In the 21st century, where the cosmopolitan metropolises are inclined toward exploring and acquiring mines and mineral resources and utilizing them for their industrial growth and economic development, Pakistan is already blessed with abundant mineral resources many of which remain untapped and are spread across the provinces, ranging from the mountains of Baluchistan to the plains of Punjab and then to the mountainous ridges of KPK and Gilgit Baltistan. According to the experts, the estimated worth of Pakistan’s mineral resources is over $6 trillion, therefore Pakistan has the potential to emerge as a global mining powerhouse. But to make it practically possible, Pakistan has to strategically utilize its mineral wealth by developing its infrastructure, calling for domestic and foreign investments and exploration by increasing employment opportunities.

Some of the country’s significant mineral resources that are worthy of attention are the world’s second-largest salt mine (Punjab), fifth-largest copper and gold reserves (Baluchistan), significant coal reserves (Sindh) and an estimated 618 billion barrels of crude oil. Furthermore, the country has vast reserves of gypsum, limestone, graphite, chromium and precious stones such as ruby, emerald etc., which have huge export potential. In addition to that, rare earth materials (REEs) have been detected in the regions of Gilgit Baltistan and Baluchistan.

These mineral resources play a crucial role in fueling industrial and economic growth. Now the question that comes across every prudent mind is if such is the case then why does Pakistan lag behind the other developed states not rich in these resources? The answer is that these resources have not been explored properly in Pakistan either due to a lack of technology or a workforce fully equipped with the required skills, tools and processes or those resources even explored are not being utilized efficiently. On top of that, a lack of strategic planning, infrastructure development and investments also serve as impediments to the economic growth of Pakistan. Therefore, by improving these three areas, Pakistan can undoubtedly fuel its economy by making use of these mineral resources.

As the US, China and Europe intensify their search for these mine and mineral resources, a country like Pakistan, being rich in these resources is the focus of these countries. Pakistan can take full advantage of their search through strategic planning offering them an exploration of raw materials and their refining; keeping national interest in view. Pakistan shall call for multiple foreign investments backed by infrastructure development.

Foreign investments will kick start the developmental projects aimed at the exploration of these resources, transfer of technology, upgradation of the raw materials to refined products, and then use those products for industrial and other trade purposes. In this way, investments will benefit not only the investors but also the country hosting them. Instead of importing raw materials, Pakistan can utilize its own for the manufacture of industrial products once explored and can export these raw materials as well. Attracting foreign investment could significantly transform the economic crisis into economic development and growth opportunities.

The investment agreements should also comprise of transfer of technology to Pakistan. The US has shown a keen interest not only in mineral extraction but also in technology transfer and capacity building in Pakistan. A prime example is the Reko Diq Copper & Gold Project (Chaghai District, Baluchistan), which is considered a hub of investments. A renowned Canadian company Canada’s Barrick Gold has invested with its 50% stake in this project with an estimate that the $2.8 billion annual export will be generated by 2028 increasing employment opportunities and creating a shift in economy.

Developed infrastructure is necessary for making foreign investment successful. Even if the mining resources and mineral wealth are explored, inadequate transportation facilities or infrastructure will make the progress an arduous task. For instance, for the successful execution of the Reko Diq Copper & Gold Project, transportation via Gawadar and Qasim Port and utilization of CPEC improved roads and railroads for better connectivity of mines and industries.

Whilst land-based mining resources play a crucial role in economic development, the significance of deep-sea mining cannot be overlooked. Pakistan can benefit from its maritime resources, as the Arabian Sea is located in a strategic position. Deep-sea mining can boost Pakistan’s blue economy, which significantly lags behind its neighboring states like India and Bangladesh which are generating big revenues from its maritime resources. To unlock the potential of the blue economy, Pakistan must develop a comprehensive strategy that should include infrastructure development, a regulatory framework aligned with the International Seabed Authority (ISA), increase in regional and global partnerships and collaborations.

Pakistan is gifted with immense natural resources some of which have been explored but many are yet to be explored. This is the time that we take a step forward from just recognizing our mineral and mining potential to strategically and smartly utilizing it. With developed infrastructures, regional and international partnerships, collaborations and investments and the formulation of policies and legal frameworks enhancing the development in the mining sector of Pakistan, can be boosters for the development of our country and will end the dependency of Pakistan on global financing institutions like International Monetary Fund (IMF).