Aligned with the strategic vision outlined by Chief of Army Staff General Asim Munir during the Pakistan Mineral Conference and facilitated by the Special Investment Facilitation Council (SIFC), the Miracle Salt Collective Inc (MSCI), a venture operated by Overseas Pakistanis, is injecting over $200 million into Pakistan’s Rock Salt industry.
The Pakistan Mineral Development Corporation (PMDC) and MSCI are set to ink an agreement in the upcoming weeks, solidifying their commitment to bolstering Pakistan’s Rock Salt sector.
Despite possessing the world’s largest reserves of Rock Salt, valued at over $10 billion, Pakistan's revenue from this resource remains paltry at less than $70 million, largely due to flawed policies and the exportation of raw Rock Salt without value addition. This practice not only deprives Pakistan of significant revenue but also harms the environment and displaces nearby settlements.
MSCI’s initiative promises a substantial economic boost, serving as a vital export commodity and creating numerous job opportunities, thereby aiding Pakistan's economic recovery from recession. The project holds the potential to solidify Pakistan's position in the Rock Salt industry, potentially yielding essential foreign exchange reserves exceeding $10 billion. However, unlocking this potential hinges upon enacting crucial policy reforms, necessitating collaboration between the Federal government and SIFC.
Key policy reforms include enforcing traceable, sustainable, and ethical mining practices to mitigate environmental degradation and safeguard local communities. Adhering to globally compliant manufacturing processes ensures the export of high-quality edible, pharmaceutical, chemical, and industrial salt.
Additionally, banning the export of raw salt can significantly augment revenue generation, while incentivizing value-added exports attracts domestic and international investments, fueling the industry's expansion.
While SIFC and PMDC's efforts to attract foreign investment into the Rock Salt industry are commendable, realising its full potential necessitates the implementation of these policy reforms. SIFC must intensify efforts to secure additional foreign investments and foster the industry's growth to ensure Pakistan's prosperity.
Despite Miracle Salt’s dedication to spearheading a transformative project for Pakistan, foreign investors often encounter obstacles in the country, particularly from vested interests within the Rock Salt industry.
It falls upon SIFC and PMDC to ensure the seamless execution of the project by addressing these challenges effectively.
Pakistani currency remains largely stable against US dollar in the open market on February 27, 2024 (Tuesday).
In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.
Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.
UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 76.7.
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