ISLAMABAD - President Mamnoon Hussain has expressed the confidence that Bank of China operations in Pakistan will help accelerate infrastructure development and overall economic growth of the country.

Addressing the official opening ceremony of Bank of China Pakistan Operations in Islamabad on Tuesday, the President said Pakistan is an attractive investment destination because of its ideal location and business friendly policies of the government. He assured Bank of China of every possible cooperation from the government and the State Bank of Pakistan.

The President expressed the confidence that fruits of China-Pakistan Economic Corridor would soon start reaching people of the two countries. He said the corridor would give a new dimension to political and economic relations of the two countries.

Mamnoon Hussain expressed the pleasure that China has emerged as a major investor and strategic partner of Pakistan in its zest for economic development and prosperity.

The President said the hard work of past several years had created an excellent business environment in Pakistan and the situation was favorable for domestic and foreign investment, while the country’s strong and huge consumer market was further increasing the effectiveness of these factors.

He said Pakistan was a natural hub for regional trade activities due to its location at the crossroads of Central Asia, West Asia and Middle East, while CPEC had further increased its importance.

He said several investment opportunities were emerging in the country paving the way for further stabilizing the economy.

President Mamnoon said it was a matter of satisfaction that in recent years the progress in various fields of life especially on the economic front had generated many new business opportunities in the country.

He said with the initiation of China-Pakistan Economic Corridor (CPEC) project and the infrastructure sector in Pakistan was witnessing splendid growth with projects including dams, civil power reactors, coal mining, textile parks, road and railway lines and oil and gas pipelines.

The President said due to sound economic policies of the government, the investment environment in the country had become very favorable.

He said attractive opportunities in the country’s banking field could play positive role in providing the required resources for promoting commercial activities and developing infrastructure.

President Mamnoon expressed confidence that this would lead to further improvement in national growth rate and would also enable the banking industry effectively assist in making business environment more conducive.

On the occasion, Acting Ambassador of China to Pakistan Zhao Lijian said that both Pakistan and China have made remarkable achievements in the economic field.

He said that the opening of Bank of China marks the confidence of Chinese financial institutions in the economic development of Pakistan. Chairman of Bank of China Siqing Chen said Karachi branch of the bank is the first in South Asia which reflects the importance China gives to Pakistan.