Islamabad, In a significant move to bolster Foreign Direct Investment (FDI) in Pakistan, Caretaker Prime Minister Anwaar-ul-Haq Kakar has assured comprehensive support to investors. This pledge was made during the signing ceremony of a joint venture agreement aimed at enhancing the value and export potential of Himalayan Pink Salt, a venture between the Pakistan Mineral Development Corporation and the US-based Miracle Saltworks Collective Incorporation.
According to Ministry of Information and Broadcasting, the Prime Minister lauded the investment of two hundred million dollars in the project as a testament to the international community’s confidence in Pakistan’s economic policies. Emphasizing the importance of the mining sector as a catalyst for economic acceleration, Kakar highlighted the government’s efforts to implement reforms that ensure a level playing field for all investors through transparent regulations, streamlined procedures, and a robust legal framework.
The ceremony also featured remarks from the Caretaker Minister for Energy, Muhammad Ali, who outlined the project’s potential impact on the export and processing of pink salt. With Pakistan holding over fifty billion tons of pink salt reserves and currently extracting only four million tons, Ali pointed to the immense untapped potential within the mining sector, which presently contributes to one percent of the GDP. The government aims to increase this contribution to approximately five percent over the next five years.
The agreement, signed by Asad Ahmed, Managing Director of the Pakistan Mineral Development Corporation, and Ahmed Nadeem Khan, President of Miracle Saltworks Collective Inc, marks a pivotal step towards realizing the full potential of Himalayan Pink Salt. The initiative is expected to pave the way for significant economic benefits, including job creation and revenue generation.
The ceremony was attended by Prime Minister Anwaar-ul-Haq Kakar, Energy Minister Muhammad Ali, and other senior officials, signifying the project’s importance to Pakistan’s economic strategy and its commitment to fostering a conducive environment for foreign investment.