China and Pakistan have agreed to boost mining, oil and gas cooperation. A joint statement from the two countries said they would promote the implementation of a pact on strengthening mining development and industrial cooperation
Pakistani Prime Minister Shehbaz Sharif visited Beijing from June 4 to 8. Pakistan’s Foreign Minister Mumtaz Baloch said. “An important aspect of the prime minister’s visit will be meetings with corporate executives of leading Chinese companies dealing with oil and gas, energy, ICT and emerging technologies.
Sharif met President Xi and held delegation level talks with Premier Li Qiang.
The joint statement says the countries will promote investment by Chinese firms in Pakistan’s mining industry. They will 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. This will encourage Chinese firms to participate in the development of offshore oil and gas blocks in Pakistan.
Chinese investment and financial support for Pakistan have been a boon for the South Asian nation’s struggling economy. China has supported Pakistan since 2013. This includes the rolling over of loans so that Islamabad is able to meet external financing needs. It comes at a time foreign reserves are critically low.
Beijing has over $65 billion in investment in road, infrastructure and development projects under CPEC.
China has also invested billions in various power projects and road networks in Pakistan under the $65 billion CPEC plan, but the implementation of various projects has slowed in recent months.
With inputs from Reuters
