Mineral Extraction
Prime Minister Shehbaz Sharif announced on Monday that Pakistan is actively collaborating with the United Arab Emirates (UAE) and Saudi Arabia to harness its vast mineral resources. He made these remarks while addressing Pakistani business leaders and investors in Dubai, emphasizing the government’s commitment to economic growth and development.
Shehbaz Sharif highlighted that Pakistan has made significant strides in achieving macroeconomic stability over the past year, primarily through support from the International Monetary Fund (IMF) program.
He noted that key economic indicators had improved, pointing out that inflation stood at 2.4% in January, while the month-to-month bank policy rate was maintained at 12%. Additionally, the country witnessed an increase in exports compared to the previous year, and foreign remittances surged to a record $3 billion.
Despite these achievements, the prime minister acknowledged that Pakistan still faces economic challenges. However, he assured that the government was steering the economy in the right direction with a clear focus on sustainable growth.
One of the key sectors he emphasized was mining and minerals, stating that Pakistan’s untapped mineral wealth is valued in trillions of dollars. He lamented the lack of progress in this sector over the years but expressed optimism that the partnership with the UAE and Saudi Arabia would help unlock its potential.
Apart from minerals, Shehbaz Sharif underscored the importance of the information technology (IT) sector and the need for skill development among Pakistan’s youth.
He pointed out that nearly 60% of the country’s population falls within the age bracket of 15 to 30 years, making it crucial to equip them with modern IT skills.
Furthermore, he highlighted the agricultural sector’s potential, stressing that Pakistan has been unable to maximize its per-acre yield due to outdated farming techniques. He observed that other countries have surpassed Pakistan in the production of essential crops such as rice, sugar, cotton, and wheat.
To address this gap, the government has launched a program to send 1,000 fresh agriculture graduates to China for specialized training in various fields. He expressed confidence that these graduates would return with valuable knowledge and expertise to enhance agricultural productivity.
Shehbaz Sharif also emphasized the importance of value addition in agricultural production to boost economic growth. He urged for a focused and dedicated approach to transform Pakistan’s economy, stating that teamwork and commitment are essential for progress in every sector.
He reassured business leaders that their suggestions would be taken into account in the government’s economic policies and pledged to work closely with the private sector to drive economic transformation.
