China to build Railway University in Pakistan

ISLAMABAD: Addressing a ceremony in Rawalpindi today (Monday) Shiekh Rasheed Ahmed said that a Railway University will be established in cooperation with China in Pakistan. Talking to media persons in Rawalpindi today, he said this project will significantly reduce the travel time for passengers. Minister for Railways Sheikh Rasheed Ahmad said that the Railways infrastructure will be upgraded under the ML-1 project at a fast pace. He said land for the university will be provided by the Railways which will be constructed with the investment of China, along with an IT University which will be established in Rawalpindi. The minister reiterated that PTI government will complete its five years term and not budge or cave in due to the pressure being exerted by external forces. Earlier on November 16, Federal Minister for Railways, Sheikh Rasheed, expressed his thoughts that the ongoing developments are going in favour of Prime Minister Imran Khan, media reported. Sheikh Rasheed, in his latest statement, said it is not a new story to tell the exact time of [former prime minister] Nawaz Sharif’s departure. Pointing aims at Jamiat Ulema-e-Islam Fazl (JUI-F) chief, Rasheed added Azadi March was the first-ever sit-in lodged by Maulana Fazlur Rehman’s followers which failed to get public attention. He predicted that JUI-F will witness fall of seats in the next election as Fazl’s politics have ended. Meanwhile, Habib Bank Limited created history by becoming the first and only bank from Pakistan and one of the three banks from the South Asia and MENA region to offer end-to-end RMB intermediation. The HBL Urumqi branch formally commenced the RMB business last week after obtaining all regulatory approvals. With the commencement of RMB clearing capability, HBL Urumqi branch will provide clearing to HBL branches, subsidiaries and affiliates. Habib Bank is now positioned to take a leading role in the regional RMB trade, remittance and investment flows. This unparalleled capacity will further strengthen HBL’s leadership in Pakistan with respect to the China business. HBL Urumqi branch is the only foreign bank branch in Xinjiang province. HBL has also applied to Chinese Regulators to upgrade its Beijing Representative office to a branch; it is expected that license will be received in the next 2-3 months subject to regulatory approvals. In early November 2019, a high powered delegation from HBL led by Sultan Ali Allana, Chairman HBL and Muhammad Aurangzeb, President & CEO HBL, formally commenced the Urumqi branch’s RMB operations. Also present on the occasion were members of the HBL’s board of directors and senior executives of the bank. Speaking on the occasion of the commencement of RMB business at the Urumqi branch, Allana said “I am very proud that we are here today. The commencement of the RMB business is a stepping stone and we are very hopeful that in the coming years HBL will have more presence in China. We have also made an application for a branch in Beijing. We want to be a progressive bank, we want to do what is right for the institution, and for the country. For us that is paramount. We want to be an integral part of the Chinese economy and the country. There shall be no compromises on compliance, under any circumstances. We will do everything that is right. I am very hopeful that in the coming years this branch, this foundation can give us the springboard to become a bank of relevance in China in the coming decades.” Commenting on this historic first for a Pakistani bank, Aurangzeb stressed “We are doubling up our business in China and it will soon become a second home market for HBL. For our branch in Urumqi we got the RMB license in the shortest possible time so we are very grateful to the regulators in China. Currently our focus is to work in developing the RMB intermediation at our Urumqi branch which has gone live and the establishment of the Beijing Branch. The Chinese regulators are very supportive of developing market based capabilities and encouraging financial institutions to provide clients best-of-breed leading edge products and services while managing systems risks well. We will continue to monitor the opportunities to expand our footprint in China over time.”