Promoting benefit of 'Belt and Road' initiative: Standard Chartered conducts road shows in Africa, ME, Pakistan

In order to promote the benefit of 'Belt and Road' and Renminbi internationalisation in the region, Standard Chartered hosted road shows in Africa, Middle East and Pakistan. China's B&R is a development strategy launched by the Chinese government in 2013. Also referred to as the 'New Silk Road Plan', the 'Belt' route links China with Europe through Central and Western Asia, and the 'Road' refers to the 21st Century Maritime Silk Road, which connects China's ports to Southeast Asian countries, Europe and Africa.
Experts from Standard Chartered's Greater China Region participated in road shows in UAE, Qatar and Pakistan to outline the benefits and investment opportunities from China's 'Belt and Road' (B&R) initiative together with Renminbi internationalisation.
The roadshow was kicked off in Dubai, and the delegation visited Pakistan on Thursday. The Bank's regional road show coincides with the Renminbi's official inclusion into the IMF's 'Special Drawing Rights' or 'SDR' list of global currencies, effective 1 October 2016.
Standard Chartered has been at the forefront of this journey, partnering with Chinese authorities and supporting global clients in leveraging the opportunities of Renminbi.
Addressing a press conference regarding the roadshows here on Thursday, Carmen Ling, the Bank's delegation lead to Pakistan and Managing Director, Head of RMB Solutions for Corporate and Institutional Banking said that the B&R initiative as defined by China covers more than just infrastructure development.
Amongst others, the vision also includes facilitating trade, financial cooperation, and people to people bonds like cultural and academic exchanges, she added.
"With considerable branch presence in the B&R countries and substantial on-the-ground experience, Standard Chartered is well positioned to provide governments and clients on how best to benefit from China's ongoing investment and trade," she said.
She informed that more than 60 percent of Standard Chartered's global markets across Africa, Asia and the Middle East stand to benefit from China's B&R initiative.
The B&R initiative can facilitate finance for Pakistan's key infrastructural development projects, while encouraging cross-border economic and trade partnerships for the two regions as a whole, not only with China, but also with those markets positioned along the B&R route, Ling said.
Shazad Dada, Chief Executive Officer, Standard Chartered Pakistan, said that the Bank has more than 150 years of experience and a well-established network across Asia, Africa and the Middle East.
"Standard Chartered has the products and expertise to support the internationalisation of the Renminbi, and the development opportunities which the 'Belt and Road' initiative brings to a number of economies where SC operates," he added.
"The China-Pakistan Economic Corridor (CPEC) offers huge opportunities for Pakistan and Standard Chartered views the country's economy positively and believes that investment and capital will grow with the implementation of CPEC projects," Dada said.
This road show emphasises our promise to be 'Here for good', while demonstrating our capabilities in cementing existing partnerships and forging new business CPEC opportunities across Pakistan, he added.
Standard Chartered's delegation for the roadshow comprises relevant and diverse expertise which covers the spectrum of China-Africa/ China-Middle East/China- Pakistan businesses, from currency management, finance structuring, FX management, to trade finance and other investment opportunities, the CEO SC said,
"We (SC) among a leading international banking group, with more than 90,000 employees and a 150-year history in some of the world's most dynamic markets. We bank the people and companies driving investment, trade and the creation of wealth across Asia, Africa and the Middle East, where we earn around 90 percent of our income and profits," Dada said.
He informed that Standard Chartered Bank (Pakistan) Ltd. was the oldest and largest international bank in Pakistan. "It is also the first international bank to be awarded Islamic banking licence and the first to open an Islamic banking branch," he added.
The Banks serves both Corporate Institutional and Retail Clients and the Bank employs more than 3,000 people in Pakistan and has a network of 101 branches in 11 cities.