Islamabad, 3 June 2024(TDI): The National Bank of Pakistan (NBP) and China-Pakistan International Silk Road Industry Investment Management Company Ltd have signed an MoU to facilitate investment in key projects.
These projects incorporate promoting industrial cooperation, supporting the establishment of special economic zones (SEZs), and boosting bilateral trade.
Economic Minister Aslam Chaudhary, Liu Jiang Hua from China-Pakistan International Silk Road Industry Investment Management Company Limited, representatives from Dan Zhou Government, Hai Nan Province, Zhang Yu Bo, MCC & Bank of Tianjin witnessed the signing ceremony held at the Pakistan Embassy on Saturday.
Riaz Hussain, SEVP and Group Chief, International, Financial Institutions and Remittances Group, along with Hasan Jamal, SVP, Investment Banking Group from National Bank of Pakistan, Head Office, Karachi, virtually attended the event.
Following that, Mr Chaudhary briefed the participants on the government incentives offered to attract foreign investment, especially from China.
He said special economic zones are being established across Pakistan where Chinese enterprises could relocate their industry and export products to different countries, taking advantage of preferential agreements signed by Pakistan with various countries.
The minister said that Pakistan, with a population of over 225 million, is itself a big market, and Chinese companies could benefit from it.
He said the government is focusing on industrialization in the second phase of the China-Pakistan Economic Corridor (CPEC) and offering opportunities in various sectors.
He invited Chinese entrepreneurs to come to Pakistan and take advantage of facilities and incentives for setting up their industrial units.
Aslam Chaudhary opined that the MoU would help Chinese companies invest in different projects and promote industrial cooperation between the two countries.
National Bank Overview
Sheikh Muhammad Shariq told the audience that the National Bank of Pakistan is the largest state-owned bank and among the domestic systematic banks from Pakistan, operating with 18 overseas branches located in South Asia, Central Asia, the Middle East, Western Europe, and North America.
He said that the National Bank of Pakistan is amongst the major lenders to the projects under CPEC and handles a large portion of bilateral trade between China and Pakistan.
He added, “We also maintain the largest portfolio of corporate and investment banking in Pakistan.
Also read: Pakistan Prime Minister to strengthen economic ties in China
Shariq said that the MoU represents a commitment to fostering stronger ties, enhancing financial cooperation, and exploring new opportunities for growth and innovation.
Furthermore, This would also help the National Bank of Pakistan will open an operational branch in China to further facilitate bilateral trade.
Through this partnership, the bank aims to leverage its collective expertise and resources to develop cutting-edge financial solutions, support sustainable economic development, and better serve the two communities,
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