KARACHI: President of the Apex Body of Manufacturers Ismail Suttar has said that the that a country cannot rise from debt till it learns the art of value addition.
“Pakistan has an abundance of mineral resources but is unfortunately not utilized to its full potential and exported in a crude form which only constitutes to 5pc of the total GDP,” he said.
“We as a nation should understand the burden this export puts on Pakistan’s economy with no employment generation and little to no industrialization,” he further said. In a statement, EFP Chief said that there are 42 types of minerals available in Balochistan out of 92 totally available in all over Pakistan, none of which are refined but simply exploited and exported, thereby widening the unemployment gap.
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“These resources will come to an end if we do not realize the significance of value addition and how such products can generate revenue for Pakistan,” Suttar further said.
The EFP after several back and forth consultations has introduced the “Minerals to Chemicals Committee”, tasked to create value-added products out of these raw materials. The goal is to marginalize the export of raw material or impose a minimum price floor, said Ismail.
“EFP is currently working on Fluorspar, Chromite, Quartz, Magnesite, Antimony, Talc, and Barium and has partnered with PUM Netherlands for their expertise in Ferrochrome production to support our steel industry in terms of cost-effective production,” he added.