China and Pakistan Strengthen Collaboration in Mining, Oil, and Gas Sectors
Published on: June 11, 2024.
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China and Pakistan have agreed to enhance their mining cooperation and implement a pact on strengthening mining development and industrial cooperation. This announcement comes after Pakistani Prime Minister Shehbaz Sharif’s visit to Beijing from June 4 to 8. The visit aimed to boost cooperation under the China-Pakistan Economic Corridor (CPEC), a crucial component of China’s Belt and Road Initiative.
In a joint statement issued by China’s foreign ministry, both countries expressed their commitment to promote Chinese investment in Pakistan’s mining industry. They also agreed to focus on the planning and development of mining industry parks, with a particular emphasis on deep processing of ores. Furthermore, China pledged to cooperate with Pakistan in marine oil and gas resources, as well as natural gas hydrates. Chinese firms will be encouraged to participate in the development of offshore oil and gas blocks in Pakistan.
China’s investment and financial support for Pakistan since 2013 have significantly contributed to the country’s economy. This includes rolling over loans to help Islamabad meet its external financing needs, especially during times when foreign reserves are alarmingly low.
Under the China-Pakistan Economic Corridor, Beijing has invested more than $65 billion in various road, infrastructure, and development projects. These initiatives play a vital role in promoting economic growth in Pakistan and fostering regional connectivity.
Source: [Brecorder.com](https://www.brecorder.com)
