Bank of China initiates operations in Pakistan, with its first branch becoming operational in Karachi. It is the first branch of the bank in South Asia.
Bank of China’s Chairman Chen Siqing said, it is a great honer for the bank to have launched themselves in South Asia, with Pakistan
Furthermore, he stated that this move will strengthen the brotherly relations between Pakistan and China in the financial sector.
He also added that this move will be benefit Pakistan and it can learn from China’s progressive and fast-paced economy.
Tariq Bajwa, Governor of State Bank of Pakistan said this is a good move and welcomed the Bank of China to Pakistan.
Acting Chinese Ambassador was also present at the ceremony and he applauded the growth of Pakistan’s economy. He also said that the opening of the Bank of China “marked the confidence of the Chinese corporate sector in Pakistan’s economic situation.”
President Mamnoon Hussain said at the inauguration ceremony that this initiation of the bank is start of trickling down impact of China-Pakistan Economic Corridor (CPEC) to the masses.
Furthermore, he stated that business environment is improving in Pakistan and the hard work of years has resulted in better business environment. This has led to more foreign investments.
Moreover, he also said that Pakistan is natural hub for regional trade due to its strategic location and CPEC has further enhanced the image of Pakistan.
He also applauded the current Pakistani government for its role in improving business environment in Pakistan.
This move is another achievement of CPEC, which is being successfully implemented and improving Pakistan’s economy. Pakistan should learn from the Bank of China’s expertise in the small and medium enterprises sector and further improve its industry.