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Arrival of the Bank of China

Arrival of the Bank of China

According to newspaper reports, the Bank of China has formally begun its operations in Pakistan, which is seen as a step to further speed up the process of trade and economic cooperation between the two countries. Inaugurating the bank, President Mamnoon Hussain expressed the hope that the opening of the bank will not only improve national growth rate, but will also play an effective role in creation of conducive environment for the local and foreign investors. The opening of the bank is part of the China-Pakistan Economic Corridor, which will also spur economic and business activities in the region. It is good omen that the corridor project has been going on in full swing despite opposition from the United States and India on flimsy reasons. Pakistan is the fifth most populated country of the world and it needs business, trade and food security for the coming generations. Until now Pakistan mostly remained under developed and needs to open up its borders with neighbouring countries to boost business and trade. The corridor project has opened up window of opportunities for all the countries in the region, including India, Afghanistan and Iran. Previously, India had always insisted that business relations should not be made hostage to political relations within the countries, but it reversed its policy on the issue of the economic corridor.

China has emerged as a major investor and business partner of Pakistan and trade between the two countries grew many folds in recent years. The opening of the bank is a positive development to materialise the possibilities of business and economic cooperation. The president eulogized the development of infrastructure sector in Pakistan and a favorable investment climate in the country. The bank will not only help speed up trade and economic cooperation under CPEC projects, but will also cater to the financing needs of the development projects by offering specialised services and expertise in Pakistan. The Bank of China is a good addition to the banking industry of Pakistan and will also help ease business transactions between the two countries for the benefits of business communities. The Bank of China enjoys a huge global presence and the banking sector of Pakistan will greatly benefit from the transfers of technology and innovative products and processes. It is hoped that the bank will boost a healthy competition the financial sector of Pakistan.