Beijing and Islamabad to Strengthen Mining and Industrial Cooperation
— June 9, 2024
BEIJING (AIA) China and Pakistan have agreed to boost their cooperation in the mining sector and to promote the implementation of a pact aimed at strengthening mining development and industrial cooperation, according to a joint statement from the two countries.
Pakistani Prime Minister Shehbaz Sharif visited Beijing from June 4 to 8 to bolster cooperation under the multi-billion-dollar China-Pakistan Economic Corridor (CPEC), a key part of Beijing’s Belt and Road Initiative. The joint statement, published by China’s Foreign Ministry, outlined plans to promote investment by Chinese firms in Pakistan’s mining industry and to strengthen the development of mining industry parks, including deep processing of ores.
China will also strengthen cooperation with Pakistan in areas such as marine oil and gas resources and natural gas hydrates and will encourage Chinese firms to participate in the development of offshore oil and gas blocks in Pakistan, according to the statement.
Since 2013, Chinese investment and financial support have been instrumental in stabilising Pakistan’s struggling economy, including the rolling over of loans to help Islamabad meet external financing needs amidst critically low foreign reserves.
As part of the Belt and Road scheme, Beijing has invested over $65 billion in road, infrastructure, and development projects under CPEC.