ISLAMABAD: Pakistan will provide robust security to protect the interests of investors and partners, its army chief told a minerals conference on Tuesday, amid heightened unrest in key mineral-rich province Balochistan.
Pakistan is hosting a two-day mines and minerals conference with delegates from countries including the United States, China and Saudi Arabia, as well as companies including Barrick Gold and Woods Mackenzie. It is seeking to attract investments in its natural reserves, which are estimated to be worth $6 trillion.
“Pakistan’s army will ensure a robust security framework, (and) proactive measures to protect the interests and trust of partners and investors,” General Asim Munir said.
“You can count on Pakistan as a reliable partner.”
The conference comes weeks after insurgents hijacked a train carrying over 400 passengers, including soldiers, in volatile Balochistan, which borders Iran and Afghanistan.
The majority of Pakistan’s mines, including Reko Diq, which houses one of the world’s largest undeveloped deposits of copper and gold jointly owned by Barrick Gold and Pakistan, are located in the southwestern province.
Barrick Gold estimates Reko Dig has the potential to generate $74 billion in free cash flow over 37 years.
Ethnic Baloch separatists, who have long been running an insurgency in the region, oppose any foreign investment which they say is an attempt by Islamabad to solidify its hold through external players on their regional resources.
They have been fighting for decades for a greater share of local resources, but some of their armed groups now say they will not settle for anything less than a separate homeland.
One of the largest insurgent groups, the Baloch Liberation Army, claimed responsibility for the train hijacking, which resulted in the deaths of 23 soldiers, three railway employees and five passengers. At least 33 insurgents were also killed.
“We welcome international organizations to seek investment opportunities and partnership with us in the development of wider resources,” Munir said.
Pakistan’s army vows to protect investors in billion-dollar mining sector in conflict zone
https://arab.news/8f277
Pakistan’s army vows to protect investors in billion-dollar mining sector in conflict zone
- Pakistan is hosting a two-day mines and minerals conference with delegates from countries including the United States, China and Saudi Arabia
- The conference comes weeks after insurgents hijacked a train carrying over 400 passengers, including soldiers, in volatile Balochistan province
Pakistan, US launch joint initiative to redevelop New York’s Roosevelt Hotel
- Manhattan property is one of Pakistan’s most valuable overseas assets that remains closed since 2020 due to losses
- Objective remains to secure maximum value for hotel, strengthen Pakistan-US economic ties, says Finance Division
Islamabad: Pakistan and the US have formally launched a strategic economic initiative to jointly redevelop the Roosevelt Hotel in New York, the Finance Division said on Thursday, as Islamabad aims to secure maximum value for the property in line with its privatization strategy.
The hotel, a century-old Manhattan property near Grand Central Terminal and Times Square, is one of Pakistan’s most valuable overseas assets and is owned by the state through the recently privatized Pakistan International Airlines (PIA).
Closed since 2020 due to losses, the hotel has been under review for years as successive governments have weighed whether to sell, lease or redevelop it while pursuing state-owned enterprise reforms linked to International Monetary Fund bailouts.
“The Governments of Pakistan and the United States have formally launched a strategic economic initiative, including collaboration with the US General Services Administration (GSA) regarding the operation, maintenance, renovation, and redevelopment of the Roosevelt Hotel in New York,” the Finance Division said.
Both sides signed a memorandum of understanding (MoU) in Washington. The MoU was executed by GSA Administrator Edward C. Forst on behalf of the US and by Finance Minister Muhammad Aurangzeb on Pakistan’s behalf.
The signing of the agreement was witnessed by Prime Minister Shehbaz Sharif, who is in Washington to attend the inaugural meeting of the Board of Peace, and by US Special Envoy Steve Witkoff.
The Finance Division said the agreement establishes a structured, time-bound framework for joint evaluation of the technical, commercial and economic parameters of cooperation.
It said the agreement also reflects a shared commitment to transparent, disciplined and mutually beneficial progress of the transaction.
The Finance Division said that due to the hotel’s prime Manhattan location and the complexity of New York’s zoning and municipal processes, the institutional coordination aims to reduce execution risk, enhance regulatory clarity and maximize transaction value.
It said such frameworks are consistent with international practice in cross-border real estate and infrastructure projects.
“The objective remains to secure maximum value for this property in alignment with the government’s privatization strategy while strengthening Pakistan-United States economic ties,” it concluded.
Prime Minister Sharif’s aide on privatization, Muhammad Ali, last month announced that Islamabad plans to redevelop the Roosevelt Hotel into a high-rise building through a joint venture that could involve up to $5 billion in equity and debt financing.
Ali said the government had decided against an outright sale of the property after a detailed study conducted last year showed the site could support a significantly larger structure, potentially rising to 60 stories.
