BEIJING, April 22: Pakistan and China will enhance cooperation in the banking sector, mainly to facilitate their business community in enhancing bilateral trade and investment activities.

In this connection, preliminary talks held in Beijing this week between Habib Bank president Zakir Mahmood and the representatives of Bank of China and China Banking Regulatory Authority.

They discussed ways and means for involving financial institutions in the rapid development of their economic ties. In an interview to APP at the end of his week-long visit to China, Mr Mahmood said Chinese companies were showing keen interest in enhancing their investment in Pakistan. They, he added, were willing to undertake joint ventures, particularly in power and mineral sectors.

The HBL president said he assured the Chinese companies that their investment and profit would be fully protected in Pakistan. "We are prepared to facilitate them as much as possible," he added.

Mr Mahmood, who was here to attend an international conference in Shanghai, said he utilized his visit, holding meetings with Chinese counterparts to find out new avenues of bilateral cooperation in the financial sector.

Shahid Mahmood, commercial counsellor in Beijing, also accompanied the HBL chief during the talks. Pakistan, he said, was looking forward to take benefit of fast-growing Chinese economy. This is high time to capitalize the Sino-Pak political relationship for the economic uplift of their people, he added.

Pakistan has already declared to set up export processing zone for Chinese enterprises in three regions, including Karachi. "We hopes that Chinese enterprises could build plants in Pakistan to manufacture products and meet the needs of its domestic and international markets," he added.

"If Chinese enterprises launch investment in Pakistan's export processing zone, the government would like to offer special arrangements, including flexible policies on location selection, regulations and taxation," Zakir Mahmood said. -APP