Bank of China (BoC) inaugurated its first branch in Karachi and with it formally launched its operations in the country. It is no secret that Pakistan’s economy is growing and investors from around the world have identified the country as an attractive investment destination. Investment is coming to the country from every corner of the world and Chinese investors are leading the way.
President Mamnoon Hussain, at a ceremony held at Aiwan-e-Saddar in Islamabad on Tuesday, officially inaugurated Bank of China’s operations.
It is important to note that BoC is not the first Chinese bank to start its operations in Pakistan. Industrial and Commercial Bank of China (ICBC) has already opened two branches in Karachi and Islamabad in 2011. ICBC is offering various services including corporate finance, foreign deposits, investment banking, and working capital loans.
The main aim of Bank of China to enter in Pakistan is to offer specialized banking services to cater the financial needs of China-Pakistan Economic Corridor (CPEC) related projects.
The president termed Bank of China’s arrival a “memorable event in the everlasting friendship between Pakistan and China” and expressed hope that the bank would speed up the pace of trade and economic cooperation between the two countries.