Accepting Prime Minister Imran Khan’s invitation to join China Pakistan Economic Corridor, Saudi Arabia has entered into agreement with Islamabad on financing projects under the massive corridor – often described as an economic game-changer for the region.
Riyadh will invest in three energy and infrastructure projects that will help bring investment and fuel economic activity in the country that will become a conduit between energy-hungry China and oil-rich Gulf.
According to Information Minister Fawad Chaudhry, the two countries are scheduled to ink more agreements next week during a visit of a high level Saudi delegation’s visit to Islamabad.
The additional agreements will help develop Reko Diq’s gold and copper mines and build an oil refinery at Gwadar Port – a Chinese built port that is likely to facilitate huge volumes of trade in the years to come.
The Saudi delegation will include Saudi investors, minister for petroleum and minister for energy.
During his visit to Saudi Arabia, Imran Khan had discussions with King Salman bi Abdul Aziz and Crown Prince Mohammed bin Salman.
The new investments are being seen as a first major foreign policy success of the Imran Khan government, that took reigns of the country last month following July 25 general elections.
“These agreements have been inked in line with the understanding reached during Prime Minister Imran Khan’s recent visit to Saudi Arabia,” Chaudhry said.
