ISLAMABAD: Pakistan’s Petroleum Minister Dr. Musadik Malik will take part in the Future Minerals Forum (FMF) summit in Saudi Arabia’s capital today, Tuesday, the Press Information Department (PID) said, as Islamabad eyes global partnerships to attract foreign investment in its mining sector. 

The Future Minerals Forum (FMF) is the world’s premier platform for minerals, bringing together governments, international organizations, and stakeholders to collectively shape the future of minerals. With 14,000 participants from 178 countries, including 75 government representatives, FMF says it serves as a catalyst for global collaboration.

Pakistan has taken steps in recent months to attract foreign investment in its mining sector. The South Asian country is home to the Reko Diq mine located in the country’s restive southwestern Balochistan province. It is considered one of the world’s largest underdeveloped copper-gold areas by global mining company Barrick Gold Corp, which owns the project jointly with Pakistan. Saudi Arabia offered Pakistan a 15 percent investment stake in the Reko Diq copper and gold mine project, Pakistan’s state media reported in September 2024.

“Pakistan’s Minister of Petroleum and Water Resources Dr. Musadiq Malik alongside key policymakers, state-owned entities and industry leaders will represent Pakistan at the Future Minerals Forum (FMF) in Riyadh from the 14-16th of January,” the PID said, adding that the delegation would aim to “unlock the country’s mining potential and foster international partnerships.”

The statement said Malik will represent Pakistan at the summit alongside prominent Pakistani companies such as Pakistan Petroleum Limited, Oil and Gas Development Company Limited, Mari Energies, Government Holdings (Private) Limited, Pakistan Minerals (Private) Limited, Saindak Metals Limited and others. 

The PID noted that Pakistan’s government had introduced investor-friendly policies and offered incentives such as duty exemptions and tax breaks, reiterating that these measures were designed to grow the mining sector. 

“During the FMF, the participants and delegates from Pakistan will conduct meetings with relevant regional and international stakeholders at the Pakistan Pavillion and host a 90-minute session, showcasing Pakistan’s geological assets, projects and investment opportunities,” the PID said. 

It said Pakistan’s delegation would aim to attract international investors and drive sustainable economic growth in addition to the ministerial round table, where Malik will highlight Pakistan’s potential in the mining sector. 

Pakistan set up the Special Investment Facilitation Council (SIFC), a civil-military hybrid body, in June 2023 with the sole purpose of reviving the country’s frail national economy, damaged by low foreign exchange reserves, currency depreciation and record inflation. One of the key sectors that the SIFC targets is mining. 

Pakistan’s state broadcaster has said the government expects up to $5 billion investment in the mining and agriculture sector by June 2025.