China and Pakistan agree to enhance mining and energy cooperation
China and Pakistan have committed to enhancing their cooperation in mining and energy sectors, as highlighted in a joint statement from both nations.
During Pakistani Prime Minister Shehbaz Sharif's visit to Beijing from June 4 to 8, efforts were made to advance collaboration under the multi-billion-dollar China-Pakistan Economic Corridor (CPEC), a significant component of Beijing's Belt and Road Initiative.
The agreement aims to boost Chinese investment in Pakistan's mining industry and advance the development of mining industry parks, including the deep processing of ores, according to the joint statement released by China's foreign ministry.
Additionally, China will expand its cooperation with Pakistan in marine oil and gas resources and natural gas hydrates. The statement emphasized encouraging Chinese firms to engage in developing offshore oil and gas blocks in Pakistan.
Since 2013, Chinese investment and financial assistance have provided crucial support to Pakistan's struggling economy, including loan rollovers to help Islamabad manage its external financing needs amidst critically low foreign reserves.
Beijing has invested over 65 billion US dollar in road, infrastructure, and development projects in Pakistan under the China-Pakistan Economic Corridor, part of the broader Belt and Road Initiative.
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