Gems and Minerals for export in Pakistan?

Prime Minister Imran Khan chaired a meeting of the Gems, Jewelry and Minerals Task Force.

The meeting was attended by Federal Minister for Industry Makhdoom Khusro Bakhtiar, Special Assistant Dr. Shahbaz Gul, Chairman Gems and Jewelry Task Force Engineer Gul Asghar Khan, Atif Khan, and other relevant senior officers.

During the meeting, recommendations were made to the Prime Minister on the restructuring of the Gems, Jewelry and Minerals Division of the task force and the proposed Mineral City.

The meeting was informed that Pakistan has a potential of 5 billion USD annually in terms of exports of precious stones which will have a positive impact on the national economy and create millions of jobs. Pakistan currently has reserves of 99 types of precious stones and is the eighth largest producer in the world. Moreover, according to conservative estimates, Pakistan consumes 200 tons of gold annually. With effective legislation and better management of the sector, it will be transformed into a major export industry.

The meeting was informed that Gems and Jewelry has been given industry status and its implementation will be ensured as per the strategy of the task force. In order to increase exports, special attention will be given to export promotion for which assistance will also be sought from Pakistani embassies.

In addition, a Gems and Jewelry City will be set up to pool resources, provide one-stop operations to address the problems faced by the sector and provide incentives to investors. Initially, a public-private partnership model will be adopted using existing resources. Pakistan will also receive sector-related certifications for access to international markets. It will clarify the standards of not only precious stones but also precious metals, and will also bring the them up to international standards.

The meeting was also informed that despite the availability of research resources in this field, no significant progress has been made. According to the strategy, all modern standards will be introduced by activating the research sector.

A detailed briefing on the establishment of a Mineral City was also given in the meeting. An area has been identified for the chemical and mineral industry in Pakistan where industrial value addition from crude minerals will not only help reduce imports but also increase foreign exchange from exports.

The Prime Minister stated on the occasion that the government is restructuring the minerals and precious stones sector with modern technology by changing the traditional practices used presently. He further directed that all the resources that are being wasted should be utilized properly and a regular schedule should be worked out for the implementation of the strategy given. Also, the existing barriers for potential investors should be removed.

Source: Baaghi Tv

Image: Courtesy of Pixabay