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CPEC: Saudi Arabia ‘keen’ to invest in China Pakistan Economic Corridor

Pakistan: Saudi ambassador to Pakistan Nawaf Said Ahmad Al-Malkiy has said that the kingdom is looking forward to investing in the China Pakistan Economic Corridor (CPEC) and Gwadar port projects.

China–Pakistan Economic Corridor is a collection of infrastructure projects that are currently under construction throughout Pakistan. Originally valued at $46 billion, the value of CPEC projects is now worth $ 62 billion. 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. On 13 November 2016, CPEC became partly operational when Chinese cargo was transported overland to Gwadar Port for onward maritime shipment to Africa and West Asia.

During an interview, according to Radio Pakistan, Nawaf said CPEC was a huge project and would create many investment opportunities.

Pakistan and Saudi Arabia are cooperating in military, economic and other sectors and their cooperation will increase further in the future, the Saudi ambassador continued.

The envoy also stressed that the Muslim Ummah should become united so as to overcome the challenges being faced by it.

The $46-billion China Pakistan Economic Corridor (CPEC) project focuses on road building and energy infrastructure to end chronic power shortages in Pakistan and to link China’s landlocked north-west with the deep-water port Gwadar on the Arabian Sea.

In 2016, Iran and Saudi Arabia wished to join the CPEC framework as a good indication. Pakistan welcomed their participation.

Iran on September 22 had expressed desire to become part of the multi-billion dollar China-Pakistan Economic Corridor (CPEC), that links western China with Gwadar deep-sea port in Balochistan and runs through Pakistan- administered Kashmir.

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