ISLAMABAD: Pakistan signed 13 agreements and memorandums of understanding (MoUs) during a two-day minerals investment forum that concluded in Islamabad on Friday, as officials pointed to growing international interest in the country’s mining sector despite persistent security concerns.

Pakistan is seeking to turn its vast but underdeveloped mineral deposits into a source of foreign investment, industrial growth and export earnings as it works to strengthen its economy. However, militant violence, particularly in mineral-rich southwestern Balochistan province, has raised concerns among international investors, with Canada’s Barrick Mining Corporation announcing in April that it would slow development of the Reko Diq, a multibillion-dollar copper and gold mining project.

The agreements covered mineral exploration, investment, geological surveys and work related to existing mining licenses, according to Ahmed Hayat Lak, managing director of the Oil and Gas Development Company Limited (OGDCL) and president of the Pakistan Minerals Investment Forum 2026.

“13 MoUs and agreements were signed,” Lak told Arab News on the sidelines of the event. “They are based on different things: some are related to investment within the mineral sector, others are related to ongoing licenses and exploratory work. A lot of the work is related to surveys.”

Some agreements could lead to the award of contracts, Lak said, without disclosing their combined financial value.

He said the forum drew a larger international presence than last year, including mining companies, investors, service providers and government representatives. The event also featured country pavilions representing the European Union and Canada, alongside companies from the United States and China.

Lak attributed the increased interest partly to efforts to make Pakistan’s mining regulations more consistent and predictable across jurisdictions.

“The most vital thing for our mineral sector was the regulatory and legal framework,” he said. “An initiative for its harmonization was taken by the Government of Pakistan about two years ago.”

Mining is primarily regulated by Pakistan’s provinces, making coordination between federal and provincial authorities important for foreign investors seeking licenses and approvals.

Lak said the participation of provincial chief ministers, the prime minister of Azad Jammu and Kashmir and senior mining officials gave investors an opportunity to engage directly with authorities responsible for mineral development.

He also pointed to agreements with Britain and Germany aimed at strengthening cooperation between Pakistan’s Geological Survey and international counterparts.

The forum provided an opportunity for investors to assess the future of major projects such as Reko Diq amid security challenges.

“Barrick’s Global Group Chairman John Thornton was here for two days,” Lak said. “We had a meeting, and he also delivered a keynote. Their remaining global team is also with us. They are fully committed to developing this project on a fast-track basis.”

“God willing, both sides, Pakistan and Barrick, are fully committed,” he added. “Whatever project development strategy we are arranging, its purpose is to take it forward in a cost-effective and time-effective manner.”

Federal Minister for Petroleum Ali Pervaiz Malik also highlighted the growing international participation at this year’s forum.

“Now the onus is upon us that we convert this geological potential into actual projects on the ground,” he told Arab News.

Malik said the exhibition area had expanded fourfold from last year, reflecting growing interest in Pakistan’s mineral resources. He cited a memorandum of understanding involving Ivanhoe and Pakistan’s Mari Minerals as an example of the partnerships emerging from the event.

Earlier, Prime Minister Shehbaz Sharif urged mining companies to develop domestic processing and manufacturing facilities rather than simply export raw minerals during his address at the forum.

“Mine in Pakistan, process in Pakistan, manufacture in Pakistan, and then export to the rest of the world,” he told participants.

Army chief Field Marshal Asim Munir also pledged maximum security for investors, workers and mining projects, as the government sought to address concerns over militant attacks in Balochistan.