Karachi: Industrial and Commercial Bank of China (ICBC) the largest bank of China, and Habib Bank Limited (HBL) the largest bank of Pakistan, has joined hands for setting up industrial zones in Pakistan.
This initiative was launched in an investment conference held in Suzhou China.
The objective of this conference was to make Chinese companies aware of the opportunities in Pakistan to create synergies and partnerships amongst businessmen of both countries. Such an initiative is also expected to promote economic development, attract foreign investment, modernize the industrial base and result in transfer of technology for Pakistan.
The attendees of this conference included representatives of the Governments from both countries, Suzhou Municipal Government, ICBC and HBL. Over 40 Chinese companies and 15 Pakistani companies attended the conference.
This idea of developing industrial zones in Pakistan was incubated in 2013. The basic premise behind this idea was to attract Chinese companies to setup industries in Pakistan and to promote partnerships between Chinese and Pakistani companies. Being the largest bank in Pakistan, HBL now has global footprints in 29 countries including China.
HBL works closely with institutions like ICBC to provide its customers access to Chinese businesses and financial sector.
This partnership has led to enhancement of joint collaborations in several enterprises, including project financing and debt arrangement, trade products, and investment banking, says a release Monday.
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