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PCICL to promote bilateral trade: Jainbo
Lahore—Chen Jainbo, Vice Chairman and Managing
Director of the PCICL called on Mr. Tariq Sayeed, President SAARC
chamber of Commerce and Industry, at the SAARC secretariat at
Islamabad on Friday. Mr. Iftikhar Ali Malik, Vice President SCCI,
Mr. Mohammad Ijaz Abbasi, President Islamabad Chamber of Commerce
and Industry and Mr. Munawar Mughal, Chairman Liaison Office
Islamabad of Federation of Pakistan Chamber of Commerce and
Industry, were also present at the occasion.
Mr. Jainbo explained SCCI’s officials that PCICL Company in Pakistan
is being jointly sponsored by the Government of Pakistan through
Ministry of Finance and the Government of China through China
Development Bank and it is the first joint venture of its type being
carried out by China Development Bank outside China. The company was
established on July, 27, 2007 as a limited liability company and is
duly registered as such with the Securities and Exchange Commission
of Pakistan. It is regulated and licensed as DFI under the
Prudential Regulations and Banking Companies Ordinance by the State
Bank of Pakistan.
Mr. Jainbo elaborated Mr. Sayeed about the board of directors of the
company that comprises six directors, three from each of the two
sponsors; the Chairman of the board is nominated by Pakistan and the
Vice Chairman by China. He briefly introduced that there are 3 board
members from Pakistan that includes, Dr. Salman Shah, Finance
Minister of Pakistan as Chairman PCICL, Mr. Syed Iqbal Ashraf, an
Investment Banker of Pakistan as Deputy Managing Director PCICL and
Mr. Ikram Malik, Secretary Economic Affairs Division, Government of
Pakistan as Director of PCICL Company.
PCICL Company’s Managing Director give further details that the
company is mainly contributing in the Cement, Hotels, Power and
Steel sectors currently and its initial authorized capital is Rs.
12.14 Billion equivalent to US$ 200 million, making it the largest
joint venture investment Company in the Country.
He shared that the primary objective of the five year development
program is to steer and promote rapid stable and orderly development
of the bilateral traded and economic cooperation to broaden the
scope and enhance the level of cooperation. —APP
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