Pakistan, China sign MoU to promote industrial cooperation

Pakistan and China have signed a Memorandum of Understanding to promote industrial cooperation between the two countries.

The National Bank of Pakistan (NBP) has agreed to partner with China-Pakistan International Silk Road Industry Investment Management Company Limited by signing a Memorandum of Understanding (MoU) to facilitate investment in key projects for promotion of industrial cooperation between China and Pakistan and supporting the establishment of special economic zones and other sectors of economy and bilateral trade.

Economic Minister, Aslam Chaudhary, Liu Jiang Hua from China-Pakistan International Silk Road Industry Investment Management Company Limited, Representatives from Dan Zhou Government, Hai Nan Province, Zhang Yu Bo, MCC & Bank of Tianjin witnessed the signing ceremony held at Pakistan Embassy here on Saturday.

The event was also joined virtually by Riaz Hussain, SEVP and Group Chief, International, Financial Institutions and Remittances Group and Hasan Jamal, SVP, Investment Banking Group National Bank of Pakistan, Head Office, Karachi.

Addressing the participants on occasion, Aslam Chaudhary briefed them about the incentives offered by the present government to attract the foreign investment especially from China.

He informed that special economic zones are being established across Pakistan where the Chinese enterprises could relocate their industry and export products to different countries taking advantage of preferential agreements signed by Pakistan with various countries.

The Economic Minister said that Pakistan having a population of over 225 million is itself a big market and the Chinese companies could benefit from it.

He said that the government is focusing the industrialization in the second phase of China Pakistan Economic Corridor (CPEC) and offering opportunities in various sectors.

He invited the Chinese entrepreneurs to come to Pakistan and avail facilities and incentives for setting up their industrial units.

Aslam Chaudhary opined that the MoU would help the Chinese companies for investment in different projects and promote industrial cooperation between the two countries.

Speaking on the occasion, Chief Representative of NBP, Sheikh Muhammad Shariq told the audience that the National Bank of Pakistan is the largest and state-owned bank and amongst the Domestic Systematic Important Bank from Pakistan, operating with 18 overseas branches located in South Asia, Central Asia, Middle East, Western Europe and North America.

He said that NBP is amongst the major lender to the projects under China-Pakistan Economic Corridor (CPEC) and handling large portion of bilateral trade between China and Pakistan.

We also maintain the largest portfolio of Corporate and Investment Banking in Pakistan, he added.

Sheikh Shariq said that the MoU represents a commitment to fostering stronger ties, enhancing financial cooperation, and exploring new opportunities for growth and innovation.

This would also help that NBP will open and operational branch in China to further facilitate bilateral trade and through this partnership, the bank aims to leverage its collective expertise and resources to develop cutting-edge financial solutions, support sustainable economic development, and better serve the two communities, he added.

Honorary Investment Counselor, Board of Investment (BoI), Pakistan, Philip Jian Peng welcomed the distinguished guests and thanked them for their support as the two sides embark on exciting new chapter.

Senior officials, a large number of the representatives of various Chinese companies were present.