Bank of China determined to play its role in economic development of Pakistan: Dr Li Tao

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Masroor Afzal Pasha

Karachi

Bank of China is determined to play its role in the economic development of Pakistan and to strengthen the bond between Pak-China friendship through its exemplary financial services to the business community and financial market.
This was stated by the Country Head and Chief Executive Officer of Bank of China Limited Pakistan Operations Dr Li Tao while speaking at an appreciation dinner to give regards to the clients and to celebrate the New Year here on Friday.
He said the Bank of China formally launched its operations in Pakistan on November 7th, 2017, with its first branch in Karachi.
Dr Li Tao said that it is the commitment of Bank of China to provide world-class financial services to the Pakistani companies and to facilitate accelerated financial and economic growth.
Addressing the ceremony, Acting Consul General of Consulate-General of the People’s Republic of China in Karachi, Chen Xiaodong said, “It is a new evidence of China’s strong commitments to reform and opening-up” and “it showcases a new progress in China-Pak financial cooperation.”
Furthermore, “It also demonstrates a new momentum in the booming international business of Bank of China,” he added.
Deputy Governor State Bank of Pakistan, Jamil Ahmed said that the central bank would give full support to Bank of China and a warm welcome to start its operations in Pakistan.
On the occasion, the Chief Minister of Sindh Syed Murad Ali Shah hoped that the Bank of China will play its due role not only in the economic development of Pakistan but also be a catalyst in further strengthening the bilateral trade and banking relationships.
Pakistan and China present a distinct example of regional cooperation and harmony and he will actively serve Chinese enterprises to invest in Pakistan, help the implementation of projects in China-Pakistan Economic Corridor (CPEC) and fully support the economic development of Pakistan, he added.
Murad said after 46 years Bank of China returned Pakistan to advocate itself into the “Belt Road Initiative” of China and will continuously contribute to the economic and financial development of Pakistan.
He said that he was happy to attend the celebration ceremony for successful launching of banking business in Pakistan by Bank of China Ltd. “I welcome Bank of China in Pakistan.
This is indeed a very auspicious occasion as the two brotherly countries, Pakistan and China, further cement their ties in the fields of Banking and Finance,” he said, adding Banks are to an economy what lubricants are for a machine.
Murad Ali Shah hoped Going that Bank of China will play its due role not only in the economic development of Pakistan but also be a catalyst in further strengthening our bilateral trade and banking relationships.
Pakistan is a significant country in South Asia as well as the sixth-most populous country in the world. As early as 1942, Bank of China had opened up the southwest international channel and established branches in Pakistan. The Bank of China remained operational in Pakistan till 1970. At that time, Bank of China Karachi Branch was Headquarter for South Asia banking business of Bank of China, he added.
Murad said Pakistan and China present a distinct example of regional cooperation and harmony. He added the friendship between the two countries runs deep in the heart of peoples of two nations. He added the friendship between Pakistan-China is higher than the mountain, deeper than the sea and sweeter than honey. He said the financial linkages between Pakistan and China are growing manifold, he added the start of Bank of China operations in Pakistan, ties between Pakistan and China will strengthen further.
Murad recalled that in 2013, President of The Peoples Republic of China, Xi Jinping announced the Belt and Road Initiative. “The China-Pakistan Economic Corridor is a flagship project of the Belt and Road Initiative,” he said and added this project includes substantial cooperation and has huge untapped potential. Under CPEC, infrastructure, energy and industrial projects have already been initiated and moving as envisaged.
He said as Bank of China is a key partner in China’s “One-Belt One-Road” initiative, we expect that it will be able to effectively cater to the financing needs of CPEC projects by leveraging its specialized services and expertise. “Opening of Bank of China in Pakistan marked the confidence of Chinese corporate sector in Pakistan’s economic situation,” he hoped.
He said he is confident that with growing cooperation, the two countries would continue to grow with a sense of solidarity and mutual benefit. The chief minister said that the future of China and Pakistan’s economic cooperation is very bright; more so in the wake of sustained improvement in Pakistan’s GDP growth resulting in growing investor confidence.
“Monetary easing, stable prices, better availability of energy, and improved law & order conditions have created an enabling macroeconomic environment,” he said. Murad Shah said the Government of Pakistan is taking utmost responsibility to ensure the protection, safety and provide a favourable work environment to Chinese enterprises.
“We will actively serve Chinese enterprises to invest in Pakistan, help the implementation of projects in China-Pakistan Economic Corridor, and fully support the economic development of Pakistan,” he concluded.

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