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China has been taken into confidence over Saudi Arabia joining the China-Pakistan Economic Corridor (CPEC) project as a strategic partner, Minister for Information Fawad Chaudhry said on Friday.
The minister was responding to a tweet by former interior and planning minister, Ahsan Iqbal of PML-N, who asked whether Beijing had been taken on board before formally inviting Riyadh to join the mega venture.
"Has China been taken into confidence? CPEC is a bilateral project in which induction of any other country has to have [the] concurrence of both sides," Iqbal wrote.
In response, Chaudhry said Chinese assent had been sought and that the "expansion of CPEC is in China and Pakistan['s] interest."
"Pakistan will be a centre of economic activity of this region, era of darkness is over," he added.
The minister had announced on Thursday that Saudi Arabia is set to become a third strategic partner in CPEC and has reportedly agreed in principle to invest heavily in Pakistan after it was formally invited to join the project, Dawn reported.
The landmark announcement by Chaudhry came in the backdrop of Prime Minister Imran Khan’s visit to Saudi Arabia and the United Arab Emirates apparently aimed at convincing Islamabad’s allies in the Middle East to help the government deal with a looming financial crisis.
“A high-level coordination committee has been constituted and it has the complete backing of the Saudi King, His Highness Salman bin Abdul Aziz Al-Saud, as well as the Crown Prince [Mohammad bin Salman] and PM Khan,” said the minister, who was part of the prime minister’s entourage during the trip, at a press conference in Islamabad.
A high-level Saudi delegation comprising ministers for finance and energy as well as business heads would visit Pakistan in the first week of October to work out details of a grand economic partnership, Chaudhry said, adding that major investments from Saudi Arabia were expected.
He said Saudi Arabia was the first major country to have been formally invited to become a partner in the CPEC. “Our strategic cooperation has been revitalised. We have assured the Saudi leadership that we will continue to provide security to their country and provide strategic support wherever needed,” he added.
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Comments (41) Closed
Sep 21, 2018 03:25pm
The minister could have alluded to this important side of the news at his first public disclosure. He should have known that this was a natural question in everybody's mind. Why not be upfront about it avoiding speculations and raising doubts. Also, it avoids being viewed as part of the 'learning' process.
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Sep 21, 2018 03:25pm
Ahsan Iqbal should be answerable for his non serious and unrealustic attitude towards the national interest
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Sep 21, 2018 03:41pm
China itself has been sanctioned by USA for buying Russian arms.
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Sep 21, 2018 03:45pm
Suidis can invest in commercial and residential buildings - offices, condos, malls, etc. in Karachi, Lahore, Islamabad, Peshawar and Quetta. Can easily get long term return around 10% on their investment. Also can open hotels/resorts for tourists to stay and enjoy Pakistan’s northern - eastern natural beauty. Opportunity knocking on the door. Knock knock.
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Sep 21, 2018 04:11pm
Asad Umar promised to public CPEC agreement . I guess PTI forgot
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Sep 21, 2018 04:12pm
Makes me wonder why pmln govt didn’t invite saudis? Perhaps their closeness to Qatari princes stopped them?
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Sep 21, 2018 04:34pm
Saudis after will back off like Germany & Russia who initially showed interest.
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Sep 21, 2018 05:14pm
Keeping in mind that China is the main partner in CPEC and Saudi Arabia enjoyes a "deep friendship" with united states whose strategic objectives are clearly at odds with CPEC. This invitation does not add up. Now, the question is what are the real objectives behind this invitation.
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Sep 21, 2018 05:29pm
@Moth but what about the security and currency value ?
Moreover,why can't Pakistani government think of utilising local involvement to a maximum range . this can be done by inviting overseas Pakistanis who have the potential but they have the real fear of no support or surety of any help by any government.
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Sep 21, 2018 05:54pm
KSA is going to need strategic support very soon...
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Sep 21, 2018 06:18pm
Developments are always welcome.. Come unite and grow.
But CPEC is neither CP (cheap) nor EC (easy).
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Sep 21, 2018 06:23pm
Government personnel should stop tweeting National and international strategic issues on twitter etc. and stop responding to inciting twitter comments and queries from irresponsible opposition.
All such public awareness communication should be through press releases and press conferences.
We do not want exited Government personnel to shoot themselves in the foot and then spend time and effort cleaning up the mess.
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Sep 21, 2018 06:35pm
@Leoman good point. If I look Pakistan economic potential and current currency value - I must say Pak currency is under valued - with little stability and with over 5% real gdp growth the Pak currency will appreciate overtime rather being devalued further. It could be a win win for investors with least risk attached. Though Overseas Pakistanis can invest in Pakistan but Pakistan’s bureaucrats intimidate and harass their own people. But with Current PTI things may change. I hope.
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Sep 21, 2018 06:41pm
I think fawad Chaudhry is not fit for this job. Need someone more mature to communicate.
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Sep 21, 2018 06:56pm
Another partner means smaller profits for all.
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Sep 21, 2018 07:03pm
@Gaurav Means more profits. More investment in assets and infrastructure means more revenues generated by those assets. Basic economics.
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Sep 21, 2018 07:04pm
@Shahid Answer when asked, not answer without a question being asked. Besides, could Pakistan invite partners without jointly agreeing with China. Basic logic.
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Sep 21, 2018 07:07pm
Government is trying to to attract money to state off a financial crunch, without borrowing from lending institutions. Support them. If IK manages this financial challenge, then he deserves a PhD in economics, because the manipulators are waiting at the WB and IMF door to list their demands before lending funds. And we don't want that. First step of financial independence .
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Sep 21, 2018 07:25pm
@Fawad bhai if you are an expert then you do the job instead of criticising someone else with your uneducated opinion, people like you are too immature to realise real problems in the real world are complex.
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Sep 21, 2018 07:38pm
question Ahsan iqbal raised was very valid.
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Sep 21, 2018 08:04pm
Why Ahsan Iqbal could not do in so many years what IK was able to do within one month. Shame on NS and his circle and now they are talking about things that they could have easily done themselves.
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Sep 21, 2018 08:06pm
@Urwashi. People who think like that have a different agenda.
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Sep 21, 2018 08:09pm
@Gaurav. Like what's happening in India after signing contracts with the developed nations.
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Sep 21, 2018 08:37pm
Excellent news. Saudi participation in CPEC and industrial development projects has great potential for all parties involved. Key ingredients such as land, location, human resources of professionals and skilled workers is already available. All it needs is to identify growth industry sectors and provide financing. Many items can be manufactured for local consumption and exports, a good potential for profits for investors and creating jobs for local population.
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Sep 21, 2018 09:19pm
Good news.
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Sep 21, 2018 09:46pm
It is a good dream. These type of assurances/MOUs are normal cutesies extended to head of states when they visit each other’s country. Realisation of assurance and MOUs is altogether different game.
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Sep 21, 2018 09:56pm
Good. Keep them angry and guessing.
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Sep 21, 2018 10:02pm
@Zak "More investment in assets and infrastructure means more revenues generated by those assets. Basic economics."
Agreed it is basic economics. But you are mistaken. New investments are being sought for existing projects and not new ones. New partners in existing projects can only result in change of existing revenue streams. Basic common sense.
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Sep 21, 2018 10:24pm
How come we can have a new partner in the
Midst of a strategic project. Who will bear the risk with such an uncalled shift?
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Sep 22, 2018 01:57am
Ia Saudi Arabia is a trust worthy partner.?I Saudis has a close relation with USA and India and enemy of Iran.a good investor but not a good partner.
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Sep 22, 2018 01:58am
@Gaurav not profit, but liability shared.
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Sep 22, 2018 03:02am
Iron brothers
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Sep 22, 2018 03:44am
@Shahid Geniuses like you ‘know what to do and how to do’ but can only talk.
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Sep 22, 2018 03:45am
@irfan Did you ever ask PML-N to disclose??
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Sep 22, 2018 07:11am
Yesterday the minister said Saudi is invited to join CPEV and today he is saying Saudi joining CPEC.
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Sep 22, 2018 08:24am
Saudis have buying power. They buy trivial things at great price. But they don’t do things for free and they like complete control. Not sure what was promised in return. Instead of making terms and conditions with China public, IK has brought in another stakeholder with hidden terms.
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Sep 22, 2018 08:33am
@Babu
What do sanctions mean for china? Nothing.
If china stops exporting to USA , The USA will be under deep depression while is exporting to all over the world.
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Sep 22, 2018 09:47am
What Saudi Arabia will get from CPPEC?
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Sep 22, 2018 12:24pm
It seem the potential of CPEC to change the real geo-political standard of the region . In coming days CPEC will give more arms to Pakistani policy to exercise it because feature lies in CPEC of the region in whole its skill and approach.
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Sep 22, 2018 12:30pm
@Urwashi But the regional interest lies in CPEC . Sudis don't float on only one dimension approach only on west or US axis . Pakistan has great contribution to build ties and generative good approach with gulf .There is Gwadar in CPEC which definetly argues Saudis over Iran chahabar for market dominance . And soon there will be no American base in Afghanistan .I think India too join CPEC.
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Sep 22, 2018 12:41pm
@Zak
Dear Mr. Zak, you are right, if the Saudis are not investing in new projects, then the government is either borrowing from them or selling part of the old projects. In both cases, Pakistan's indebtedness will only rise. China would heartily welcome, as they cannot afford to put more money into the sink hole, lest recover their investment already made. Pakistan should encourage or even persuade the Saudis to invest in new projects, establish more industries to generate employment for the locals and also to increase exports, unlike China, which does not employ locals, except for menial work, and also use their own equipment and materials to produce and sell locally. At the end the profit share of 90:10 in favour of China will benefit only them and Pakistan will have to boot the high interest with nett loss. Time will prove this and hopefully, Pakistan will realise the predicament they are in. The common perception that Indiais against CPEC is wrong, strong Pakistan is welcome.
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