Monetary easing, improved law and order enable macroeconomic environment


KARACHI Jan 01 (TNS): Sindh Chief Minister Syed Murad Ali Shah has said 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.

This he said while addressing a gathering organized by Bank of China Ltd Pakistan In celebration of their operation at a local hotel.

Those who spoke on the occasion were Mr. Tariq Bajwa, Governor, State Bank of Pakistan, Mr. Chen Xiaodong, Counsel General (Acting), Consulate General of China Dr. Li Tao, Chief Executive Officer of Bank of China Ltd Pakistan Operations.

Sindh Chief Minister 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 and added Banks are to an economy what lubricants are for a machine.

Murad Ali Shah hoped 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. He said Pakistan is a significant country in South Asia as well as the sixth-most populous country in the world.

Much earlier, 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.

The chief minister 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, 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 start of Bank of China operations in Pakistan will strengthen further ties between Pakistan and China.

Murad Shah recalled that in 2013, President of The Peoples Republic of China, Mr. 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 added 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 upmost responsibility to ensure the protection, safety and provide a favorable 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.