Islamabad: Shaikh Muhammad Shariq, the Chief Representative of the National Bank of Pakistan (NBP) in China, declared on Sunday that the bank is ready to assist Chinese enterprises and industrial units in relocating to Pakistan under the China-Pakistan Economic Corridor (CPEC) framework.
The Pakistan Embassy in Beijing, Beijing Nordic Exhibition Co. Ltd., and Shanghai Huiguan Culture Media Co. Ltd. organised the forum.
During the initial phase of the CPEC, billions of dollars were invested in infrastructure, electricity generation, and the Gwadar Port, according to Shaikh Shariq. The money was distributed in a variety of ways, including investment and financing, with financing coming from a variety of Pakistani and Chinese organisations.
According to him, the NBP has already built strong banking partnerships with major Chinese financial institutions in order to enable trade and investment under the CPEC and the Belt and Road Initiative (BRI) not just in Pakistan but in all countries where the country operates.
He stated that in 2011, the central banks of China and Pakistan signed a currency swap agreement worth 10 billion yuan and 140 billion Pakistani rupees in order to facilitate bilateral commerce and the smooth movement of cash between the two nations.