The huge investment package amounting to $20 billion signed between Pakistan and Saudi Arabia during the visit of Saudi Crown Prince Mohammed bin Salman is the largest in the history of Pakistan and carries extraordinary significance.
During the visit of the Saudi crown prince to Pakistan, the two sides signed agreements to invest in the construction of a number of energy and chemical industry projects in Gwadar Port, amounting to near $20 billion of investment, according to an article published by China Economic Net.
This is a huge investment from a third-party in the construction of the China-Pakistan Economic Corridor (CPEC), benefiting all parties and creating a win-win situation.
Projects of tens of billions of dollars are treated as massive for any country. As for Pakistan, this is one of the largest foreign investment projects in its history and carries extraordinary significance.
The project will bring advanced technology, management and talents to Pakistan, as well as provide energy and chemical industrial products, as well as create employment opportunities.
At the same time, the large-scale investment projects will set a good example, helping attract more foreign investment to Gwadar Port and Pakistan.
The traditional friendship between Saudi Arabia and Pakistan is profound. They have always supported each other in various fields. Saudi Arabia is Pakistan’s largest trading partner in the Middle East. Pakistan is short of domestic energy; its oil is mainly imported from Saudi Arabia and other Gulf countries. Saudi Arabian investment in building large-scale energy and chemical projects in Pakistan will help to lock in Pakistan’s oil demand for Saudi Arabia, ensuring stable and reliable buyers.
The “2030 Vision” formulated by the Saudi government focuses on economic diversification, focusing on the development of petrochemicals, infrastructure, modern technologies and socially transformative business development.