President Asif Ali Zardari, on Friday, appreciated the Industrial and Commercial Bank of China’s (ICBC) initiative to open branches in Pakistan. This proposal, he felt, will mark a new era of mutual cooperation in the banking sector.
He expressed these views at the opening ceremony of ICBC’s operations in Pakistan. The president said that this gesture shows China’s confidence in the financial sector of Pakistan. He maintained that ICBC’s initiative has gained importance as it has come at a time when economic conditions are unfavourable and investors are wary of investments.
He hoped that ICBC’s investment will prove beneficial and the bank will play a key role in streamlining bilateral investments. The president said that the Government of Pakistan and the State Bank will extend any assistance to facilitate ICBC operations in Pakistan. While appreciating tremendous economic progress of China, the president stated that he has visited China six times in order to learn from their experience of development.
The president said that Pakistan has offered setting up of special Chinese investment zones in Pakistan, where special tax concessions will be offered. The president remarked that captive power, tax concessions, low cost labour and a huge market will help China find Pakistan a lucrative place to invest in. He hoped that greater Chinese enterprises will enter Pakistan.
He maintained that several market based reforms, aimed at supporting the financial sector under a strong regulatory environment, have significantly improved Pakistan’s banking sector. The president also stressed on the need for Pakistan to open banks’ branches in China.
Zardari welcomes ICBC to Pakistan
