Pak PM Shehbaz says country's mineral wealth worth 'trillions of dollars' could end reliance on IMF loans

Pakistan Prime Minister Shehbaz Sharif - File Photo

Prime Minister Shehbaz Sharif said on Tuesday that Pakistan's minerals wealth was worth trillions of dollars and its harvest could help to say goodbye to lenders like the International Monetary Fund.

Sharif made the remarks while addressing the 'Pakistan Minerals Investment Forum 2025' - a two-day event to attract foreign investment in the mineral sector.

About 300 foreign delegates were attending the event, which will highlight the investment potential in Pakistan's mineral resources.

"This is not a secret. In the public domain, these deposits are valued trillions of dollars. If we are able to harvest these great assets … Pakistan would say goodbye to institutions like the IMF … It will be able to get rid of the mountain of loans and borrowed sums of money costing us a fortune,” Sharif said.

The prime minister highlighted the mining potential of the country and invited local and foreign investors to invest in Pakistan’s abundant natural resources. However, he made it clear that Pakistan would not allow export of raw materials.

“From today onwards, there has to be an integrated policy where you [investors] mine raw material, have downstream industry, convert them into finished goods and then export it out,” he said.

He also stated that foreign investors would need to transfer technology to Pakistan. “Such agreements will entail that investors will bring technology and transfer it to Pakistan over a period of time,” he said.

He said the cardinal principle of agreements would be a partnership, which brings benefits to both Pakistan and the investors.

The prime minister also urged unity, asking the federal and provincial governments as well as the military to work together. “If we are able to put our act together … we can turn the corner within no time,” he said.

Deputy Prime Minister Ishaq Dar said Pakistan was strategically positioned to emerge as a global mining powerhouse, state-run Radio Pakistan reported.

He said that the government prioritised the strategic development of the mining sector through progressive policy reforms and investor-centric initiatives, laying the foundation for a robust ecosystem that delivers value for all stakeholders.

“This investment forum provides a unique platform for stakeholders, partners and friendly countries to explore new prospects and build mutually beneficial partnerships,” he said.

Representatives of Azerbaijan, Saudi Arabia, China, the US State Department, the US Exim Bank, the Asian Development Bank (ADB), and CEOs of mining companies from Denmark, Kenya, Finland, and the UK are among the participants.

During the two-day forum, the government would present Pakistan's mineral-rich terrain, which covers around 600,000 square kilometres.

It is expected that several agreements and memorandums of understanding (MoUs) will be inked during the event.

Currently, the mineral sector contributes only 3.2 per cent to Pakistan’s GDP, with exports accounting for a mere 0.1 per cent of the global total.

(With PTI inputs)