Saudi Arabia to make huge investment in Pakistan, foundation for a very big partnership

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Saudi Arabia to make huge investment in Pakistan, foundation for a very big partnership

ISLAMABAD - Information Minister Fawad Chaudhry has said that Saudi Arabia to invest in Pakistan in a major way.

“Saudi Arabia is the first country whom we have invited as third country partner in CPEC,” Chaudhry said, referring to the CPEC, the Pakistan leg of China’s vast Belt and Road infrastructure initiative.

Beijing has pledged $60 billion to build power stations, major highways, new and upgraded railways and higher capacity ports, to help turn Pakistan into a major overland route linking western China to the world.

Chaudhry said a Saudi delegation will be coming to Pakistan in the first week of October, including the Saudi minister for finance and energy, and that should lay down a “foundation for a very big partnership”.

“God willing, very big investments will be coming to Pakistan from Saudi Arabia this way,” he added.

Khan’s term began with new doubt over the CPEC projects, when his commerce minister was quoted as saying Pakistan would suspend them for a year and review them.

The minister later said his comments were taken out of context, and Pakistani officials reassured Beijing there would be no delay.