Chairman Board of Directors Bank of China calls on Prime Minister

Islamabad, October 19, 2016 (PPI-OT):Chairman Board of Directors Bank of China Mr. Tian Guoli called on Prime Minister Muhammad Nawaz Sharif at PM House earlier today. Welcoming the Chairman, Prime Minister Muhammad Nawaz Sharif said that Pak-China “All weather” relationship is based upon shared principles and interests that form the foundation of cooperation in diverse fields.

Highlighting China’s great support to Pakistan in security, trade and infrastructure development, the Prime Minister said that Pakistan and China have a shared future and China Pakistan Economic Corridor (CPEC) is the largest comprehensive project with any foreign country. CPEC is a fusion of multiple development projects, aimed at the prosperity and well-being of the citizens of the country and the region at large, the Prime Minister said.

The Prime Minister said that Pakistan has a vibrant banking system that has achieved high level of profitability, improved liquidity and strong solvency position. The banking sector grew at an impressive annual average growth rate over the last five years, the Prime Minister added.

Sound capital base, remarkable growth in assets and profitability and compliance with international standards poised Pakistan’s banking sector in a very competitive position in the region for investors, the Prime Minister stated. Besides Foreign Direct Investment, the interest of international investors in the banking sector is also evident from the portfolio investment in the banking sector that has been observed in the recent divestment transactions of UBL, ABL and HBL, the Prime Minister expressed.

Foreign ownership in Pakistan’s banking sector has consistently and considerably increased; government of Pakistan has recently concluded $700 million financing agreement with China Development Bank which is the first such interaction with the Chinese banking industry, the Prime Minister noted with satisfaction.

Mr. Tian Guoli lauded the vision of the Prime Minister for putting the country on development path and turning around the economy. The Chairman while appreciating the vibrant banking sector of Pakistan said that Pakistan’s financial sector offer immense opportunities to global investors. Mr. Guoli said that CPEC has huge economic benefits for the people of Pakistan and the region. Chinese Ambassador H.E. Sun Weidong, Finance Minister Senator Mohammad Ishaq Dar and other senior government officials were also present during the meeting.

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