There is a need to develop a sound strategy to explore and utilise the natural resources because these resources have immense potential to contribute towards the economic development of our country.
Government should take all possible measures to exploit the huge potential of natural resources as it is the right time to take advantage of country’s outstanding natural resources for its self sufficiency and viable economic development, Shahid Zaman Shinwari, Acting President Islamabad Chamber of Commerce and Industry (ICCI) has stated this in a statement.
ICCI Acting President said that Pakistan is blessed with vast land, natural gas reserves, petroleum, extensive coal, iron ore, copper, salt, limestone and gold besides other natural resources. He expressed deep concern over underutilisation of these resources which have not been exploited due to technological backwardness and lack of innovative policies.
He was responding to a survey report in which it was highlighted that Pakistan has the second largest salt mine, second largest coal reservoirs, fifth largest gold mines, seventh largest copper mines, the country is the 11th largest wheat producer, 12th largest rice producer and seventh country of the world with nuclear power. Therefore, he urged the Government to explore these natural resources as properly explored and managed natural resources could become instrumental in national income and its growth, he maintained.
Shahid Zaman Shinwari said that concrete steps should also be taken to harness the hydropower potential of the country because it has the potential of producing 40,000 MW of electricity.
ICCI Acting President said that the second largest treasure of coal in the world is left unexplored as it contributes only 2 percent of electricity generation, whereas countries like US, China and India generate electricity by almost 60 percent from coal due to its lower cost. To meet the growing demands of energy, Government should exploit its domestic coal reserves which would make the country self-reliant in energy sector, he emphasised.