ISLAMABAD, Jun 8 (APP): Prime Minister Shaukat Aziz on Friday welcomed the decision of Industrial and Commercial Bank of China (ICBC) to commence operations in Pakistan soon to further enhance economic ties between the two countries. Talking to Jiang Jianqing, Chairman of the Board of Industrial and Commercial Bank of China at the PM House, the Prime Minister said the establishment of a branch in Pakistan will further increase the interest of Chinese businessmen to expand trade between the two countries.
The Prime Minister apprised the Chairman ICBC that a big menu of financial services was available in Pakistan for renowned banks like ICBC and added that their was wide potential in banking sector.
Jiang Jinqiang's visit is a follow-up to Prime Minister's visit to China in May this year. ICBC is one largest banks of the world with over 8,000 branches globally.
The Prime Minister said that Pakistan and China have strong economic and trade relations under the Free Trade Agreement and the decision by the ICBC to start operations in Pakistan will act as a bridge between the two countries in bilateral cooperation.
The Prime Minister said the decision taken by ICBC would add another dimension to the Pak-China friendly relations.
He said Pakistan, will establish a joint investment company in collaboration with Chinese Development Bank to promote and facilitate broad based investment and project finance.
The Prime Minister said that many major banks of the world are operating in Pakistan and more will soon come. He said that the government believes in providing level playing field to all entrants to the market to promote healthy competition as well as provision of the best and affordable services to the consumers.
Jiang Jianqing mentioned that he was greatly impressed by the economic progress of Pakistan and appreciated the reforms introduced by the government. He said Pakistan's sustained economic growth of 7 percent was laudable and has attracted ICBC to establish an economic link by opening branches in Pakistan.
The economic opportunities and potential in Pakistan, he said, were extensive and the atmosphere conducive for foreign and local investors.
He said Pakistan and China were close friends and opening of banking links will expand the relationship even further.
The meeting was also attended by the Minister for Privatization and Investment Zahid Hamid, Governor of State Bank of Pakistan Dr. Shamshad Akhtar, Chinese Ambassador to Pakistan Luo Zhaohui and senior officials.
