Both China and Saudi Arabia have expressed interest and are keen to set up oil refineries in Pakistan
Amid a flurry of activity between China and GCC, Pakistan saw the growing rapprochement positively as this close affinity would make CPEC a preferred conduit for their bilateral trade over reduced transportation cost, bringing two million jobs and billions in revenues to the cash-starved country through Gwadar port.
In March, Islamabad’s role between Beijing and GCC was described as facilitative when it, for the first time, invited Chinese Foreign Minister Wang Yi to attend OIC — world’s second largest institution after UN. It was also seen as “a reminder of the high value” Muslim-majority states placed on commercial relations with China.
Both China and Saudi Arabia have expressed interest and are keen to set up oil refineries in Pakistan yet red tape, excessive regulations, unfavourable policies and extensive documentation procedures pose threats to Islamabad’s development. Absence of a strong federal government additionally puts investments at bay.
While Pakistan remains jolted by political and economic crises, China and GCC are strengthening their relationship. The largest, high-level Arab-China diplomatic dialogue drew praise from the bloc: adoption of a joint statement including signing of 34 agreements and MoUs denoted a new regional formation.
In a complex global landscape, leaders emphasised strengthening strategic partnership, concluding FTA and holding 6+1...
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