Key projects NBP, Chinese company sign MoU to facilitate investment

BEIJING: The National Bank of Pakistan (NBP) has agreed to partner with China-Pakistan International Silk Road Industry Investment Management Company Limited through a Memorandum of Understanding (MoU) to facilitate investment in key projects, China Economic Net reported on Sunday.

This aimed at promoting industrial cooperation between China and Pakistan and supporting the establishment of special economic zones and other sectors of the economy and bilateral trade.

Aslam Chaudhary, Economic Minister of Pakistani Embassy in Beijing, Liu Jianghua from China-Pakistan International Silk Road Industry Investment Management Company Limited, Representatives from Danzhou Government, Hainan Province, Zhang Yubo, MCC & Bank of Tianjin witnessed the signing ceremony held at the Pakistani Embassy in Beijing on Saturday.

Addressing the participants, Aslam Chaudhary briefed them on the incentives offered by the Pakistani government to attract foreign investment, especially from China.

He informed that special economic zones are being established across Pakistan where the Chinese enterprises could relocate their industry and export products to different countries, taking advantage of preferential agreements signed by Pakistan with various countries.

Speaking on the occasion, Chief Representative of NBP Sheikh Muhammad Shariq told the audience that NBP is amongst the major lenders to the projects under the China-Pakistan Economic Corridor (CPEC) and handles a large portion of bilateral trade.

He said that the MoU represents a commitment to fostering stronger ties, enhancing financial cooperation, and exploring new opportunities for growth and innovation.

Jian Peng, Honorary Investment Counsellor for Pakistan’s Board of Investment (BoI) welcomed the distinguished guests and thanked them for their support as the two sides embarked on an exciting new chapter.

Senior officials, a large number of the representatives of various Chinese companies were present.

The event was also joined virtually by Riaz Hussain, SEVP and Group Chief, International, Financial Institutions and Remittances Group and Hasan Jamal, SVP, Investment Banking Group National Bank of Pakistan, Head Office, Karachi.