Dar welcomes opening of Bank of China branch
Islamabad—Prime Minister Muhammad Nawaz Sharif Wednesday said Pak-China “All weather” relationship is based upon shared principles and interests that form the foundation of cooperation in diverse fields. He was talking to Chairman Board of Directors Bank of China Tian Guoli who called on him in Islamabad on Wednesday. Highlighting China’s great support to Pakistan in security, trade and infrastructure development, the Prime Minister said that Pakistan and China have a shared future. He said China Pakistan Economic Corridor (CPEC) is the largest comprehensive project with any foreign country. He said CPEC is a fusion of multiple development projects, aimed at the prosperity and well-being of the citizens of the country and the region at large.
The Prime Minister said that Pakistan has a vibrant banking system that has achieved high level of profitability, improved liquidity and strong solvency position. He pointed out that the banking sector grew at an impressive annual average growth rate over the last five years.
Nawaz Sharif said sound capital base, remarkable growth in assets and profitability and compliance with international standards poised Pakistan’s banking sector in a very competitive position in the region for investors. He said besides Foreign Direct Investment, the interest of international investors in the banking sector is also evident from the portfolio investment observed in the recent divestment transactions of UBL, ABL and HBL.
Tian Guoli lauded the vision of the Prime Minister for putting the country on development path and turning around the economy.
The Chairman while appreciating the vibrant banking sector of Pakistan said that Pakistan’s financial sector offer immense opportunities to global investors. He said that CPEC has huge economic benefits for the people of Pakistan and the region.
Bank of China (BOC) has observed that various Chinese companies were exploring opportunities to move their manufacturing to Pakistan. While Pakistan welcomed initiative of opening a Bank of China branch in Pakistan and assured full support from the government in this regard. He expressed hope that this initiative will likely motivate more Chinese companies to invest in Pakistan directly.
Chairman BOC Tian Guoli along with a delegation of senior officials, Wednesday, held a meeting with Finance Minister Ishaq Dar here and apprised him that he had witnessed the potential of Pakistan’s economy during his current three day visit and commended the government on the difficult steps taken to improve Pakistan’s economic outlook on both the domestic and international fora.