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