Pakistan is a country that is rich in mineral resources, as per the Global Mining Review. The country has huge reserves of minerals that cover an area of 600,000 km sq. It has rocks from pre-Cambrian to recent times, and out of the 92 known minerals, only 52 are commercially exploited. Despite having vast reserves of valuable minerals such as platinum and copper, the mining sector only contributes 0.5% to Pakistan’s GDP. This is due to under-exploitation and poor policy framing. If the government takes proper measures to address this issue, it could help alleviate Pakistan’s financial crisis.
In addition to mineral resources, Pakistan also has fertile land, which is one of the 11th largest countries in terms of having arable land. Despite this, Pakistan spends over $4 billion annually on importing cereals and oilseeds, despite being capable of producing these products domestically. With the current global demand for these products and Pakistan’s favorable climate and land, it has the potential to meet this demand and boost its economy.
Stephen Philip Cohen in his book “The Idea of Pakistan” describes Pakistan’s geostrategic position, stating that “while history has been unkind to Pakistan, its geography has always been its greatest asset. It has a resource-rich area in the North West, people rich in the northeast.” However, Pakistan’s current account deficit and debt history are alarming. Although there are numerous potential economic generators, Pakistan is still struggling. Policymakers must focus on untapped reservoirs of the economy and develop proper policy frameworks to address these issues.
KASHISH ALI,
Kashmore.
