Business

HBL chairman to address SCO event in Tashkent

Bank provides input on ways to enhance regional trade

Our Correspondent August 23, 2022

The federal government has recently offered very high interest rate to overseas Pakistanis on their investments in digital accounts. PHOTO: FILE

KARACHI:

Pakistan has been strengthening investment and trade ties with the neighbouring and global economies through active participation in the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for over a decade.

SCO-IBC enhances the sustainable development agenda through collaboration with multilateral institutions and is working on unified approaches as a collective forum.

“This includes promotion of regional trade and investments and exploring new mechanisms to develop transnational mega projects,” Habib Bank Limited (HBL), which represents Pakistan on the forum, said ahead of the 18th Annual Council Meeting on Tuesday (today) in Tashkent, Uzbekistan.

SCO formation was announced in June 2001 in Shanghai. Pakistan officially became a member state of SCO in June 2017. Other seven member states are China, Russia, India, Uzbekistan, Kazakhstan, Kyrgyzstan and Tajikistan.

SCO is an intergovernmental organisation that has been making efforts to ensure peace and stability in the region, reduce poverty and achieve food security. Business and economic opportunities between countries is the real potential of this organisation.

HBL became a partner bank of the SCO-IBC in 2014 and was elevated to the status of member bank in 2018. Its Chairman Sultan Ali Allana will address the gathering in Tashkent on Tuesday.

This is the only commercial bank in the consortium as other member states are represented by their development banks.

The Pakistani bank has been able to provide input on ways to promote regional trade, which has resulted in many regional banks approaching it for trade and transaction services.

Certain officials of the State Bank of Pakistan (SBP) and HBL staff have been provided specialised training in regional projects, regulatory regime, financing products and funding capacity at the China Development Bank training centre in Sanya, China.

“By virtue of being a member bank of SCO-IBC, HBL participated in the SCO conference held in Qingdao and was able to obtain financing from banks in Qingdao, which is used to finance trade with Pakistan from China,” the bank said.

With a combined population of over 3.3 billion, the SCO member states cover nearly half of the human population.

“The bank represents Pakistan on the body, which is a matter of actual pride for the country because it was selected for the unique role it can play in the region.”

Published in The Express Tribune, August 23^rd, 2022.

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