ISLAMABAD, Nov 24: Petroleum and Natural Resources Minister Amanullah Khan Jadoon has said stratigraphic history and structural geology of Pakistan provided a variety of mineralized zones having metallic and non-metallic minerals, coal, oil and gas.
“It has a fast growing economy and for the last two years the growth rate of over eight per cent has been achieved as a result of prudent fiscal policies persuaded by the government, reducing deficit from seven per cent to 2.3 per cent last year,” The minister said in a press release issued here from London on Thursday.
Mr Jaddon was addressing a galaxy of 1,000 delegates representing world mining industry and financial institutions gathered in London to attend a three-day International: Mines and Money-2005 conference.
The minister said Pakistan had an interesting geology that provided strong potential for finding exploration targets which might yield many billion dollars metal mining projects.
“One can never overlook the petroleum and natural resources sector due to its emergent as one of the most prospecting areas for investment owing to attractive incentives and pursuing policies of deregulation, liberalization and privatization,” he said.
Mt Jadoon said the government of Pakistan had introduced a very liberal mining policy for foreign investors supported by investment-friendly regulatory and fiscal regimes.
There was no restrictive minerals list for foreign investors or any requirement of mandatory local participation, besides repatriation of investment and profits, he added.—APP
