Bank of China opening expected to boost trade

Businessmen hope bank will launch more branches in Pakistan

MULTAN: The business community has welcomed the formal launch of Bank of China operations in Pakistan, which inaugurated its first branch in Karachi - a development that they describe as necessary to boost bilateral trade.

Multan Chamber of Commerce and Industry (MCCI) President Malik Asrar Ahmed Awan said in a statement that the Chinese bank would help strengthen financial relations between the two countries.



He was of the view that Pakistan’s progressive and fast-paced economy was ready to adopt high-grade standards in the wake of China-Pakistan Economic Corridor (CPEC) project. He voiced hope that the bank would help Pakistani traders effectively reap benefits of China’s economic prosperity.

Welcoming the Chinese bank, Awan emphasised that increased diversity of foreign banks would enhance Pakistan’s economic resilience. Pakistan is also expected to learn from Bank of China’s expertise in the small and medium enterprises sector.

“Pakistan’s economy is picking up quickly and the opening of Bank of China reflects the confidence of Chinese corporate sector in Pakistan’s economic situation.”



The MCCI chief aired hope that the Chinese bank would establish its branches in other cities as well.

“Pakistan is a natural hub for regional trade activities due to its location at the crossroads of Central Asia, West Asia and the Middle East,” Awan said, adding CPEC had further increased its importance.

Published in The Express Tribune, November 16^th, 2017.

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