Bank of China operations launched in Pakistan officially

By APD Writer Muhammad Sohail

ISLAMABAD, Nov. 8 (APD) -- The Bank of China has launched its operation officially in Pakistan, by inaugurating its first branch in Pakistani southern port city of Karachi, local media reported on Wednesday

The inaugurating ceremony was held at the Presidency in capital Islamabad on Tuesday, which was attended by the Pakistani President Mamnoon Hussain, Zhao Lijian, Chargé d'Affaires of the Chinese embassy in Islamabad, Chen Siqing, Chairman of the Bank of China, Tariq Bajwa, Governor of the State Bank of Pakistan, bankers, businessmen and economic analysts.

On the occasion, President Mamnoon Hussain said China had emerged as a major investor and partner for Pakistan with great prospects of materializing the possibilities of development in both countries.

The President said it would become a source of taking this historic friendship to new heights by strengthening the already existing deep relations between the two iron brothers, adding “in the context of business environment in Pakistan, the opening of Bank of China indicated that the benefits of China Pakistan Economic Corridor (CPEC) would soon start reaching the masses.”

Expressing confidence in the sincere relationship between the two countries, the president said the start of operations by Bank of China in Pakistan would further speed up the pace of trade and economic cooperation between the two countries.

In his message, Pakistani Prime Minister Shahid Khaqan Abbasi said launching of Bank of China’s operations in Pakistan would be a significant milestone in further strengthening of banking ties and promotion of economic activities between the two countries.

Referring to the China-Pakistan Economic Corridor (CPEC), the Prime Minister observed that the flagship initiative was a clear manifestation of the firm commitment of the leadership of the two countries to work in close collaboration for the socio-economic development of not only the people of the two countries but also for the region and beyond.

Zhao Lijian, Chargé d'Affaires of the Chinese embassy, said Pakistan’s economy was picking up quickly and the opening of Bank of China marked the confidence of Chinese corporate sector in Pakistan’s economic situation.

Chen Siqing, Chairman Bank of China, said the Bank of China would strengthen the brotherly relations between the two countries in the realms of the financial sector as well.

Chen said China’s progressive and fast-paced economy was ready to enter into an era of high-grade standards and emphasized that Bank of China could help Pakistan effectively reap the benefits of China’s economic prosperity.

(ASIA PACIFIC DAILY)