China and Pakistan have agreed to enhance their cooperation in the mining sector, following Pakistani Prime Minister Shehbaz Sharif's visit to Beijing from June 4 to 8.
As per Reuters, this agreement aims to upgrade collaboration under the China-Pakistan Economic Corridor (CPEC), a significant component of China's Belt and Road Initiative.
In a joint statement, both countries committed to promoting Chinese investment in Pakistan's mining industry.
This includes developing mining industry parks and advancing the deep processing of ores.
The statement, issued by China's foreign ministry, also highlighted plans for enhanced cooperation in marine oil and gas resources and natural gas hydrates.
Chinese firms are encouraged to participate in the development of Pakistan's offshore oil and gas blocks.
Since 2013, Chinese investment and financial support have significantly benefited Pakistan's economy, including loan rollovers to help Islamabad manage its external financing needs amid critically low foreign reserves.
Additionally, China has invested over $65 billion in road, infrastructure, and development projects in Pakistan under the CPEC initiative.
