Pak-China relations: Banking links should improve, says SBP governor

He highlights need for trade, investment promotion.

KARACHI: State Bank of Pakistan Governor Ashraf Mahmood Wathra has underscored the need for improving banking sector links with China, saying that Pakistani banks are already present in China as representative offices.

The governor said this during the unveiling of the Rs20 commemorative coin at the SBP Museum on Thursday to mark the ‘Pak-China Year of Friendly Exchange 2015’. The ceremony was attended by Chinese Consulate Vice Consul General Mu Yong Peng, the Chinese media and dignitaries.

The governor said, “In the financial sector, we find footprints of our friendly relations over a long period of time. The most recent among these is the establishment of the Industrial and Commercial Bank of China.”

He also mentioned the establishment of Pak-China Investment Company, which is operating as a development finance institution for the promotion of trade, investment and economic growth in Pakistan.

According to a press release, Wathra added that the two countries have strong trade ties but to bring them to the next level where Pakistani exports also become a significant portion of the Chinese imports, the presence of a strong banking network is essential.

SBP Chief Spokesman Abid Qamar said that the government of Pakistan has laid down a detailed map of year-round activities, aimed at further deepening and enrichment of existing relations between the two countries.

Published in The Express Tribune, January 31^st, 2015.

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