ISLAMABAD: Prime Minister Imran Khan has directed to formulate a strategy for the establishment of a Gemstone City in the federal capital.
The prime minister, while chairing a meeting on development of gems and minerals sector, directed to establish a one-window facility to promote foreign investment and exports in gems and minerals sector.
PM Imran Khan also sought a detailed report on the related problems so as to devise a comprehensive roadmap. He expressed confidence that development of gems and mineral sector would not only create immense job opportunities but also help increase exports.
The meeting also discussed matters related to reserves of precious gems, conducting research, encouraging foreign investment and ensuring coordination among federal and provincial governments in this regard.
According to Economic Survey of Pakistan released ahead of the annual budget, the mining and quarrying sector showed negative growth of 8.82 percent during FY2020 as compared to 3.19 percent decline last year.
The sector is lagging behind despite huge potential due to interconnected issues like poor regulatory framework, insufficient infrastructure at mines sites, outdated technology installed, semi-skilled labour, low financial support and lack of marketing.
Minerals that witnessed negative growth are coal 6.34 percent, natural gas 6.36 percent, crude oil 10.55 percent, chromite 54.5 percent, magnesite 55.9 percent, limestone 14.71 percent, marble 3.62 percent and iron ore 32.73 percent. However, barytes, quartz, ocher and dolomite posted a positive growth of 241.6 percent, 130.8 percent, 68.8 percent and 16.27 percent, respectively.
ADVERTISEMENT
