts.
The chief minister characterized Pakistan as a “pot of gold” with untapped potential both above and beneath the surface.
“The wealth beneath Punjab was never a problem, just like the rest of Pakistan,” she remarked, attributing past economic stagnation to governance challenges rather than a lack of resources. She also underscored the province’s mineral wealth beyond gold, noting that Chiniot holds an estimated 261.5 million tonnes of iron ore reserves.
Pointing to recent sector growth, Nawaz stated that the provincial mines and minerals department’s revenue has surged from approximately Rs10 billion to Rs40 billion over the past two and a half years, calling the milestone “just the beginning.”
To sustain this momentum and court investors, the chief minister outlined several provincial incentives aimed at lowering entry barriers and operational costs:
She further revealed that a one-window facilitation operation has been introduced to eliminate red tape and administrative delays. Making state-backed capital investments so companies do not have to tie up funds purchasing expensive land and offering up to Rs5 billion in concessional financing alongside solar-powered energy solutions to offset high fuel and electricity costs.
She emphasized that her administration’s primary objective as the leadership of Pakistan’s most populous province is to create an investor-friendly environment capable of converting these natural resources into tangible economic growth.
Sindh Chief Minister Syed Murad Ali Shah highlights the province’s vast mineral wealth, stating that it holds the world’s sixth-largest coal reserves. He says 27 minerals have been identified in Sindh and underscores the province’s robust mining framework. He also highlights Sindh’s strategic advantages, including two seaports and well-connected road infrastructure.
Balochistan CM Sarfraz Bugti has said the province offers vast investment opportunities in the minerals, oil and gas sectors, including the RekoDiq project, assuring investors of security and all necessary facilities.
Bugti said Balochistan was ready for investment and would provide investors with a secure environment and all required facilities.
He said the provincial government had established a new security division for the mineral corridor, while a new Frontier Corps (FC) wing was also being set up to ensure the safety of investors and projects.
Bugti said there would be no bureaucratic hurdles for investors and that a one-window operation facility would be provided to facilitate investment.
Highlighting the province’s mineral and energy potential, he said there were significant opportunities in minerals, oil and gas, particularly in the RekoDiq project.
He added that work on the RekoDiq project was expected to begin by 2029. Bugti also revealed that substantial oil and gas reserves had been discovered in Saruna, which he said were even larger than the reserves at Sui.
Meanwhile, KP Governor Faisal Karim Kundi invited investors to explore mineral resources in the province, saying Pakistan welcomed all investors.
He said providing security to investors was the government’s top priority and assured them of one-window facilities. Kundi added that the provincial government was keen to promote the mining sector and noted that KP was Pakistan’s second-largest gas-producing province.
Copyright Business Recorder, 2026