ISLAMABAD: Pakistan’s Finance Minister Ishaq Dar said on Tuesday that the government has established Pakistan Sovereign Wealth Fund (PSWF) to exploit the potential of mining, information technology, and agriculture.
Addressing the Pakistan Minerals Summit, the minister said that mines, minerals, and IT would be mainly focused in the coming years as these are the future growth drivers. He said the government was taking serious steps to facilitate investors and exploit natural resources in the country.
The minister said that the draft legislation for setting up the fund, which was more acceptable globally, had been presented in the National Assembly and would be moved to the upper chamber of the parliament on Wednesday.
Ishaq Dar Highlights Indonesia, Egypt’s Successes
The Finance Minister added that Indonesia and Egypt, which were facing a difficult situation like Pakistan, had set up the fund and were doing well. He said that Pakistan was an asset-solvent nation. Only in the mineral sector, it had the potential of around six trillion dollars, and the one thing that was required was financial management.
He said the objective of government initiatives was to attract investors to exploit the potential of natural resources.
The minister said that sub-funds would be set up under the central fund, which would include green revolution, agriculture, minerals, and mining.
He said the investors would have the option whether they were interested in a sovereign wealth fund, or any sub-fund for a specific sector, or even a corporate structure special vehicle.
