Pakistan Navy, in collaboration with China, has detected vast gas reserves deep beneath the sea in a joint survey initiated under the vision of the Chief of Naval Staff, a senior former naval officer said on Monday.
The revelation came from Rear Admiral (retd) Fawad Amin Baig on the prestigious occasion of Pakistan Navy Day, marked on September 8 to honour the heroics of the sentinels of the country's seas.
"The country’s waters are not only rich in minerals but also home to a treasure trove of marine resources that could change the economic outlook if tapped wisely,"Baig said, speaking on Geo Newsshow Capital Talk.
"The Pakistan Navy played a central role in exploring these resources."
A detailed survey conducted with Chinese assistance confirmed that Pakistan’s seabed holds significant gas deposits, according to the former naval officer.
Rear Admiral Baig stressed that the next step must be to attract investors.
With the right funding and technology, he said, this hidden wealth could be put to use for the country’s development.
He also pointed to the challenges. “Whenever Pakistan moves towards progress, hostile fifth-generation warfare tactics drive investors away,” he noted.
However, he added that with the Special Investment Facilitation Council and the combined efforts of the military and political leadership, a new defence strategy is in place to give Pakistan a stronger economy.
China and Pakistan are working closely 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 issued last year.
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.