Saudi Arabia to be invited to invest in CPEC
MG News | October 01, 2018 at 12:22 PM GMT+05:00
October 1, 2018 (MLN): Advisor for Commerce, Textile, Industry and Investment, Mr. Razzaq Dawood will extend an invitation to Saudi Arabia to invest in the special industrial zones of CPEC, during a major round of negotiations between the two countries that are scheduled to begin at a private hotel in Islamabad, today.
A Saudi delegation that arrived in Pakistan Yesterday (Sunday) for a four- day visit, is also expected to sign four memorandum of understanding (MoU)’s with Pakistan, for oil and mineral sector investment and trade cooperation that would ultimately extend the Chinese Belt and Road Initiative (BRI) from Gwadar to Africa through Oman and Riyadh.
The two countries will most likely sign the MoU’s at the end of the visit. These MoU’s will ensure secure supply of petroleum products and crude oil on deferred payments, in Islamabad.
According to the sources, Mr. Dawood will also apprise them on the state of imports and exports of Pakistan, while further discussions will be held to enhance the exports.
At present, the volume of trade between Saudi Arabia and Pakistan stands at a worth of $2.5 billion.
Apart from this, Mr. Dawood plans to stress on the matter of increasing job quota for Pakistanis in Saudi Arabia. More than 2.5 million Pakistanis are currently employed in the latter country.
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