80,000 acre mega oil city in Gwadar: Pakistan to become World's oil transportation hub
LAHORE : The Businessmen Panel (BMP) of FPCCI welcomed the Kingdom of Saudi Arabia investment in China Pakistan Economic Corridor (CPEC) which provides another door of FDI into Pakistan.
“Chairman BMP and Former Minister of Commerce and Industries of the Govt of Punjab, Mian Anjum Nisar” said Saudi Arabia is the first country that we have invited to become a third partner in CPEC. He said Saudi partnership in CPEC is being viewed as a major boost for cash-strapped Pakistan facing an economic crisis and critical balance of payments pressure. Foreign debt repayments have left the country with less than two months of imports worth of foreign exchange reserves.
“It will help counter negativism about CPEC emanating from India and the United States, and it also highlights the importance of Pakistan as the pivotal player in regional economic cooperation”.
Anjum Nisar also said Kingdom is also expected to invest the mega oil city project in Gwadar which is important for us too. The 80,000-acres mega oil city at Gwadar will be used to transport oil from the Gulf region to China through the Gwadar Port. This will reduce the distance to just seven days from Gwadar to the Chinese border instead of the current forty days as well as cater the needs of the Pakistan.
In response CPEC would provide the Saudis an opportunity to participate even better in world trade traffic.
BMP Secretary General (Federal) and Former Chairman Standing Committee of the FPCCI, Ahmad Jawad said Pakistan has come to play a pivotal role. CPEC will be a virtual lifeline for China in the future while the US and India will exert multiple means of pressure to prevent its realization. At stake is not only Pakistan’s strategic partnership with China but its own economic development that can ensure our genuine sovereignty.
The government and people of Pakistan must recognise this reality and not fall prey to American machinations to sow mistrust between Pakistan and China to derail CPEC. Those deficiencies that exist in CPEC need to be corrected but the overall project must continue to be implemented. Together with China, Pakistan needs to defeat this assault on CPEC.