By Farzana Chaudhry | Lahore, Pakistan

LAHORE: Punjab Assembly Speaker Malik Muhammad Ahmad Khan has called for political consensus, policy continuity and legal protection of agreements to enable Pakistan to fully exploit its vast mineral resources and attract long-term investment in the sector.

Addressing the concluding session of the annual conference titled “Rare Earth Minerals in Pakistan: Opportunities and Challenges” at the National School of Public Policy (NSPP), Lahore, the speaker said frequent policy changes with every change of government undermine investors’ confidence.

He stressed the need for a long-term national policy for the mineral sector that remains protected from political and governmental changes.

“Pakistan has long been described as a country rich in mineral resources. The question is why we have so far failed to turn these resources into national wealth and economic prosperity,” he said.

Malik Muhammad Ahmad Khan said the country needed to determine whether the failure to fully benefit from its mineral wealth was due to a lack of political will, weaknesses in government structures or shortcomings in the existing policy framework.

He said concerns raised by stakeholders regarding policies or agreements should be taken seriously and addressed through meaningful dialogue.

“Whenever stakeholders raise concerns about a policy or an agreement, their questions should be heard seriously and addressed through reasoned dialogue,” he said.

The speaker said the framers of the Constitution had recognised the need for a clear constitutional framework governing the distribution of powers and resources between the federation and the provinces.

“The Constitution provides the basic framework. What is required now is the political will to make effective use of this constitutional framework,” he said.

He pointed out that international agreements in the mineral sector often extend beyond five or 10 years and can remain in force across several governments and for decades.

“If policies continue to change with every change of government, how can we expect long-term investment to come into the country?” he asked.

The speaker emphasised that investors needed confidence that legally executed agreements would remain protected even after a change of government.

“Policy continuity and the protection and enforcement of agreements are the foundation of investor confidence,” he said.

Malik Muhammad Ahmad Khan also stressed the need for greater harmonisation between federal and provincial laws governing mineral resources. He said legislation covering mineral exploration, extraction, investment, agreements and licensing should be clear and consistent to prevent investors from facing conflicting legal provisions.

He also highlighted environmental concerns associated with mineral extraction, saying environmental protection must receive due consideration during the legislative process.

“If forests or other natural resources are affected in the extraction of minerals, the question of how to strike a balance between development and environmental protection will inevitably arise,” he said.

He noted that such issues had no simple answers and required consultation among experts, institutions and relevant stakeholders.

The speaker said parliamentary standing committees, provincial assemblies, universities and research institutions could play an important role in developing effective policies for the mineral sector.

He observed that universities were producing geologists and experts in relevant fields, but their research needed to be effectively connected with practical policymaking.

Malik Muhammad Ahmad Khan appreciated the NSPP for bringing different stakeholders together on a common platform, but stressed that the process should not remain confined to conferences and research papers.

He called for research findings and recommendations to be shared with elected representatives from all provinces, including Balochistan, followed by regular consultations.

The speaker said that although he was not a mineral-sector expert, as a lawyer and parliamentary office-holder his primary concern was to ensure that businesses investing in Pakistan received a legal environment that provided confidence regarding the security of their investments and the continuity of their agreements.

He said Pakistan’s mineral resources represented a major opportunity for economic development, but converting this potential into national prosperity required strong institutions, political will, effective legislation, provincial participation and a long-term national vision.

The event was attended by National School of Public Policy Lahore Rector Farhan Aziz Khawaja, Sui Northern Gas Pipelines Limited Chairman Muhammad Ismail Qureshi, US Consul General in Lahore Stetson Sanders, NIPP Lahore Dean Dr Naveed Elahi and Chinese Consulate Lahore Commercial Counsellor Mr Bhuteng, along with experts, policymakers and representatives of the relevant sectors.