NBP to facilitate Chinese investors in CPEC Phase-II: official

BEIJING: Chief representative of the National Bank of Pakistan (NBP) in China, Shaikh Muhammad Shariq, has said that his bank is committed to provide maximum banking facilitation to the Chinese businessmen during the second phase of the China-Pakistan Economic Corridor.

The NBP has provided maximum banking facilitation during the first phase of CPEC and is committed to provide all-out assistance to the Chinese business community during the second phase of the flagship project, he said, while addressing the participants of the China-Pakistan Economic and Trade Cooperation Forum and the signing ceremony held at the Pakistan Embassy in Beijing.

The banks play a pivotal role for any economic activity and the economic growth is closely related to easy access to finance and the NBP is all set to facilitate Chinese businessmen and investors, he said.

Commenting on the progress of the CPEC projects, he said that the first phase of the flagship project of the Belt and Road Initiative has successfully been completed, adding that the projects completed during the first phase have laid a solid foundation for the industrial cooperation.

Shaikh Shariq also congratulated the companies, which have signed cooperation agreements, and the confidence that such agreements and joint ventures established between the companies from China and Pakistan would make the second phase of CPEC a success story also.

He said the cooperation would create a win-win situation for both countries, as Pakistan can offer several advantages due to its strategic location, cheap labour, low cost of business, quick access to the Middle East and European markets.

The Chinese investors can enhance profitability by reducing the cost of business and expanding to South and Central Asian markets, he added.

The NBP chief representative also briefed the audience about the history of the bank and provision of commercial banking and related services in Pakistan and overseas.

He said, the NBP, the largest state-owned bank in Pakistan, was established in 1949 under the National Bank of Pakistan Ordinance, 1949 and is listed on the Pakistan Stock Exchange.

Having its head office in Karachi, the bank is engaged in providing commercial banking and related services in Pakistan and overseas. International operations exist in South and Central Asia, Middle East, Western Europe and North America.

The NBP also handles treasury transactions for the government of Pakistan as an agent to the State Bank of Pakistan, he added.

Also Read

KSE-100 opens bearish today

KARACHI: The Pakistan stocks opened on a bearish note as the KSE-100...