US company to invest $200m in Pakistani pink salt industry

Pakistan and an American firm, Miracle Saltworks Collective Incorporation, on Wednesday, signed an agreement in Islamabad for value addition of Himalayan Pink Salt to increase its export.

Addressing the signing ceremony, Caretaker Prime Minister Anwaar-ul-Haq Kakar said the agreement not only paves the way for export of our pink rock salt, but also symbolizes a landmark achievement for our nation’s investment climate.

He said two hundred million dollars investment in this initiative is a resounding vote of confidence in our economic policies as well as the investment friendly environment.

Anwaar-ul-Haq Kakar expressed the resolve to utilize the full potential of mining sector to become a new driver of Pakistan’s economic growth.

Counting on different measures to increase FDI in Pakistan, he said we have introduced comprehensive reforms to create a level playing field for the investors with transparent regulations, streamlined procedures and robust legal frameworks

Anwaar-ul-Haq Kakar said the Special Investment Facilitation Council plays a pivotal role to create an enabling environment and facilitate foreign direct investment.

He said established in June 2023 with a vision of whole of the government approach, the SIFC serves as one window operation to investors for their support.

The Prime Minister said we stand committed to extend all possible support to investors to facilitate more Foreign Direct investment.

Speaking on the occasion, Caretaker Minister for Energy Muhammad Ali said the state of the art crushing and packaging plant will pave the way for export and processing of pink salt rock in Pakistan.  He said Pakistan has over 50 billion tons reserves of pink rock salt, whereas only four million tons is being extracted.

The Minister said minerals currently contribute to one percent of the GDP and the target is to take this figure to roughly five percent in next five years.

Highlighting the minerals potential of the country, he said Pakistan also has cooper and gold reserves and we are extracting cooper, silver, chromite, lead, zinc and graphite. He said we have unexplored reserves of Nickel, Lithium and Cobalt.