China -Pakistan friendship is time-tested and deep rooted, how do you see the future of this relationship?
I just came back from china. It was an excellent trip. People are very friendly. The strategic partnership cum friendship is more than six decades old and is build upon trust, honesty and mutual understanding.Perhaps no ties between any two countries are as unique as that between Pakistan and China. The two key principles we focus onare equality and bilateral co-operation. This partnership plays a pivotal role in facilitating peace, prosperity and stability in the entire region.
In past, we have achieved major milestones in telecom, engineering, construction and many other areas through this partnership. In coming days, we will see many more milestones being achieved as the Government of Pakistan and the Business Community is actively exploring avenues for strategic partnerships.
Do you think this bond lays architecture for economic and trade co-operation?
The economic relationship between the two nations thrives as much as their friendship.The government and the business community from both the countries are entering into collaborations to work together. For Pakistan, China is well-developed trade outpost and a springboard to not only promote trade yet pave way for us to develop competencies in implementation of effective strategies.
The two countries have also signed free trade agreements and consequently the total volume of trade between Pakistan and China has grown by 70% since 2008, and our exportsto China have amplified to more than USD$2billion during the same period.
How is KASB Group associated with China?
KASB Group has brought in the first-ever Chinese Private Sector Investment of US $40M in the Finance Industry of Pakistan.
Asia International Finance Company Limited, a leading Chinese business group, has invested US $40M in KASB Finance Limited. Asia International Finance Company is part of a business conglomerate, which holds significant interests in industrial concerns, minerals activities and financial services corporations amongst others in China and Asia.
KASB Finance is the holding company of the KASB Group, which is a fully integrated financial services operation covering commercial banking, investment banking, Islamic banking, funds management and securities trading amongst its interests.
This investment by Asia International Finance Company Limited is part of the Company's long term commitment to investing in Pakistan, and a first step in an envisaged long term strategic relationship with the KASB Group.
How does this investment of AIFCL benefits KASB Bank?
Our agreement with AIFCL inked last year, which is the first-ever investment in the finance sector is a landmark in accelerating the Pakistan-China economic partnership.
This investment is not only beneficial to KASB Group or KASB Bank but it has also helped in increasing the foreign reserves of Pakistan. It will also lead to other Chinese private sector investments in our financial industry.
Tell us briefly aboutthe KASB Group?
KASB Group dates back to late 50s when it was founded under the visionary leadership of Mr. Khadim Ali Shah Bukhari (late). It is one of the largest financial services groups in Pakistan with leading positions in equity and debt market and making strong headways in commercial banking and asset management. The Group has been working successfully in banking, securities, leasing, technology, research and community projects.
Today KASB Bank is positioned as a Pakistan-centric middle market transactional bank that offers innovative banking products and services across 43 cities with 104 branches. With a mission to provide excellence in customer service and innovation for sustained profitable growth of business nation-wide, the Bank successfully offers corporate, investment and transaction banking solutions, commercial and consumer banking products; and is keenly focused to capitalise on regional and domestic trade in agriculture and commodities.
Your comments on this auspicious occasion for the people of China.
On behalf of my country and entire KASB Group, I congratulate the Chinese Government and the people of China on their National Day and wish that the long term friendship of the two countries will strengthen more in future.
Excerpts from an interview of Tariq Rangoonwala, Chairman KASB Bank Ltd, on National Day of China
Tariq Rangoonwala
Tariq is a reputed businessman having diverse interests in bulk liquid storage services, port services, packaging, distribution and trading. He is also serving at various philanthropic organisations and educational institutions as Executive Trustee. With his expertise in foreign trade he has contributed significantly towards the deregulation of export trade in Pakistan.
Being a strong advocate of market-based reforms in Pakistan, he has actively been involved in public sector divestment in trade and industry. He is the Chairman of the Pakistan National Committee of the International Chamber of Commerce (ICC Pakistan) and was instrumental in reviving ICC Pakistan and restoring Pakistan's membership of the ICC, The World Business Organisation and the ICC International Court of Arbitratio.
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