ISLAMABAD: Planning Minister Ahsan Iqbal has said Pakistan estimates its mineral wealth at more than $7 trillion, stressing that unlocking this potential would require substantial investment, political stability and long-term policy continuity.
Speaking to Farwa Amin, Director for South Asian Initiatives at the Asia Society Policy Institute in New York, the minister said large-scale mining projects involved heavy upfront investment and lengthy development periods. He identified political instability as a major obstacle to attracting international resource developers.
Ahsan Iqbal said that with improving macroeconomic stability, the government was actively seeking foreign investment, including from US companies. He cited the memorandum of understanding with US Strategic Metals, potential financing through the US Export-Import Bank and Pakistan’s participation in international critical-minerals initiatives as part of these efforts.
The minister also discussed Pakistan’s water security challenges, saying India’s decision to place the Indus Waters Treaty in abeyance had created a serious new security concern. He described the development as an unprecedented instance of water being used as a strategic instrument, noting that the treaty had survived decades of tensions and wars between the two countries.
He warned that any ability to control the timing of water flows could create significant risks for Pakistan’s agriculture and water security. In response, Pakistan is accelerating the construction of new reservoirs to strengthen its strategic water reserves.
According to the minister, the Diamer-Bhasha and Mohmand dams, once completed, are expected to provide approximately six million acre-feet of additional storage capacity. The projects are aimed at improving water security amid climate-related variability while reducing the country’s vulnerability to upstream disruptions.
Ahsan Iqbal said Islamabad was also pursuing diplomatic channels to prevent water-related tensions from escalating into a broader conflict.
On foreign policy, he said geoeconomics was becoming a central pillar of Pakistan’s international engagement under the Uraan Pakistan framework and the government’s 5E strategy. He emphasised the need to broaden Pakistan-US relations beyond traditional security and geopolitical concerns toward trade, investment, technology and economic cooperation.
At the same time, the minister made it clear that closer engagement with the United States would not come at the expense of Pakistan’s relationship with China.
He described China as a “trusted partner” and credited the first phase of the China-Pakistan Economic Corridor (CPEC) with helping Pakistan address prolonged energy shortages and improve its infrastructure. He said Chinese investment of approximately $25 billion had supported power projects as well as highways, fibre-optic networks and the development of Gwadar Port.
The minister said Pakistan’s objective was to build stronger economic partnerships with multiple countries while leveraging its mineral, energy, infrastructure and geographic potential to achieve sustainable economic growth.
Story by Bakhtawar Mian
