Nations Commit to Investment and Development in Mining, Oil, and Gas under CPEC Framework
BEIJING: China and Pakistan have agreed to intensify their collaboration in the mining sector, aiming to advance the implementation of a pact focused on mining development and industrial cooperation. This commitment was outlined in a joint statement released following Pakistani Prime Minister Shehbaz Sharif’s visit to Beijing from June 4 to 8, which sought to enhance cooperation under the China-Pakistan Economic Corridor (CPEC), a pivotal component of China’s Belt and Road Initiative.
The agreement emphasizes boosting Chinese investment in Pakistan’s mining industry and the development of mining industry parks, which will include facilities for the deep processing of ores. The joint statement from China’s foreign ministry also highlighted plans to strengthen collaboration in marine oil and gas resources, with China encouraging its firms to engage in offshore oil and gas exploration in Pakistan.
During the five-day visit, Prime Minister Sharif pledged to ensure the security of investments and personnel, reinforcing Pakistan’s commitment to providing a safe and conducive environment for Chinese investors. Since 2013, Chinese investments and financial aid have significantly supported Pakistan’s economy, including the extension of loans that have helped Islamabad manage its critical external financing needs amid low foreign reserves.
Under the CPEC framework, China has invested over $65 billion in road, infrastructure, and development projects, playing a crucial role in Pakistan’s economic development and contributing to the broader goals of the Belt and Road Initiative.
