ISLAMABAD: The decision of Pakistan and India to allow opening of each other's bank branches will help facilitate trade and commerce between the two countries.
Yassar Sakhi Butt, President Islamabad Chamber of Commerce and Industry (ICCI) made these remarks during a meeting with Munir Alam, Chief Executive and General Manager of Bank of India in Singapore, who is currently on a visit to Pakistan, to discuss the opening of bank branches in Pakistan.
The ICCI President stressed that both the countries should expedite the process of opening of branches to facilitate the business community and to increase the trade volume up to the potential.
He exchanged views on matters of mutual interest, including enhancement of bilateral trade, promotion of investment and strengthening of cordial relations between the two countries.
Yassar Sakhi Butt said that the two countries were rich in natural resources, which should be capitalized effectively to improve infrastructure, increase in power generation and spur trade and industry.
He said that the bilateral trade between the two countries could soar to $6 billion from the existing $2.7 by establishing banking channels.
The ICCI President said that opening of banks branches in each other's country would also provide numerous opportunities for businesses to cater the need of both sides' traders and exporters in terms of opening letters of credit.
Speaking on the occasion, Munir Alam said that Bank of India wanted to explore the possibilities of opening branchs in Pakistan as trade financer.
He said that bank had 4000 branches in India spread over all states and union territories, including specialized branches and in business volume, it occupied a premier position among the nationalized banks.
Alam said that the bank had been in the forefront of introducing various innovative services and systems. The bank conducts the business with the successful blend of traditional values and ethics and the most modern infrastructure, he added.
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