Pakistan sits on $7tr mineral trove, claims planning minister

Planning Minister Ahsan Iqbal claims that Pakistan's mineral reserves are valued at over $7 trillion. During a conversation with Farwa Amin from the Asia Society Policy Institute, the minister discussed the challenges of large-scale mining operations, which demand significant initial investments and lengthy gestation periods. He noted that political instability in Pakistan is a major deterrent to foreign investment in the resource sector.

The minister expressed optimism about attracting foreign partners, including US companies, through initiatives like a memorandum of understanding with US Strategic Metals, potential Export-Import Bank financing, and participation in critical-minerals discussions. He highlighted India's unilateral suspension of the Indus Waters Treaty as a new security challenge, emphasizing that the 70-year-old agreement has remained inviolable despite multiple conflicts.

To secure a stable water supply amid climate variability, Pakistan is intensifying the construction of new reservoirs, with the Diamer-Bhasha and Mohmand dams expected to add approximately six million acre-feet of storage capacity. Iqbal stressed that these projects serve to mitigate water-related risks and reduce vulnerability to upstream water manipulation, while simultaneously pursuing diplomatic efforts to prevent the dispute from escalating into armed conflict.

Iqbal framed Pakistan's foreign policy around the "Uraan Pakistan" framework and the 5E strategy, emphasizing that the relationship with the United States must transcend the conventional security-geopolitics paradigm. He affirmed that US and Chinese engagements would not be mutually exclusive, acknowledging China as a reliable partner who contributed significantly to Pakistan's energy crisis by delivering $25 billion in investment through the first phase of the China-Pakistan Economic Corridor (CPEC).