Posted Date: 21/09/2018
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Saudi Arabia joins China-Pakistan Economic Corridor project to invest 10 billion US dollars

Saudi Arabia joins China-Pakistan Economic Corridor project to invest 10 billion US dollars

Original title: Newsletter! Saudi Arabia agrees to join the China-Pakistan Economic Corridor project with an investment of 10 billion US dollars

Saudi Arabia join China-Pakistan Economic

"This project will be greatly promoted as Saudi Arabia agrees to join the China-Pakistan Economic Corridor (CPEC) project with a $10 billion investment," the Pakistan Daily reported on September 20 news.

According to the report, as Saudi Arabia joins the “Belt and Road” initiative (BRI), key stakeholders “Islamabad and Beijing” will accelerate their efforts to complete the CPEC project as soon as possible. 

Saudi Arabia joins the Belt and Road

On the 20th, Uzmandal, deputy secretary general of the Pakistan Justice Movement Party, also confirmed on Twitter that the government led by Prime Minister Imran Khan has reached a $10 billion agreement with Saudi Arabia.

According to reports, Saudi Arabia will turn Gadar Port, an important port in the southwestern part of Balochistan, into an oil city. 

According to US media, Pakistani Information Minister Fawad Chowdhury said at a news conference that frequent meetings between Prime Minister Imran Khan and Saudi leaders during his official visit to Riyadh this week brought this Milestone progress.

Chowdhury said, "Saudi Arabia is the first country to be invited by us as a third party in the China-Pakistan Economic Corridor. They will be our third economic strategic partner in the China-Pakistan Economic Corridor, and Saudi Arabia will Bring huge direct investment to the project." 

Saudi Arabia first country to invited third party

He said that the senior advisory committee set up by the Saudi King Salman Bin Abdul-Aziz Al-That has been studying the details of the project.

Chowdhury also said that Saudi Arabia plans to send a high-level delegation including the Minister of Finance and Energy to visit Pakistan in the first week of October. The two sides will "establish the foundation for large-scale economic cooperation" for the two countries during the meeting. This activity may further strengthen the traditional diplomatic relations between Pakistan and Saudi Arabia. 

Saudi Arabia agrees to join the China-Pakistan Economic Corridor project with an investment of 10 billion US dollars


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