Finance Minister Muhammad Aurangzeb on Thursday described Pakistan's minerals and mining sector as a potential “game-changer” for the economy, saying it could become one of the country's most important drivers of sustainable growth as the government sought to avoid repeating the cycle of short-lived, consumption-led expansion followed by balance of payments crises. Addressing the two-day Pakistan Minerals Investment Forum 2026 in Islamabad, Aurangzeb said the government was pursuing deep structural reforms and remained committed to sustaining them, identifying privatisation, public finance, pension and tariff reforms, and the transition towards a cashless economy as key components of its agenda. The forum brought together international investors and government officials as Pakistan sought to attract foreign investment in its mineral sector, with provincial leaders outlining investment opportunities, incentives and development plans. Aurangzeb said the minerals and mining sector offered considerable potential for attracting foreign investment and increasing sustainable exports. He added that a single mining project was expected to generate $2.8 billion in export proceeds once it became commercially operational. The minister acknowledged that the project had faced delays but expressed confidence in its financing, adding that it had secured the largest syndicated financing in Pakistan's history and that its financiers remained committed as it moved forward. “When we talk about a game-changer, when we talk about a step change in terms of moving towards sustainable growth, minerals and mining is going to be one of the most important, if not the most important sector, which is going to take us towards sustainable growth,” he said. Aurangzeb assured participants that the Ministry of Finance would support and facilitate the development of the sector. “We are there to help, support, assist in any way we can, because Pakistan depends on this sector, and inshallah, as you will see and as you will hear, we will make it happen,” he stated. The two-day #PakistanMineralsInvestmentForum is underway in #Islamabad@ForeignOfficePk @Financegovpk @Official_PetDiv @mincompk #RadioPakistan #News https://t.co/SZHnMj4CTZ pic.twitter.com/xcsCRKEjx7 — Radio Pakistan (@RadioPakistan) November 12, 2026 The finance minister further said Pakistan had repeatedly reached a point in its economic history where stabilisation was followed by questions about the pace of growth, often prompting a return to consumption-driven expansion. “Whenever we get to a stabilisation phase, the question is, where is the growth? And that's when we get into what I call the gold rush,” he added. He further said the economy had moved towards a growth trajectory after contracting a few years ago, followed by growth of 2% and then 3%. Growth last year had been slightly below 3.7%, while the government was projecting 4% for the current fiscal year, he added. Aurangzeb cautioned against pursuing growth through liquidity-fuelled, consumption-led expansion, saying the approach could deliver quick results but would eventually create current account and balance of payments problems. “We are very determined; we are not going to repeat that cycle. And therefore, it has to be sustainable growth,” he said, adding that growth had to be export-led. Referring to measures announced in the budget in June, the finance minister said the government had introduced incentives for the export sector and reduced taxation, although further measures were still needed. “We have brought down the financing rates, which are now between 4.5% and 6%,” he said. He added that exporters would continue to receive financing at rates ranging from 4.5% to 6%, irrespective of the policy rate, which stood at 12%. Tariff reform was another component of the government's economic strategy, he said, adding that discussions concerning the energy sector were being led by the two relevant ministers. “This time around, we are very focused on sustainable growth,” he said, stressing that minerals and mining would play an important role in achieving that objective. Aurangzeb also identified information technology export services as another sector that was already delivering results. “From nowhere, to now going to be about $5 billion of IT export services during this fiscal year, inshallah,” he said, adding that the sector was helping Pakistan's current account position and supporting sustainable growth. Investment climate and privatisation The finance minister said attracting foreign direct investment (FDI) required a sequence of economic and institutional conditions rather than happening automatically. “People talk about FDI. Where is FDI?” he said, explaining that investment depended on a “certain cascade” of factors. Drawing on his experience as a former banker, Aurangzeb said macroeconomic stability was the basic requirement for attracting investment. He explained that investors needed to be able to bring capital into the country and take it out when required, as well as repatriate profits and dividends without having to enter into discussions with the State Bank of Pakistan or the Ministry of Finance. Aurangzeb said the government also needed to establish the confidence of domestic investors before seeking to attract international capital. “If the local investors are not showing their trust and confidence, it's very difficult to convince some of you who have come from different regions and different parts of the world,” he stated, adding, "And that is where the PIA transaction and the PIA privatisation become so important." “There are 26 entities which were handed over to the Privatisation Commission,” he said, describing the privatisation of Pakistan International Airlines as particularly important, both in terms of the transaction itself and its significance for investor confidence. “One thing which is different from the last time around is making deep structural reforms and staying with those reforms,” he added. Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, addressing a ceremony marking Pakistan's achievement of the PKR 10 trillion Sovereign Sukuk milestone, alongside the issuance of Hybrid and Short-Term Sukuk. pic.twitter.com/fOO96MdRs0 — Ministry of Finance, Government of Pakistan (@Financegovpk) November 12, 2026 Dar says Pakistan stands at pivotal economic juncture Addressing the forum earlier, Deputy Prime Minister and Foreign Minister Ishaq Dar said Pakistan stood at a pivotal juncture in its economic journey, highlighting the country's extensive mineral resources and efforts to diversify its export base. Welcoming guests and more than 60 international participants, Dar said Pakistan was seeking to capitalise on its geological and mineral wealth to expand and diversify exports. He described Balochistan as vital to Pakistan's mineral future, noting that the global transition towards clean energy was driving demand for copper and creating new opportunities for mineral exploration. Dar stressed that environmental protection must go hand in hand with economic development, adding that mineral development had been elevated to a strategic priority. He further said the Pakistan Investment Policy 2023 provided protection to investors and highlighted the government's efforts to strengthen the country's investment environment. The deputy prime minister reaffirmed Pakistan's commitment to respecting the sovereignty of every nation, saying the country was placing greater emphasis on strengthening international ties, while its strategic partnership with China remained a key priority. He added that provincial governments were also offering investment opportunities to international investors. Deputy Prime Minister/Foreign Minister Senator Mohammad Ishaq Dar @MIshaqDar50 addressed the opening session of the Pakistan Minerals Investment Forum 2026 (PMIF-26). pic.twitter.com/QXvQlOZP7e — Ministry of Foreign Affairs - Pakistan (@ForeignOfficePk) November 12, 2026 Punjab's mineral revenue rises fourfold to Rs40b, says CM Maryam Meanwhile, Punjab Chief Minister Maryam Nawaz said the province's revenue from the Mines and Minerals Department had increased fourfold, from Rs10 billion to Rs40 billion, over the past two and a half years. Speaking alongside Sindh and Balochistan chief ministers and Khyber-Pakhtunkhwa governor at the forum, she said Pakistan possessed immense mineral resources that could be converted into economic prosperity through exploration, investment and value addition. “Pakistan holds immense potential, extraordinary wealth that waits to be discovered, that waits to be unearthed,” she said. “Pakistan is a pot of gold. And not only above the ground, but beneath the ground also.” The chief minister said Punjab's mineral wealth had never been the problem, but administrative challenges had prevented the province from fully benefiting from its resources. She said revenue from the Mines and Minerals Department stood at Rs10 billion when she assumed office but had increased to Rs40 billion within two and a half years. “This is just the beginning,” she added. Maryam highlighted Punjab's reserves of emeralds, marble, granite, gold, gemstones, copper, pink salt and rock salt. She said Chiniot possessed 261.5 million tonnes of iron ore that could be processed into steel. The chief minister also highlighted efforts to increase the value of pink salt exports, saying the mineral had previously been exported in raw form, limiting Pakistan's earnings. She said the provincial government was providing interest-free financing to pink salt miners to encourage value addition and the production of finished goods. She also referred to evidence of placer gold deposits in Punjab's rivers, particularly in the Mianwali and Attock areas, saying surveys and studies were underway to determine the quantity of gold available. “We have significant evidence that there is sufficient quantity of placer gold,” she said. Maryam added that sand and gravel associated with placer gold could also contain rare earth elements, precious minerals and metals. She said Punjab was seeking international partners to explore these resources and convert them into shared economic prosperity. Discussing investment opportunities, the chief minister said the provincial government was working to eliminate bureaucratic delays and provide one-window facilitation to investors. She said concessional land leases were being offered to reduce initial capital requirements, while financing of up to Rs5 billion was available under different investment schemes. “We are also offering concessional financing up to Rs5 billion. The component of interest is picked up by the government of Punjab,” she added. The provincial government was also providing support for solar installations to help investors manage energy costs, she said. Maryam added that customs duties in designated industrial estates, including the mineral processing zone in Quaidabad, Khushab, would be waived or reimbursed to investors. She said the Quaidabad mineral processing zone offered land at nominal monthly rent under a 15-year lease arrangement that could be extended. She also outlined financing facilities for export-oriented industries, including zero-mark-up loans of up to Rs100 million, loans carrying a 3% mark-up for amounts ranging from Rs100 million to Rs3 billion, and a 5% mark-up on loans between Rs3 billion and Rs5 billion. The chief minister said a Rs5 billion financing portfolio had also been established for pink salt value addition, offering interest-free loans of up to Rs50 million with a five-year repayment plan. Describing the initiative as commercially viable, she cited an estimated return of 55%. Sh