ISLAMABAD – Pakistan has secured substantial US investment commitments for its mining sector following a breakthrough tariff agreement, Commerce Minister Jam Kamal Khan announced to the National Assembly on Sunday.
During negotiations with US authorities, American officials expressed strong interest in investing in Pakistan’s copper mining operations, Khan told lawmakers. “They showed keen interest in Pakistan’s mineral potential,” the minister stated.
The US previously imposed 50 percent tariffs on copper imports but now exempts refined copper from these duties. “This exemption creates substantial advantages for Pakistani refined copper in the American market,” Khan explained.
Pakistan holds the world’s fifth-largest copper reserves, according to geological survey data. The country currently exports raw copper ore primarily to China, missing higher-value US and European markets.
Untapped deposits will be mapped comprehensively by the Geological Survey of Pakistan. According to government sources, they have a plan to provide better infrastructure such as mine access roads and exclusive power supplies in order to attract the private investment.
The broader trade agreement reduced US tariffs on Pakistani goods from 29 percent to 19 percent, the lowest among regional competitors. Textile industry representatives expect increased market share following the rate adjustment.
“Such agreement is beneficial to our economy and global sustainability goals”, Khan added at the end of his parliamentary address.
