Islamabad August 2 2023: Terming mining sector as one of the key drivers of economy, Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar said here Tuesday the government had established Pakistan Sovereign Wealth Fund to exploit potential of mining, agriculture and information technology.
“These are the future drivers of growth. Mines and minerals and IT would be mainly focused in years to come for the country, no matter who is in governance,” the minister said while addressing the Pakistan Minerals Summit titled “Dust to Development: Investment Opportunities in Pakistan.”
He said the government was taking serious measures to facilitate investors and exploit potential of the resources the country was having
He said the draft legislation for establishing the fund, which was more acceptable globally, had been tabled in the national assembly and would be moved to the Senate on Wednesday. He said Egypt and Indonesia, who were facing turbulent situation like Pakistan, had established the fund and were doing well.
The finance minister asserted that Pakistan was an asset-solvent country and only thing that needed was the financial management, adding even only in mineral sector, it was having potential of around $6 trillion.
He said the goal of government initiatives was to attract investors to exploit the potential of these assets.
He said sub-funds would be created under the main fund which could include agriculture, green revolution, minerals and mining. He said the investors would have choice whether they were interested in sovereign wealth fund, or any sub-fund for specific sector or even corporate structure special vehicle. No matter in whatever mode of investment they are interested, the government would facilitate the friendly countries and investors.
He said the government had also set up special investment facilitation committee to help investors through one-window facilitation, adding that World Bank had bettered Pakistan’s ranking in ease of doing business.
Ishaq Dar said he had given idea of Charter of Economy which could not be materialize, however it was still not late to make it a reality and take Pakistan forward towards development.
The minister said the turbulence time for Pakistan was over and the country was in the stability phase adding that the targets achieved in FY2016 would be regained and Pakistan would go back on path to become member of G20 as it had huge resources and potential.
Meanwhile, Minister for Planning, Development and Special Initiatives Professor Ahsan Iqbal said all developing countries were inviting potential investors for investment in their different sectors.
He highlighted importance of stability and policies’ continuity in national development, saying wherever there was stability, the national policies witnessed consistency.
In 2013, the minister said the China-Pakistan Economic Corridor (CPEC) project was started in the span of three-four years saw the successful completion of numerous projects worth around $25 billion.
He said mining and coal extraction work was started in the Thar coalfield with the CPEC investment and China’s technological assistance, which provided jobs to locals.
The minister said the government had set up a Special Investment Facilitation Council (SIFC) which brought together all federal, provincial and district departments concerned under one umbrella, terming it a good step towards attracting investment in the country.
