Islamabad and Baku's memorandum of cooperation in geology and mineral resources signifies a significant step towards utilizing Pakistan's abundant mineral potential, Pakistani political scientist Syed Basim Raza told Report.
"In terms of experience with foreign companies in mining, Pakistan has engaged extensively with international firms. Notably, China Metallurgical Group Corporation (MCC) is actively involved in the Saindak copper-gold project in Baluchistan. MCC's operations represent a significant foreign investment in Pakistan's mining sector, demonstrating the country's openness to partnerships with foreign entities. These engagements underscore Pakistan's willingness and capacity to collaborate with foreign companies to harness its mineral resources effectively," he said.
"The memorandum with Azerbaijan opens up avenues for Azerbaijani companies to explore and potentially extract minerals in Pakistan. This collaboration could leverage Azerbaijan's expertise and investment in mining, contributing to the sustainable development of Pakistan's mineral sector. It also aligns with Pakistan's broader strategy to attract foreign investments, enhance mining technologies, and optimize resource extraction for economic growth and development," he noted.
"Pakistan boasts extensive reserves of various precious metals and minerals, positioning it as a promising destination for mining investments. The country's mineral wealth also includes significant deposits of iron ore, lead-zinc, chromite, and gemstones," he added.