Pakistan

China, Pakistan agree to strengthen mining, oil and gas cooperation

  • The countries will promote investment by Chinese firms in Pakistan's mining industry, and strengthen the planning of mining industry parks, including deep processing of ores
Published June 9, 2024

BEIJING: China and Pakistan have agreed to boost mining cooperation and promote the implementation of a pact on 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, in a bid to upgrade cooperation under the multi-billion dollar China-Pakistan Economic Corridor (CPEC), which is a key part of Beijing’s Belt and Road Initiative.

Five-day China visit: PM vows security to investments, individuals

According to the joint statement published by China’s foreign ministry, the countries will promote investment by Chinese firms in Pakistan’s mining industry, and strengthen the planning of mining industry parks, including deep processing of ores.

China will 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, said the statement.

Chinese investment and financial support for Pakistan since 2013 have been a boon for the South Asian nation’s struggling economy, including the rolling over of loans so that Islamabad can meet external financing needs at a time when foreign reserves are critically low.

Meeting with POWERCHINA chief: PM briefed about clean, low-carbon energy prospects

Beijing has over $65 billion in investment in road, infrastructure, and development projects under the China-Pakistan Economic Corridor as part of the Belt and Road scheme.

Comments

200 characters
Dr Rafique A Jun 09, 2024 01:09pm
Chinese involvement in mining and oil is a pleasant and good news for Pakistan. More sectors should be opened up for Chinese.
thumb_up Recommended (0) reply Reply
Dr Rafique A Jun 09, 2024 01:18pm
We should have also marketed pia and other soes to Chinese investors. We should align our economy with Chinese interests. Sooner we realise that China is the future, the better.
thumb_up Recommended (0) reply Reply
Fatima Jun 09, 2024 03:09pm
No susbstance to the trip, positive noises
thumb_up Recommended (0) reply Reply
Re=== Jun 09, 2024 05:49pm
Not a single contract. Read, not one contract signed during the trip, just eye wash MOUs and photo ops for a toursit visit. But absolutely no substance. Pakistan is beyond help. China has given up.
thumb_up Recommended (0) reply Reply
Re=== Jun 09, 2024 05:50pm
@Dr Rafique A, The entire country is open up to china. What is not open. Just pay them for past dues, then they will invest. Would you invest if you dont get paid?
thumb_up Recommended (0) reply Reply
Re=== Jun 09, 2024 05:51pm
@Dr Rafique A, "Sooner we realise that China is the future, the better." This is exactly the wrong thinking. Pakistan has put all eggs in one basket and now either chinese nor others are investing.
thumb_up Recommended (0) reply Reply
M. Zahid Iftikhar Jun 10, 2024 01:16pm
@Re===, We do not need advice from Indians. Thank you. We know where our interests lie.
thumb_up Recommended (0) reply Reply