Pakistan engages Japanese Sumitomo Corporation for investment in mining sector

The Special Investment Facilitation Council (SIFC), Pakistan's government-backed investment promotion agency, has entered into talks with Japan's Sumitomo Corporation to explore investment prospects in the nation's mining and minerals sector. According to a SIFC announcement, this partnership highlights the rising international interest in Pakistan's rich resource base and the council's role as a central hub for fostering investment, bolstering investor confidence, and transforming identified opportunities into sustainable ventures.

The SIFC's latest engagement with Sumitomo Corporation is part of its broader strategy to link prominent global investors with Pakistan's strategic economic sectors, making it easier for them to enter into lucrative projects. The council emphasizes its commitment to facilitating international participation in the mining and minerals sector, which boasts immense potential for exploration, development, value addition, and downstream industrial activities.

Established by the Shehbaz Sharif administration on June 17, 2023, the SIFC aims to boost foreign direct investment (FDI) and revitalize Pakistan's economy. Operating under a "whole-of-the-government" approach, the council functions as a top-level forum for implementing fundamental reforms. It seeks to attract investment from friendly nations and act as a centralized platform for streamlining decision-making and facilitating both foreign and local investments.

The SIFC's principal objectives include increasing FDI to $5 billion, with targets of $60 billion over five years and $100 billion within three years. Additionally, the council envisions Pakistan achieving a nominal GDP of $1 trillion by fiscal year 2035.