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Bank of China operations will strengthen bilateral banking relations, says CM Sindh

KARACHI: Sindh Chief Minister Syed Murad Ali Shah on Friday said that Bank of China will play its role not only in the economic development of Pakistan, but also be a catalyst in further strengthening bilateral trade and banking relationships.

Addressing a gathering organised by Bank of China in celebration of their operations in Pakistan which commenced on November 7 with the opening of the first branch in Karachi, the chief minister said he hoped this will cement ties in the fields of banking and finance between the two brotherly countries.

He recalled that as early as 1942, Bank of China had opened up the southwest international channel and established branches in the region. Bank of China remained operational in Pakistan till 1970, when Karachi branch was the South Asia headquarters.

CM Sindh said Pakistan and China represent a distinct example of regional cooperation and harmony and friendship between the two countries runs deep in the heart of peoples of two nations. He said the financial linkages between both countries are growing manifold, and will strengthen further with the commencement of Bank of China’s operations in Pakistan.

He said the China-Pakistan Economic Corridor is a flagship project of the Belt and Road Initiative announced by Chinese President Xi Jinping, and includes substantial cooperation and untapped potential while several infrastructure, energy and industrial projects have already been initiated as envisaged.

He hoped that Bank of China will be able to cater to the financing needs of CPEC projects by leveraging its specialised services and expertise as it is a key partner in the Belt and Road Initiative.

He stated that the opening of Bank of China in Pakistan marked the confidence of Chinese corporate sector in Pakistan’s economic situation, and expressed confidence that with growing cooperation, the two countries would continue to grow with a sense of solidarity and mutual benefit.

CM Sindh said that the future of China and Pakistan’s economic cooperation is very bright, and investor confidence is rising due to sustained improvement in GDP growth rate, as well as monetary easing, stable prices, better availability of energy, and improved law and order conditions have created an enabling macroeconomic environment.

He assured the government is taking utmost responsibility to ensure the protection, safety and provide a favourable work environment to Chinese enterprises and will help implementation of CPEC projects.

Speaking on the occasion the country head and Chief Executive Officer of Bank of China ltd Pakistan Operations Dr. Li Tao said Bank of China is determined to play its role in the economic development of Pakistan, and strengthen the bond of Pak-China friendship through exemplary financial services to the business community and financial market in Pakistan.

He said that it is the Bank of China is committed to provide world-class financial services to the Pakistani companies and facilitate accelerated financial and economic growth.

Acting Consul General of Chinese Consulate in Karachi, Mr. Chen Xiaodong, said this is new evidence of China’s Strong commitments to reform and opening up, and showcases a new progress in China-Pakistan financial cooperation, and also demonstrates a new momentum in the booming international business of the Bank of China.

State Bank of Pakistan Deputy Governor Mr. Jamil Ahmed welcomed the start of operations in Pakistan and said that the central bank would give full support to Bank of China.

After 46 years Bank of China returned to Pakistan to advocate itself in to the Belt Road Initiative and will contribute in the economic and finance development of Pakistan.

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