The decision of Pakistan and India to host each other’s bank branches would help in facilitating trade and commerce between the neighbour nations.

Yassar Sakhi Butt, President Islamabad Chamber of Commerce and Industry (ICCI) made these remarks during a meeting with Mr.Munir Alam, Chief Executive and General Manager of Bank of India in Singapore, who is currently on a visit to Pakistan, to discuss the opening of bank branches in Pakistan.

ICCI President stressed that both the countries should fast track the process of opening of branches to facilitate the business community and to increase the trade volume up to the potential. He exchanged views on matters of mutual interest including enhancement of bilateral trade, promotion of investment and strengthening of cordial relations between the two countries.

Yassar Sakhi Butt said that the two countries are rich in natural resources which should be capitalized effectively to improve infrastructure, increase in power generation and spur trade and industry.

He said that the bilateral trade could immediately soar to $6.0 billion from the existing $2.7 by establishing banking channels between the two countries. ICCI President said that opening of banks branches in each others country would also provide numerous opportunities for businesses to cater the need of both sides’ traders and exporters in terms of opening letter of credit.

Speaking on the occasion, Mr.Munir Alam, Chief Executive and General Manager of Bank of India stated his purpose of visit to Pakistan and said that Bank of India wants to explore the possibilities of opening branchs in Pakistan as trade financer. 

He said that bank has 4000 branches in India spread over all states and union territories including specialized branches and in business volume, Bank of India occupies a premier position among the nationalized banks. Alam said that Bank has been in the forefront of introducing various innovative services and systems. Business has been conducted with the successful blend of traditional values and ethics and the most modern infrastructure, he added.