ICBC starts operation in Pakistan: a new era of cooperation, says Zardari

President Asif Ali Zardari stated that the initiative taken by Industrial and Commercial Bank of China to open its branches in Pakistan would be the beginning of a new era of co-operation in the banking sector of the two countries and it would take the economic relations between the two countries to new heights.
This he said while addressing the gathering on the occasion of formal opening ceremony of Industrial & Commercial Bank of China (ICBC) branches in Pakistan here at Aiwan-e-Sadr on Friday. The President said that by opening bank in Pakistan our Chinese friends show confidence in the financial sector of Pakistan.
He added when the world is passing through a difficult economic phase and the investors are not readily coming forward to make investments, the initiative taken by ICBC is most commendable and we welcome it. He hoped that ICBC''s investment in Pakistan would prove to be profitable and the bank would play a prominent role in channeling bilateral investments.
He further said that the Government and the State Bank of Pakistan would extend all possible assistance to facilitate ICBC operations in Pakistan. While appreciating tremendous economic progress of China, the President said that since becoming President he has visited China six times to learn from the Chinese experience of development. There is so much to learn from the Chinese experience, he remarked.
The President stated that Pakistan offered to set up special Chinese investment zones in Pakistan where special tax concessions would be offered. With captive power, tax concessions, low-cost labour and access to a huge market the Chinese investors will find Pakistan most profitable place for investment, the President said. He hoped that more and more Chinese enterprises would enter Pakistan and the opening of the Chinese Bank branch in Pakistan would serve as an incentive for the Chinese Investors.
He said that several market based reforms aiming at supporting financial sector under a strong regulatory environment have improved Pakistan''s banking sector significantly. The President also said that we need to open Pakistani banks'' branches in China as well and hope that the Chinese friends would give it a thought.
Earlier, President of Industrial & Commercial Bank of China (ICBC) Mr Yang Kaisheng along with his delegation called on the President. The Chinese delegation included Mr Huang Xilian, Chinese Charge d''affaires, Wang Xiquan, Member of ICBC senior management, Mr Hu Hao, Secretary ICBC Board of Directors, and Mr Xu Ke''en, General Manager ICBC Karachi branch. Dr Abdul Hafeez Sheikh, Finance Minister, M. Salman Faruqui, Secretary General, Governor State Bank Shahid Hafeez Kardar, Hina Rabbani Khar, MOS for Foreign Affairs, Khalil Ahmed, ambassador-at-large and other senior officials were also present from Pak side.-PR