Days after Islamabad said Riyadh will be the third “strategic partner” of China’s flagship Belt and Road Initiative project it takes a U-turn, Pakistan has announced that its close ally Saudi Arabia would not join the over-$50 billion so-called ‘China-Pakistan Economic Corridor’ (CPEC).
China–Pakistan Economic Corridor also known as CPEC is a collection of infrastructure projects that are currently under construction throughout Pakistan. Originally valued at $46 billion, the value of CPEC projects is worth $62 billion as of 2017. CPEC is intended to rapidly modernize Pakistani infrastructure and strengthen its economy by the construction of modern transportation networks, numerous energy projects, and special economic zones.
Khusro Bakhtiar, Pakistan’s Minister for Planning and Development stated to media that the Saudi kingdom’s proposed investments would fall under a separate bilateral arrangement.
Pakistan’s Information Minister Fawad Chaudhry said last month that Saudi Arabia is the third “strategic partner” of the ‘CPEC’, soon after Imran Khan returned from his first official foreign visit to the kingdom.
Mr Bakhtiar said, “Saudi Arabia is not to become a collateral strategic partner in the CPEC. This impression is not true, a third country can participate in the ‘China-Pakistan Economic Corridor’ by taking part in the business and investment ventures arising out of the project.”
Currently, a Saudi delegation is in Pakistan for an initial assessment to capitalise on the Pakistani offer.
[source_without_link]SIASAT NEWS[/source_without_link]