Gwadar now has European and Russian backing amid a heavy round of FDI

Posted on 24 April 2017

Next Dubai? You would be accused of thinking too small according to a Russian source.

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Rejuvenated by the China-Pakistan Economic Corridor (CPEC), Pakistan’s investment outlook has reached a new high. Foreign Direct Investments (FDIs) are surging in Pakistan as the China-Pakistan Economic Corridor (CPEC) leads the country to a stable economic outlook. Pakistan’s FDIs are up by 39% in the previous 12 months. The largest contributor to FDIs in the previous fiscal year had been China with its massive $595 m primarily for CPEC projects, and is closely followed by Netherlands and France. Reports are now confirming UK and Spanish interests amid an economic war of words following Britains vote to leave the European Union.

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Pakistan has also approved Russia’s request to use Gwadar port in Balochistan being developed by China under the USD 46 billion CPEC, an article in the state-run media has reported.

“The China-Pakistan Economic Corridor (CPEC), as a flagship project of the One Belt and One Road (OBOR) initiative, has drawn a great deal of investments,” the article in Global Times said.

“Apart from the fact that Pakistan has approved a Russian request for using the Gwadar Port, located in Balochistan Province, for its exports, media reports were swirling that Russia planned to merge the Moscow-led Eurasian Economic Union (EAEU) with the CPEC,” the article titled ‘Russia can be a welcoming presence at CPEC’ said.

This will undoubtedly turn Pakistan into an economic and regional power house with a significant part of Asia pinning their own economic hopes on the Gwadar port and access to the worlds major shipping lanes.

Russia’s joining of  CPEC will be an opportunity for China, Russia and Pakistan to enhance cooperation, Chinese Tabloid Global Times said in a report.

The China-Pakistan Economic Corridor (CPEC), was described as the flagship project of the One Belt and One Road (OBOR) initiative

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