ISLAMABAD: Pakistan Petroleum Limited (PPL) and Finland’s globally renowned Metso Corporation have signed a memorandum of agreement to promote the exploration and processing of mineral resources in Pakistan, state media reported on Tuesday.
Pakistan is endowed with various mineral resources, including salt, coal, copper, gold, chromite, bauxite, and gemstones. It is also rich in lithium used to make batteries, as well as other minerals. The government estimates natural reserves in the country are worth $6 trillion but despite the rich deposits, the mineral sector contributes only 3.2 percent to GDP and 0.1 percent to global exports.
The country is now aiming to tap this underutilized potential and last week organized a minerals summit attended by top government officials and heads of companies from various countries including the US, UK, Europe, China and the Middle East.
“The two sides signed an MOU for the development of mineral sector,” state broadcaster Radio Pakistan reported.
“This key partnership is aimed at promoting the exploration and processing of mineral resources in Pakistan.”
As a major supplier of natural gas, PPL contributes around 20 percent of Pakistan’s total natural gas supplies as well as produces crude oil, natural gas liquid and liquefied petroleum gas, according to the company’s website.
Metso is a frontrunner in sustainable technologies, end-to-end solutions and services for the aggregates, minerals processing and metals refining industries globally. The company’s website says it helps to improve customers’ energy and water efficiency, increase productivity, and reduce environmental risks with its product and service expertise.
Pakistan Petroleum, Finland’s Metso sign mineral development agreement
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Pakistan Petroleum, Finland’s Metso sign mineral development agreement
- Pakistan has world’s largest copper-gold mineral zones and is also rich in lithium which is used to make batteries
- Pakistanis trying to tap underutilized natural reserves’ potential and last week hosted international minerals summit
Pakistan finmin meets venture capital firm Gobi as $50 million tech fund proposed
- Techxila Fund II aims to empower Pakistani startups in fintech, e-commerce, logistics, supply chain sectors
- Finance Minister Muhammad Aurangzeb reaffirms commitment to strengthen venture capital landscape
KARACHI: Finance Minister Muhammad Aurangzeb met a delegation of the global venture capital firm Gobi Partners on Thursday during which it proposed a $50 million tech fund to empower Pakistani startups, the Finance Division said.
Gobi Partners is a prominent Malaysia-based venture capital firm. Founded in 2002, the firm says it has more than $1.6 billion in assets under management and invested in over 400 companies across 16 locations in Asia.
Aurangzeb held a meeting with a high-level Gobi Partners delegation, which included its Chairman Thomas Tsao, Managing Partner Naiel Ikram and Investment Associate Abraiz Abdullah at the Finance Division.
The delegation briefed the finance minister on Gobi’s regional footprint and its investments in Pakistan through the Techxila Fund I, which was launched in 2020 and has supported startups across fintech, e-commerce, and digital infrastructure, the Finance Division said.
“Gobi Partners also shared a plan regarding Techxila Fund II, with a proposed target size of USD 50 million, aimed at investing in high-potential sectors including fintech, logistics, health technology, and software services,” the Finance Division said.
“The firm expressed its intention to anchor the fund with its own capital and mobilize participation from domestic and international institutional investors.”
The Techxila Fund II aims to empower startups in Pakistan as well, focusing on fintech, e-commerce, logistics and supply chain and health tech, according to an earlier statement from Gobi Partners.
Aurangzeb underscored the Pakistani government’s commitment to strengthening its venture capital and innovation landscape, saying it is a part of its broader strategy to promote private sector-led growth, deepen financial markets and support technology-driven economic diversification.
The delegation highlighted the importance of further strengthening the enabling framework for venture capital in Pakistan, the Finance Division said.
“In this regard, they suggested encouraging greater participation by domestic financial institutions in venture capital and private equity, as well as considering tax pass-through status for venture capital and private equity fund investments to facilitate local investor participation,” it added.
The meeting takes place amid Pakistan’s aggressive attempts to increase foreign investment in recent years. The South Asian country has aimed to consolidate recent economic gains such as lower inflation and higher foreign exchange as it targets sustainable economic growth.
