FPCCI's BMP hails Saudi's interest in CPEC

The Businessmen Panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) welcomed the Kingdom of Saudi Arabia investment in China-Pakistan Economic Corridor (CPEC) which would open another door of foreign direct investment into Pakistan. BMP Chairman and Former Minister of Commerce and Industries, Mian Anjum Nisar said Saudi Arabia is the first country that was invited to become third partner in the CPEC project. He said Saudi partnership in CPEC is being viewed as a major boost for cash-strapped Pakistan facing an economic crisis and critical balance of payments pressure.
Foreign debt repayments have left the country with less than two months of imports worth of foreign exchange reserves, he said. "It will help counter negativity about CPEC emanating from India and the United States, and it also highlights the importance of Pakistan as the pivotal player in regional economic cooperation," he added.
Anjum Nisar said that Kingdom is also expected to invest in the mega oil city project in Gwadar which is important for them. The 80,000-acres mega oil city at Gwadar will be used to transport oil from the Gulf region to China through the Gwadar Port that will reduce distance to just seven days from Gwadar to the Chinese border instead of the current 40 days besides catering to the Pakistan's needs. In response, the CPEC would provide the Saudis an opportunity to participate even better in world trade traffic, he maintained.
BMP Secretary General (Federal) Ahmad Jawad said Pakistan has come to play a pivotal role. The CPEC will be a virtual lifeline for China in the future whiles the US and India will exert multiple means of pressure to prevent its realization. At stake is not only Pakistan's strategic partnership with China but its own economic development that can ensure our genuine sovereignty, he said.
The government and people of Pakistan must recognize this reality and not fall pray to American machinations to sow mistrust between Pakistan and China to derail CPEC. Those deficiencies that exist in CPEC need to be corrected but the overall project must continue to be implemented. Together with China, Pakistan needs to defeat this assault on CPEC.