Bilateral trade and investment between Pakistan and China shall surely reach more understanding now. Meezan Bank and Pakistan China Investment Company (Meezan and PCIC) have entered into a strategic cooperation now. The Bank Deputy CEO, Ariful Islam, and PCIC MD, Li Peng signed the MoU on Monday. This is confirmed through Meezan Bank’s press release.
Both the companies will help businesses in these two countries to undertake many strategic projects. This according to the agreement would be under the CPEC (China Pakistan Economic Corridor) hood. The companies shall collaborate in many areas. PCIC will benefit from Meezan’s over 550 network branches. It will help in corporate, commercial and investment banking besides SME, trade and commercial financing too.
The PCIC has a strong presence in China through its parent China Development Bank. This will introduce Chinese investors and corporations to Meezan Bank for exploring more coordinative business opportunities under the CPEC.
Speeches were held at the ceremony by both the CEO and the MD. Both of them highlighted the significance of the strategic alliance. This they say provides many important and varied business opportunities to both the parties (Meezan and PCIC). They also add that it strengthens the bilateral relations between the two countries as well.
In simple words, this is a joint venture between both Pakistan (Ministry of Finance) and Chinese (China Development Bank) governments.