More efforts for good governance are urgently required to address ongoing financial miseries of general public who are confused to coupe with existing spade of inflation in the country. It is time for decision makers to accelerate efforts to improve per capita income, employment, and economic growth. All this is possible through enormous efforts for designing policies to utilize existing sources and natural resources in the large economic interest of subjects to the State as Pakistan has substantial mineral reserves, with 52 commercially mined minerals and an annual sector growth rate of 2-3 percent.
In this scenario, the Special Investment Facilitation Council (SIFC) has achieved notable successes in Pakistan’s mining and minerals sector within a year. Established to promote investment and development, the SIFC’s efforts have led to several strategic advancements.
A private televison reproted saying to accelerate mining activities, the government formed the Mines and Minerals Division, which has spurred sector growth. The Reko Diq Mining Company (RDMC) partnered with The Hunar Foundation (THF) to provide vocational training for youth in Chagai.
Additionally, initiatives for miners’ welfare, such as hospitals, dispensaries, helplines, schools for miners’ children, and financial aid, have been implemented. The SIFC introduced Key Performance Indicators (KPIs) to assess employee performance and ensure adherence to standards, coupled with strict actions against illegal activities. Open bidding for mining tenders resolved over 1,000 pending applications, promoting transparency and fair competition.
The introduction of e-auction facilities enhanced resource allocation efficiency and transparency. An online platform streamlined the auction process, improving accessibility and reducing transaction costs.
The SIFC addressed longstanding issues by resolving 173 old cases and implementing new Standard Operating Procedures (SOPs), with a committee formed to enhance the regulatory framework.
A feasibility study for new mineral deposits in the Koh-e-Suleiman area of Balochistan was provided, facilitating potential mineral reserve identification through topo-geological mapping. During a recent visit, the Saudi Foreign Minister indicated investment interest in the Reko Diq project, with key stakeholders including the Saudi Mining Company (Ma’aden) and the Public Investment Fund (PIF).
Under the Government-to-Government (G2G) model, Pakistan and Kuwait established a $1 billion mining fund, marking significant progress towards sustainable economic development.
A joint venture between Miracle Salt Collective Incorporation (MSCI) and Pakistan Mineral Development Corporation (PMDC) for $200 million aims to leverage Pakistan’s pink rock salt resources.
The government plans to eliminate individual profit policies in the pink rock salt sector, paving the way for $13 billion in investment. A comprehensive three-year Revenue Generation Plan of Rs150 billion was launched to advance socio-economic development.
Active measures by the Ministry of Mines and Minerals and SIFC led to a notable Rs 15 billion increase in revenue collection, exceeding expectations by 24%, with projections of doubling revenue for the current fiscal year.
