ISLAMABAD: The Pakistani government will be holding a “first-ever” mineral summit in the country on August 1 to explore vast potential of the minerals industry, the state TV reported on Sunday. 

The South Asian country has vast reserves of several metallic and non-metallic mineral reserves, including those of gold, copper, iron, chromite, barites, gypsum, and rock salt. 

Along with oil and gas exploration, the precious gemstone and marble industry has also been flourishing in Pakistan, with its geostrategic location providing huge opportunities for related industries in the global market. 

“Government of Pakistan is organizing first-ever Pakistan Minerals Summit on Aug 1,” the state-run Radio Pakistan broadcaster reported. “The highly anticipated event aims to explore and capitalize on vast potential of minerals industry.” 

The development comes a month after Pakistan established the Special Investment Facilitation Council (SIFC) to address the cash-strapped nation’s economic woes by drawing international attention to business opportunities in the fields of agriculture, mining, information technology and defense production in Pakistan. 

The council has reportedly approved nearly two dozen projects worth billions of dollars, including the construction of Diamer-Bhasha dam and mining operations at Reko Diq in Balochistan’s Chagai district. 

In a separate move to boost foreign and domestic investments, the government this month approved the Pakistan Investment Policy (PIP) 2023 as well to attract investors by adopting best practices and providing an optimal investment climate. 

The new policy, developed in consultation with the World Bank and the International Finance Corporation, is expected to attract up to $25 billion in investment over the next few years, according to officials.