Signing Ceremony
An agreement was struck by the China-Pakistan International Silk Road Industry Investment Management Company Ltd and the National Bank of Pakistan (NBP) to assist the creation of special economic zones (SEZs), encourage industrial collaboration, facilitate investment in important projects, and increase bilateral commerce.
Attendees and Objectives
The signing ceremony was held at the Pakistan Embassy on Saturday, and attendees included the Economic Minister Aslam Chaudhary, Liu Jiang Hua from the China-Pakistan International Silk Road Industry Investment Management Company Limited, and representatives from the Dan Zhou Government, Hai Nan Province, Zhang Yu Bo, MCC, and Bank of Tianjin.
Hasan Jamal, SVP, Investment Banking Group, National Bank of Pakistan, Head Office, Karachi, and Riaz Hussain, SEVP and Group Chief, International, Financial Institutions and Remittances Group, joined the event electronically.
Facilitation of Investment and Trade
The delegates were briefed by Mr. Chaudhary on the government incentives provided to entice foreign investment, particularly from China.
According to him, Special Economic Zones (SEZs) are being created all over Pakistan so that Chinese businesses can relocate their operations and export their goods to other nations while benefiting from the favorable accords Pakistan has struck with other nations.
With a population of over 225 million, Pakistan is a sizable market in and of itself, the minister claimed, and Chinese businesses could profit from it.
Second Phase Of The China-Pakistan Economic Corridor (CPEC)
According to him, the government is providing opportunities across a range of industries and is concentrating on industrialization in the second phase of the China-Pakistan Economic Corridor (CPEC).
Importance of NBP Bank For Pakistan
Sheikh Muhammad Shariq informed the audience that NBP is the biggest, state-owned bank in Pakistan and one of the country’s most significant domestic banks. It has eighteen international branches spread across the Middle East, South and Central Asia, North America, and Western Europe.
The fact that NBP is planning to build an operating branch in China to promote bilateral trade would also be beneficial.
Conclusion
The objectives of the agreement between the National Bank of Pakistan and the China-Pakistan International Silk Road Industry Investment Management Company are to promote industrial cooperation, enable investment, and increase trade and commerce between the two countries. It emphasizes the dedication to expanding business relations and taking advantage of opportunities within the China-Pakistan Economic Corridor.
