Saudi Arabia takes unprecedented decision for Pakistan
LAHORE - Saudi Arabia has decided to fully join the Multi-billion dollars China Pakistan Economic Corridor (CPEC) project and make the Gwadar Port city as Oil City.
Saudi Arabia is expected to join the Belt and Road Initiative (BRI) of the Chinese government.
With Saudi Kingdom Joining the corridor, the three stakeholders would speed up the efforts to complete projects as soon as possible.
Moreover, owing to Pakistan’s strategic location and heavy mineral resources, Saudia Arabia is going to make Gawadar’s port city to an oil city.
Pakistan needs $9 billion to run state affairs and it will overcome its difficulties with the heavy investment coming from China and Saudi Arabia.
In September 2017 Saudi Ambassador to Pakistan, Nawaf Saeed Ahmed Al-Malkiy said that Saudi Arabia would “soon” undertake investments at Gwadar Port and join the China-Pakistan Economic Corridor (CPEC).
Saudi Arabia is one of the many countries who have shown keen interest to participate in the China-Pakistan Economic Corridor (CPEC), primarily to relate its economy with China and take steps in achieving its 2030’s Vision.
The vision of the KSA 2030 Plan is to make the diverse economy in mega projects like powerhouses and energy to turn from its oil dependency.
One of the pillars of their vision plans to use its unique location and become a global hub for vast economic activities. CPEC would provide them a network of great trade pattern to engage even better in the world trade traffic.