ISLAMABAD: Pakistan on Monday signed a $200 million agreement with an American firm for value addition of its Himalayan pink salt to increase its export, with Prime Minister Anwaar-ul-Haq Kakar saying the deal symbolized a “landmark achievement” for Pakistan’s investment climate.
The agreement was signed between Pakistan Mineral Development Corporation (PMDC) and the US firm, Miracle Saltworks Collective Incorporation, in the Pakistani capital of Islamabad.
Speaking at the signing ceremony, PM Kakar said the investment in the initiative was a “resounding vote of confidence” in his country’s economic policies and the investment-friendly environment.
“This substantial investment is not just about salt, it’s about trust, partnership and shared prosperity,” he told attendees at the ceremony.
“The scope of our endeavors should go beyond the pink rock salt project. We should utilize the full potential of the mining sector to become a new driver of Pakistan’s economic growth.”
Pakistan is currently treading a tricky path to economic recovery after it barely averted a default last year, thanks to a last-gasp $3 billion bailout from the International Monetary Fund (IMF).
However, the program is due to expire in March and is supposed to be followed by a new IMF program, the caretaker government has been making efforts to bring foreign investment to the country to support the struggling $350 billion economy.
“We take pride in taking steps to further opening up Pakistan for business and investment. We have introduced comprehensive reforms to create a level playing field for investors with transparent regulations, streamlined procedures and robust legal frameworks,” PM Kakar said.
“This commitment to transparency and investor protection stands as a cornerstone of our economic vision.”
He noted that the government set up the Special Investment Facilitation Council (SIFC) in June last year to create an enabling environment and facilitate foreign direct investment.
“SIFC serves as a one-window solution to investors, offering guidance, support and streamlined approvals,” the prime minister said. “This dedicated council works tirelessly to remove impediments to expedite the investment process.”
Through SIFC, he said, the South Asian country was actively promoting investment in sectors like energy, mines and minerals, information technology, agriculture and livestock, industry and tourism.
He said the country’s young and vibrant population, coupled with a growing middle class, also presented a “very attractive market” for investors seeking long-term dividends.
