For The First Time In 74 Years, Pakistan is Going To Turn Gems, Jewelry And Minerals Into An Export Industry: PM

Prime Minister Imran Khan chaired a meeting of the Gems, Jewellery and Minerals Task Force. The meeting was attended by Federal Minister for Industry Makhdoom Khusro Bakhtiar, Special Assistant Dr. Shahbaz Gill, Chairman Gems and Jewellery Task Force Engineer Gull Asghar Khan, Atif Khan, members of the task force and relevant senior officers. During the meeting, recommendations were made to the Prime Minister on the restructuring of the Gems, Jewellery and Minerals Division of the Task Force and the proposed Mineral City.

The meeting was informed that Pakistan has a potential of USD 5 billion annually in terms of exports of precious stones which will have a positive impact on the national economy and create millions of jobs. Pakistan currently has reserves of 99 types of precious stones and is the eighth largest producer in the world. Moreover, according to conservative estimates, Pakistan consumes 200 tons of gold annually. With effective legislation and better management of this sector, it will be transformed into a major export industry.

The meeting was informed that Gems and Jewellery have been given industry status and its implementation will be ensured as per the strategy of the task force. In order to increase exports, special attention will be given to export promotion for which assistance will also be sought from Pakistani embassies. In addition, a Gems and Jewellery City will be set up to pool resources, provide one-window operations to address the problems the sector is facing and provide incentives to investors. Initially, a public-private partnership model will be adopted using existing resources.

Pakistan will also actively seek sector-related certifications for access to international markets. It will not only improve the standards of not only precious stones but also precious metals but will bring the current standards at par with internationally recognized standards. The meeting was also informed that despite the availability of research resources in this field, no significant progress has been made. According to the strategy, all modern standards will be introduced by utilizing the research sector. The meeting was also given a detailed briefing on the establishment of Mineral City.

An area has been identified for the chemical and mineral industry in Pakistan where industrial value addition from crude minerals will not only help reduce imports but also increase foreign exchange from exports. The Prime Minister said on the occasion that the government was restructuring the sector with modern technology by changing the traditional practices of the minerals and precious stones sector. The Prime Minister further directed that all the resources that are being wasted should be utilized and a schedule should be worked out for the implementation of this strategy with clear-cut timelines as well as the existing barriers for investors should be eradicated.

Abdul Rahman

Recent Posts

Baidu Executive Resigns After Controversial “I’m Not Your Mum” Outburst

Recently, a senior executive at Baidu, which is China's most popular search engine, resigned from…

1 day ago

US Set to Impose 100% Tariff on Chinese Electric Vehicle Imports: A Move to Protect Domestic Industry from Cheap Competition

The Biden administration has taken another significant step in its efforts to safeguard the American…

1 day ago

The Impact of Iran’s Inclusion in CPEC: A Strategic Analysis

In recent years, the China-Pakistan Economic Corridor (CPEC) has emerged as a transformative project, reshaping…

4 days ago

The UN Existence Heralds Failure: An Analysis in the Backdrop of Gaza

Introduction The United Nations (UN), an organization founded in the aftermath of World War II…

4 days ago

Israel’s Recent Actions in Gaza: A Complex Situation Unfolding

Israel has reopened the Kerem Shalom crossing into Gaza after its closure due to a…

5 days ago

China’s Dealers Embrace Homegrown EVs, Ditching Foreign-Branded Petrol Cars

Chinese car dealers are increasingly turning towards homegrown electric vehicles (EVs), according to a report…

5 days ago