Faiza Tehseen  

Pakistan possesses mineral deposits worth $6 trillion, which if exploited, could change the country’s fate for the better, said a mineral sector expert. “To exploit this hidden wealth, proper fieldwork, grading and reserve establishment is direly needed,” emphasised Muhammad Yaqub Shah, an acting member of the Ministry of Finance’s Sectoral Council for Marble, Granite and Minerals. Talking to WealthPK, he said Pakistan should get in touch with friendly countries to seek both financial support and technical know-how to tap into the mineral wealth. “Proper planning and policies need to be framed for the purpose.” Yaqub also said that Pakistan had to spend a lot of foreign exchange to import value-added or refined minerals for use as raw material in industrial production, thus making the locally-produced products more costly, pushing them out of the reach of consumers. “As a result, people prefer to buy other foreign products available at low prices compared to local products, which is detrimental to the growth of domestic industry.”

He said serious efforts were required to tap the mining potential of Pakistan for economic viability, especially in those areas where people’s livelihood depended solely on this sector. “Operational mining means work opportunities for a good number of both skilled and non-skilled manpower. Establishment of processing and value-addition units on both large and small scales is also important for creating new economic activities.” The mineral sector expert said that besides minerals, the gemstone industry was also a strong component of the mining sector, and its value addition was also necessary. “Most of the minerals are exported in the raw form, thus giving Pakistan very little in return. Export of value-added products will definitely bring more and more foreign exchange to the country, thus driving the country out of the financial mess,” stressed Yaqub, who is also the former general manager (geology) of Pakistan Mineral Development Corporation.

Credit: INP-WealthPk