Caretaker Prime Minister Anwarul Haq Kakar has said that the government hoped to conclude a deal by December for Saudi Arabia to buy stakes in Reko Diq—one of the world’s biggest gold and copper mining projects.
“We are quite excited at the Saudi offer, and we would be very much encouraging their participation, not just in this project but otherwise also,” he has said in an interview with Arab News. The clips of the interview were share on X on Tuesday.
In August, Barrick Gold Corp said that it was open to bringing in the kingdom’s wealth fund as one of its partners in Pakistan’s Reko Diq gold and copper mine.
Barrick Gold owns a 50 per cent stake in Pakistan’s Reko Diq mine, with the remaining 50pc owned by the governments of Pakistan and the province of Balochistan. Barrick considers the mine one of the world’s largest underdeveloped copper-gold areas.
“It is the negotiation part, which is happening between the three parties, and let’s see what sort of outcome comes of that.”
Three months ago, Pakistan hosted officials from Saudi Arabia in its inaugural mining conference in Islamabad where Barrick officials were also present. Barrick and Saudi Arabia’s state-owned mining company Ma’aden jointly operate a copper project in Jeddah.
Kakar expressed the hope that the Special Investment Facilitation Council (SIFC) would help bring in over $60 billion investment to Pakistan in the next five years.
“It is indeed. It could be probably more than that,” the prime minister said when asked whether the reports that the SIFC would bring in up to $60 billion in investments in Pakistan in the next five years were realistic.
He said the SIFC would serve as a “one-window operation” to address any concerns of foreign investors.
“Two or three areas have already been addressed, like repatriation of dollars, which is the demand of any FDI [foreign direct investment] entity, [that] it’s insured, it’s legally protected,” the prime minister said.
“Secondly, the bureaucratic red-tapism has also been addressed, the one-window opportunity on the platform of SIFC is primarily being designed for this purpose, that we need to cut off all these bureaucratic hurdles and rationalize the entire process of allowing and giving permission to any investment from outside within 15 days.”
He said a dispute resolution mechanism had been agreed under the SIFC platform.
“It’s quite encouraging and favourable, which is acceptable to all the outside parties … The dispute resolution mechanism has been addressed.”
When asked, the interim prime minister said that Afghan applicants for special visas to the US and other western nations had a right to stay in Pakistan for a “limited time”.
“There are many western countries, including the US,” Kakar said when asked to confirm if the US embassy had shared the names of over 25,000 Afghans it had requested Pakistan not to deport.
“There are Afghan nationals who … wanted to initiate the process for their visas to these respective countries and they’re doing it and Pakistan is facilitating that process.”
