Pakistani Foreign Minister Shah Mehmood Qureshi has hailed multi-billion-dollar Saudi investments in his country as a major boost to economic stability.
Speaking at a top-level summit of business leaders in Islamabad, Qureshi praised the Kingdom’s support for Pakistan and recent decision to pump $20 billion into development projects there.
Qureshi pointed to the establishment of special economic zones within the framework of the China-Pakistan Economic Corridor project (a collection of infrastructure programs throughout Pakistan), To the deep sea port Gwadar, which would encourage investment in Pakistan aimed at promoting sustainable development and economic stability.
The minister described the Saudi investment as an important event for Pakistan toward achieving economic stability and its ambitious development goals.
Saudi Arabia says it plans to set up a $10 billion oil refinery in Pakistan’s deepwater port of Gwadar, which is being developed with the help of China.
Qureshi told summit delegates that Pakistan was a peace-loving country that sought cooperation with its neighbours to bring social and economic security to the region.
The Gwadar Port is a deep-sea port situated on the Arabian Sea at Gwadar in Balochistan province of Pakistan.
The aim is for Gwadar – located on the Arabian Sea near Iran and the mouth of the Persian Gulf – to become a regional commercial, industrial and shipping hub, as part of the ambitious China Pakistan Economic Corridor (CPEC) project.