BEIJING/ISLAMABAD (Dateline report/Agencies) – 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.
On the other hand, China also congratulated Pakistan on holding successful general elections, and expressed best wishes for the new government in leading the Pakistani people in their endeavours to achieve socioeconomic development, prosperity, unity, stability and security.
“Recognising that mining is an important breakthrough area for industrial cooperation, both sides agreed to strengthen long-term planning for mining cooperation, promote the implementation of the Agreement to Strengthen Mining and Industrial Cooperation under the CPEC Framework collectively, and take actions such as geological survey, joint geology and minerals research and talent training,” reads the statement.
“The two sides expressed their willingness to actively encourage Chinese companies to invest in the mining industry of Pakistan, and strengthen the planning of mining industrial parks, including downstream mineral processing.”
Prime Minister Shehbaz Sharif visited in 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 (BRI).
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, says a joint statement published by the foreign ministries of the two countries.
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 is able to meet external financing needs at a time foreign reserves are critically low.
Beijing has over $65 billion in investment in road, infrastructure and development projects under the CPEC as part of the BRI.
