Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Taliban says plans to formally join China's Belt and Road Initiative

Published 2023-10-19, 07:06 a/m
© Reuters. Taliban's acting commerce minister Haji Nooruddin Azizi speaks during an interview with Reuters, at the Embassy of Afghanistan in Beijing, China October 19, 2023. REUTERS/Tingshu Wang
HG
-
DCJc1
-

By Joe Cash

BEIJING (Reuters) - The Taliban administration wants to formally join Chinese President Xi Jinping's huge 'Belt and Road' infrastructure initiative and will send a technical team to China for talks, Afghanistan's acting commerce minister said on Thursday.

Beijing has sought to develop its ties with the Taliban-run government since it took over in 2021, even though no other foreign government has recognised the administration.

Last month, China became the first country to appoint an ambassador to Kabul, with other nations retaining previous ambassadors or appointed heads of mission in a charge d'affaires capacity that does not involve formally presenting credentials to the government.

"We requested China to allow us to be a part of the China-Pakistan Economic Corridor and Belt and Road Initiative... (and) are discussing technical issues today," acting Commerce Minister Haji Nooruddin Azizi told Reuters in an interview a day after the Belt and Road Forum ended in Beijing.

The Pakistan "economic corridor" refers to the huge flagship section of the Belt and Road Initiative (BRI) in Afghanistan's neighbour.

Azizi said the administration would also send a technical team to China to enable it to "better understand" the issues standing in the way of it joining the initiative, but did not elaborate on what was holding Afghanistan back.

Afghanistan could offer China a wealth of coveted mineral resources. Several Chinese companies already operate there, including the Metallurgical Corp. of China Ltd (MCC) which has held talks with the Taliban administration, as well as the previous Western-backed government, over plans for a potentially huge copper mine.

"China, which invests all over the world, should also invest in Afghanistan... we have everything they need, such as lithium, copper and iron," Azizi said. "Afghanistan is now, more than ever, ready for investment."

Asked about the MCC talks, Azizi said discussions had been delayed because the mine was near a historical site, but they were still ongoing. "The Chinese company has made a huge investment, and we support them," he added.

Investors have said security remains a concern. The Islamic State militant group has targeted foreign embassies and a hotel popular with Chinese investors in Kabul.

Asked about the security challenges, Azizi said security was a priority for the Taliban-run government, adding that after 20 years of war - which ended when foreign forces withdrew and the Taliban took over - meant more parts of the country were safe.

© Reuters. Taliban's acting commerce minister Haji Nooruddin Azizi speaks during an interview with Reuters, at the Embassy of Afghanistan in Beijing, China October 19, 2023. REUTERS/Tingshu Wang

"It is now possible to travel to provinces where there is industry, agriculture and mines that one previously could not visit... security can be guaranteed," Azizi added.

Afghanistan and 34 other countries agreed to work together on the digital economy and green development on the sidelines of the Belt and Road Forum on Wednesday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.