ISLAMABAD – One of China’s largest banks, the Industrial and Commercial Bank of China (ICBC), will soon open two branches, one in the country’s industrial hub and port city of Karachi and the other in the federal capital to further boost the bilateral trade between the two neighbouring countries.
This information was shared by the Chinese Ambassador Liu Jian with the Finance Minister Dr Abdul Hafeez Shaikh at a specially convened meeting to review the progress on the implementation of projects in which China had pledged technical and financial assistance to Pakistan.
Chairing the meeting, the finance minister said that lack of action on the part of any ministry would be avoided in the implementation of the decisions agreed upon between the two countries during the last visit of Chinese Premier to Pakistan.
The meeting deliberated upon the progress in the implementation of the agriculture related component under the economic and technical cooperation and reviewed the progress in the finance and banking sector.
The opening of the National Bank of Pakistan’s branch in China under the prevalent procedure in the Chinese banking laws was also discussed. Under the bilateral trade agreement, China is to send more trade missions to Pakistan and Pakistani traders would be given access and a free allotment in trade exhibitions in the cities of Kashghar, Urmuqi, Kensing and Chengdu. The minister asked the concerned officials to give a comprehensive report on the development in this regard.
Pakistan’s market access will be improved by considering grant of unilateral tariff concession to 228 Pakistani products, launch of second phase of the Pak-China Free Trade Agreement, in the first quarter of 2011, the establishment of Pakistan China Entrepreneurs Forum, and exploring possibility of establishing trans-border economic zones were also discussed. During the last visit of Chinese Premier, opening of new air routes between the two countries were also agreed. The meeting also deliberated upon airports also.
The meeting was informed that in the post flood reconstruction programme, the Chinese government had pledged support in the reconstruction of a number of projects which included the grant for highways and agriculture, transport, energy and communication, establishment of China-Pakistan Agricultural Technology Zones, upgradation of Karakorum highway and realignment of Attabad lake, disaster preparedness and response system and environment and ecosystem.
The meeting also deliberated upon the progress in the operationalization and implementation of the agriculture related component under the economic and technical cooperation and reviewed the progress in the finance and banking sector. The opening of the National Bank of Pakistan’s branch in China under the prevalent procedure in the Chinese banking laws was also discussed.
Both the sides expressed satisfaction of the pace of progress in the aforementioned projects and hoped that if there is any hindrance in any quarter, it shall be overcome through collaboration and coordination with the line ministries and corresponding agencies. ICBC is the world’s largest bank by market value, reported Wednesday its net profit grew 28 percent in 2010.
ICBC said in a statement to the Hong Kong stock exchange that the bank’s profit for the 12 months to December 31 increased to 166 billion yuan ($25 billion), from 129 billion yuan a year earlier. “In 2010, ICBC continued adopting its prudent business philosophy and further overcame the influences of the global financial crisis,” it said, noting that its performance was helped by China’s fast economic growth.
ICBC said the amount of renminbi-denominated loans provided by its domestic branches increased by 898.1 billion yuan during the period, which represented a 16.9 percent increase.
ICBC to open two branches in Pakistan
