Saudi Arabia to be strategic partner of China-Pakistan Economic Corridor
Saudi Arabia will be the third “strategic partner” of the $50 billion China-Pakistan Economic Corridor (CPEC). It was announced after Prime Minister Imran Khan returned from his first foreign trip to the cash-rich kingdom. The CPEC is the flagship project of Chinese President Xi Jinping’s Belt and Road Initiative (BRI), which aimed at enhancing Beijing’s influence around the world through China-funded infrastructure projects. The CPEC aims to construct and upgrade the transportation network, energy projects, a deep-water port at Gwadar and special economic zones to eventually support Pakistan’s industrial development as a manufacturing hub by 2030.