Pakistan targets mineral sector to drive export-led growth at Islamabad forum

Finance Minister Muhammad Aurangzeb told the two-day Pakistan Minerals Investment Forum 2026 in Islamabad that the minerals and mining sector could become a game-changer for the economy. He said Pakistan must avoid temporary consumption-driven growth followed by balance of payments difficulties and instead pursue sustainable, export-oriented expansion.

Aurangzeb said the government was implementing structural reforms in public finances, pensions, tariffs and privatisation, and promoting a cashless economy. He noted that 26 government entities had been transferred to the Privatisation Commission, with the privatisation of Pakistan International Airlines seen as important for investor confidence.

“I would like to make a small amendment here — instead of 2075, it will be earlier than 2050.”

The minister said growth had been around 2 percent and 3 percent in recent years, while last fiscal year’s growth stayed slightly below 3.7 percent. The government has set a 4 percent target for the current fiscal year. He warned that growth driven by excessive liquidity and domestic consumption could pressure the current account and trigger another balance of payments crisis.

Aurangzeb said financing rates for exporters had been cut to between 4.5 percent and 6 percent, regardless of the 12 percent policy rate. He also identified information technology exports as an important contributor to growth.

Field Marshal Asim Munir, Chief of Defence Forces and Chief of Army Staff, said Pakistan was seeking to become a competitive destination for long-term mineral investment. He said all possible measures were being taken to secure the entire mining ecosystem, including mines, miners, investments, industries and projects.

Munir added that the goal was not merely to export raw materials but to develop the full value chain, including refining and manufacturing. He said mineral development must benefit local communities and that people in mineral-rich areas should see tangible improvements in their lives.

Prime Minister Shehbaz Sharif said Pakistan could become the world’s sixth-largest economy earlier than 2050. He cited a Goldman Sachs assessment projecting that position by 2075 and said he would amend that to earlier than 2050.