Chinese banking sector in collaboration with Pakistani banks is all set to play its due role for the promotion of trade and investment in the two countries.
Zhang Jun, Director of Urumqi City Commercial Bank expressed these views while speaking at Lahore Chamber of Commerce and Industry (LCCI), here on Monday.
LCCI President Shahid Hassan Sheikh, Vice President Mubasher Sheikh and former Vice President Mohammad Ali Mian were also present on the occasion. Zhang maintained that after the signing of 18 agreements and memoranda of understanding, including landmark Free Trade Agreement that could triple bilateral trade to the US $15 billion within five years, it has become essential for the banking channels to rise to the occasion and extend maximum cooperation to the business communities of the two brotherly countries.
The Chinese official urged the Pakistani exporters to utilise this opportunity well for the benefit of the people living in this part of the world. He also invited the LCCI to arrange some sector-specific delegation of Pakistan businessmen for a visit to Urumqi so that they could have first-hand knowledge about the available business opportunities there.
He appreciated the role being played by the LCCI for economic turnaround of the country. He also called for removal of irritants in the way of smooth trade activities between Pakistan and China.
Speaking on the occasion, Shahid Hassan Sheikh said that China has made valuable contribution to Pakistan's economic development particularly in the development of infrastructure and setting up of basic industries. These include: Gwadar Deep Seaport, Karakoram Highway, Thar Coal Mining, power generation projects, upgrading of Pakistan Railways and upgrading of Pakistan's defence. "There has been almost 100 percent increase in the bilateral trade of China and Pakistan over the last five years. In terms of foreign direct investment, the Chinese foreign direct investment in Pakistan had increased by more than six times," he added.
According to him, during the recent visit of the Chinese President to Pakistan both the sides have agreed to scale down customs duty to zero percent on 5,104 tariff lines in three years and on 3,942 items from zero to five percent within five years after the implementation of the agreement. China has also agreed to upgrade Karakoram Highway to facilitate the trade between the two countries.
Mubasher Sheikh hoped that Urumqi City Commercial Bank of China would also benefit from the expanded trade between the two countries for which it has already signed memorandums of understanding (MoUs) with a number of Pakistani banks, such as Bank of Punjab and Habib Bank Limited.
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