ISLAMABAD: Business representatives and officials from Saudi Arabia, China, US and the UK, among other countries, will participate in the two-day Pakistan Minerals Investment Forum scheduled to take place this week, Petroleum Minister Ali Pervaiz Malik said on Monday. 

The summit will be held in Pakistan’s capital from April 8-9 and is part of the government’s recent efforts to attract local and international investment in the mining and minerals sector. Pakistan has vast reserves of minerals and natural resources, which the government hopes can become a key source of economic development in the future. 

The country is home to one of the world’s largest porphyry copper-gold mineral zones. The Reko Diq mine in southwestern Balochistan has an estimated 5.9 billion tons of ore. Barrick Gold, which owns a 50 percent stake in the Reko Diq mines, considers them one of the world’s largest underdeveloped copper-gold areas, and their development is expected to have a significant impact on Pakistan’s struggling economy. 

Pakistan’s state media said in February that the Oil and Gas Development Company Limited (OGDCL), the country’s leading exploration and production (E&P) company, in collaboration with the government and strategic partners, would organize the summit. 

“We are expecting participation at the senior level [for the summit] from Azerbaijan, Saudi Arabia, China and America,” Malik told reporters at a press conference, adding that participants from Denmark, Finland, Kenya and the UK are also expected to attend. 

Malik said the government estimates around 2,000 people to participate at the event, out of which 300 are expected to be foreigners. He said Pakistan will sign key agreements and memoranda of understanding (MoUs) with other countries at the summit. 

“It is the prime minister’s wish that we do not restrict this event to just words, so we will confirm some MoUs in front of you,” Malik said. “Along with this, not just MoUs but a few agreements will also be executed after which we will take these entire matters toward implementation.”

The minister said that the government will formally unveil Pakistan’s newly developed, investor-friendly National Minerals Harmonization Framework 2025, which aims to attract investment in the country’s mineral sector.

Pakistan has designated mining and minerals as a priority sector for national economic development, aiming to reduce its reliance on imports and enhance exports. The country is undertaking efforts to utilize its natural resources through foreign investment and collaboration to stabilize its $350 billion economy, which has suffered a prolonged economic crisis over the past few years.