ISLAMABAD: Pakistan has sought Saudi investment to establish advanced copper refineries and downstream industries aimed at upgrading infrastructure, enhance geological mapping through the Geological Survey of Pakistan, and promote technology transfer.
This information was shared by Commerce Ministry with National Assembly Standing Committee presided over by Jawed Hanif Khan.
Dr Iftikhar Baig, Shaista Pervaiz Malik, Tahira Aurangzeb and Kiran Haider attended the meeting in person whereas Asad Alam Niazi was on zoom.
Pakistan ranks fifth globally in copper reserves, with large deposits in Balochistan and Khyber Pakhtunkhwa, offering considerable potential to become a major supplier in international markets.
However, the sector remains underdeveloped due to its reliance on exporting raw ores, which provides limited economic gains. Promoting value addition through refining and manufacturing high-value products such as bars, rods, alloys, and wires is essential to boost export earnings, generate employment, and integrate Pakistan into global value chains. It is also essential to establish modern refineries, smelting units, and accredited testing facilities to compete effectively in premium markets.
The recent tariff arrangement with the United States, which exempts refined copper from high duties applied to unprocessed metals presents a significant opportunity for Pakistan’s copper industry. Building on this development, the Ministry of Commerce is focusing on attracting Saudi investment to establish advanced copper refineries and downstream industries. This initiative aligns with broader efforts to upgrade infrastructure, enhance geological mapping through the Geological Survey of Pakistan, and promote technology transfer.
The matter is being dealt by the Special Investment Facilitation Council (SIFC) which is in contact with Saudi Arabia.
Commerce Ministry informed the parliamentary panel that to support these initiatives the Export Development Fund (EDF) under the Ministry of Commerce can play a key role. Trade bodies may submit projects to the EDF for financing feasibility studies, research and development centers, and common facility infrastructure aimed at advancing copper processing and value addition. Such support would strengthen Pakistan’s capacity to produce refined copper products, attract foreign investment, and reduce dependence on raw material exports.
On the issue of TCP’s receivables, the Committee directed Commerce Ministry to send a summary to the Cabinet to deduct reconciled amount of provinces. Currently, TCP’s outstanding amount against provinces and different organisations, stood at Rs 525.6 billion of which principal amount is around Rs around Rs 90 billion.
Chairman TCP apprised the Committee that he has requested the government to adjust Rs 110 billion against USC. “If these institutions are shut down, recovering the dues will not be possible,” said officials of the Ministry of Commerce.
“The government may issue a supplementary grant to settle the dues of these institutions,” said officials of the Ministry of Commerce.
The Ministry of Commerce should send a summary to the Cabinet’s Economic Coordination Committee (ECC) to resolve this matter, said the Chairman of the Committee.
Secretary Incharge, Commerce Ministry, Salman Mufti said the government is also considering to wind up National Fertiliser Manufacturing Limited (NFML) and PASSCO.
The Committee rejected a summary of Commerce Ministry in which the latter proposed the new name of Karachi Chamber of Commerce and Industry (KCCI) as Karachi City Chamber of Commerce and Industry.
“No change in the name of KCCI is acceptable. Send a new summary. We are just seeking exemption from clause 3 (9) of Chambers Law meant only for the KCCI,” said the Chairman Standing Committee.
On the issue of increase in salary of former CEO PRAL, Commerce Ministry briefed the Committee that SECP has taken cognizance of this matter and decided to take action against the Board members for approving increase in salary of CEO retrospectively which is a grave violation of rules.
The Committee adopted report on sugar drafted by Sub-Committee headed by Dr Ikhtiar Baig. The sub-Committee recommended deregulation of sugar sector.
Dr Baig said that the export and import matter was manoeuvred by Pakistan Sugar Mills Association (PSMA). He suggested that Sugar Advisory Board be reconstituted.
However, Chairman Standing Committee was of the view that the report does not deal with the initial question of the possibility of vested interests behind a move to export and/ or import.
On trade with Iran, Chief Executive TDAP said that Pakistan trade deficit has reached USD 1.716 billion during 2024-25 as exports stood at USD 706 million whereas imports were USD 2.472 billion. He also shared reasons for lower growth in exports to Iran.
Addressing concerns regarding the Import Policy Order (IPO) 2022, the Committee discussed ongoing challenges faced by the All Pakistan Timber Traders Association (APTTA). The Chairman directed the formation of an inter-ministerial committee—comprising representatives from the Ministry of Commerce, Ministry of National Food Security and Research (MNFSR), Department of Plant Protection (DPP), relevant associations, and neutral technical experts— to review phytosanitary conditions and recommend policy adjustments within one week. He emphasised the adoption of internationally aligned practices such as treatment-based certification, and proposed that provisional release of timber consignments be facilitated to reduce demurrage losses.
The Committee also reviewed the progress of the Trading Corporation of Pakistan (TCP) in reconciling its outstanding liabilities. The Chairman directed the Finance Division to convene an urgent meeting of all stakeholders to finalise settlement of dues, including mark-up, and submit a detailed report to the Committee.
Reviewing progress on SPS compliance, rice exports, and commercial attachés, the Committee was informed that EU rice interceptions had declined significantly, and seafood exports rose to USD 466 million in FY 2024–25. The Ministry highlighted its Agro-Products Export Enhancement Roadmap, formation of Sectoral Councils, and measures to boost exports of pharmaceuticals, leather, and marble. The Committee directed that a detailed briefing be presented in the next meeting on efforts to address non-tariff barriers, particularly by the United States.
The Committee further examined investment opportunities in copper, rare-earth minerals, and the Reko Diq project, noting growing Saudi and Chinese interest through the Special Investment Facilitation Council (SIFC). It was directed that a feasibility report on local smelting and value-addition projects be submitted in the next meeting.
Regarding the Pakistan Reinsurance Company Limited (PRCL), the Committee sought a full justification for the retrospective salary increase of the former CEO from Rs. 500,000 to Rs. 2.4 million per month, including multiple benefits. It was directed that no retrospective payments be implemented until completion of the SECP fact-finding report and submission of performance-based justification.
The Committee also discussed trade with Iran, noting that despite sanctions, bilateral trade volumes have grown substantially. The Chairman emphasised the need for accurate reporting, improved border facilitation, and reciprocal arrangements to operationalise border markets and implement the barter trade framework.
The Chairman reiterated the Committee’s commitment to promoting transparent, evidence-based, and business-friendly trade policies, ensuring accountability in decision-making, and aligning Pakistan’s commercial practices with international standards.
The meeting was attended by MNAs, Dr Mirza Ikhtiar Baig, Tahira Aurangzeb, Kiran Haider, and Shaista Pervaiz in person, whereas, Farhan Chishti and Asad Alam Niazi, attended the meeting virtually. Senior officers from the Ministry of Commerce, Trade Organisation, Trading Corporation of Pakistan, Trade Development Authority of Pakistan, Department of Plant Protection, and representatives from All Pakistan Timber Traders Association were also present.
Copyright Business Recorder, 2025
