Miracle Salt Collective Inc (MSCI) is investing over US$200M into Pakistan’s Rock Salt Industry.

MSCI is a US-based company that specializes in crafting and manufacturing Himalayan crystal salt products. The company has a vision to promote Pakistan’s rock salt industry globally and has been keeping a close eye on economic developments. This is evidenced by its various investment market classifications of Pakistan over the years. In early 2022, as part of the May 2022 Semi-Annual Index Review, MSCI classified Pakistan as part of the select group of frontier markets, signaling a positive shift. A year later, in 2023, MSCI announced its intention of a $200M investment in Pakistan’s pink salt industry. This culminated in February 2024 when it entered a joint venture agreement with the Pakistan Mineral Development Corporation (PMDC). The investment was facilitated by the Special Investment Facilitation Council (SIFC), established in June 2023.

This deal may have come at a key moment in Pakistan’s economic climate, with the $3Bn bailout from the IMF, approved in June 2023, due to expire soon. Pakistan has recently received $700M of the total approved bailout, aimed at stabilizing the local economy. As a result, Pakistan is actively seeking foreign investment to support its struggling economy. The investment by MSCI is aimed at boosting Pakistan’s revenue from rock salt, which is currently about $70M per year, relative to its reserves of about $10Bn. The JV will implement a dedicated facility for crushing and packaging of pink rock salt, where a key interest will be enhancing the quality of pink rock salt for export. With this collaboration, Pakistan gains access to international markets, especially in the US, where demand for speciality salts is growing.

Through the promotion and streamlining of significant investments, Pakistan is set to become a key player in the global salt industry. This is further compounded by other large salt projects already under construction, such as that of HubSalt.