Pakistan Today

Stakeholders onboard over Saudi investment, Asad Umar tells Senate

—Says China agreed third countries could be given a role in individual projects

Finance Minister Asad Umar tried to placate the ongoing controversy regarding the inclusion of Saudi Arabia as a third partner in China-Pakistan Economic Corridor (CPEC) and said that the relevant stakeholders have been taken on board in this regard.

Responding to the criticism of the opposition in the Senate session on Wednesday, the minister said that only Pakistan China and will guide the course of the future of CPEC.

The issue was raised in the House by former Senate chairman Raza Rabbani and National Party’s Hasil Bizenjo over Saudi Arabia’s proposed role in CPEC as a third strategic partner and its stakes in Reko Diq mines and Gwadar Oil City.

The opposition viewed that the major stakeholders including China and Balochistan government were respectively bypassed over the matter.

Responding to the criticism, Finance Minister Asad Umar clarified that the matter of Saudi inclusion was discussed with the Chinese foreign minister on his recent visit to Pakistan. “It was agreed that a third country can be given a role in CPEC in individual projects. This proposed role was not specific to any country but no country was named,” he added.

The minister went on to say that the matter was discussed with Saudi Arabia which expressed willingness to be part of individual projects under CPEC.

Moreover, Umar said that any kind of decision-making regarding CPEC remains with Pakistan and China only and no agreement was signed with Saudi Arabia on any project so far.

The minister said the Balochistan government had been taken onboard regarding Saudi Arabia’s involvement in Reko Diq and the provincial chief minister had been kept in the loop regarding the relevant deliberations.

According to the minister, the Saudis said that they could help Pakistan over Reko Diq as Pakistan had lost the case in arbitration. “We said okay, we are willing,” he added.

The matter is fully known to the Balochistan chief minister who agrees that the issue is resolved.

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