KARACHI: Pakistan confirmed on Friday that China has been taken into a confidence after the government announced yesterday that it has invited Ƶ to join the China-Pakistan Economic Corridor (CPEC).
Information Minister Fawad Chaudhry tweeted on Friday that China is aware that Ƶ has been invited as a third partner in the China-Pakistan Economic Corridor (CPEC).
“Yes China has been taken into confidence, expansion of CPEC is in China and Pakistan’s interest. Pakistan will be a center of economic activity of this region, era of darkness is over,” Chaudhry has tweeted.
Yes China has been taken into confidence, expansion of CPEC is in China and Pakistan interest. Pak ll be a centre of economic activity of this region, era of darkness is over.
— Ch Fawad Hussain (@fawadchaudhry)
While no official details of Saudi participation have been released, it is speculated that Saudi investment will be, at least in part, aimed at helping the port city of Gwadar on the southwestern coast of Balochistan develop as an oil hub for the region.
China overtook the United States as the world’s largest consumer of oil last year, and therefore China is a vital market for Ƶ as well as OPEC countries.
A recent report by the international consulting firm Deloitte noted: “Almost 80 percent of the China’s oil is currently transported from Strait of Malacca to Shanghai (with a distance of almost 16,000km the journey can take three months), with Gwadar becoming operational, the distance would reduce to less than 5,000km.”
Similarly, US-based think tank Center for Strategic and International Studies (CSIS) has estimated that the port promises to “eventually handle one million tons of cargo annually,” which can be vital to Chinese exports to the Middle East.
While Pakistan has extended the invitation to Ƶ to join the China Pakistan Economic Corridor as the first “third strategic partner”, as yet there has been no official word about what discussed with Ƶ during Khan’s recent trip to Ƶ. However, Pakistan Tehreek-e-Insaf Central Deputy Secretary-General Usman Dar claimed on Thursday that the Kingdom was set to invest $10 billion in Pakistan.
Dar tweeted: “Within just a month in the government Pakistan and Ƶ have struck agreement worth $10 billion due to vigorous policies of PM Imran Khan and his team. Pakistan will soon be out of worst economic situation.”
