China and Pakistan Strengthen Mining Cooperation Under CPEC

China and Pakistan have reaffirmed their commitment to enhancing mining cooperation and advancing the implementation of a pact aimed at bolstering mining development and industrial cooperation. The agreement came during Pakistani Prime Minister Shehbaz Sharif’s visit to Beijing from June 4 to 8, where discussions centered on upgrading collaboration within the multi-billion dollar China-Pakistan Economic Corridor (CPEC), a crucial component of China’s Belt and Road Initiative.

According to a joint statement released by both countries, the focus will be on facilitating investment by Chinese companies in Pakistan’s mining sector and enhancing the planning of mining industry parks, with a specific emphasis on deep processing of ores. Additionally, China has pledged to intensify cooperation with Pakistan in marine oil and gas resources as well as natural gas hydrates, encouraging Chinese firms to engage in the development of offshore oil and gas blocks in Pakistan.

Since 2013, Chinese investment and financial assistance have played a pivotal role in supporting Pakistan’s economy, particularly amid challenges such as low foreign reserves. Beijing’s contributions, including the rolling over of loans, have alleviated financial strains and enabled Pakistan to meet its external financing needs. Under the China-Pakistan Economic Corridor, China has invested over $65 billion in various infrastructure, road, and development projects, further solidifying economic ties between the two nations within the framework of the Belt and Road Initiative.

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