December 20, 2024 (MLN): Pakistan and China signed Memorandums of Understanding (MoUs) aimed to foster bilateral collaboration for capacity building, promote mutual growth opportunities, and formalize future interactions for the benefit of Pakistan’s capital market.
Farrukh H. Sabzwari, CEO of the Pakistan Stock Exchange (PSX), signed the MoUs with the Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), and China Financial Futures Exchange (CFFEX) during a high-level delegation from Pakistan's capital markets visited China.
The MoUs also facilitate collaboration on launching new financial products such as Exchange Traded Funds (ETFs), as per the press release issued today.
Additionally, they promote the listings of Chinese-Pakistani joint venture companies and the organization of joint conferences and events to engage market participants.
The primary goal of the visit was to deepen collaboration between the Pakistani and Chinese capital markets, explore opportunities for cross-border investment products, and enhance market access and investor participation for both Pakistani and Chinese entities.
Chairman SECP, Akif Saeed said, “ I extend my sincere congratulations to the PSX and its Chinese counterparts, the SSE, SZSE, CFFEX on the signing of these important MOUs".
"These agreements represent a significant step forward in our efforts to foster closer ties with China", he added.
He further said, "The MoUs will lead to capacity building through strengthened bilateral cooperation and will help develop Pakistan’s capital market in line with international best practices, which will ultimately contribute to the long-term development of Pakistan's economy.”
Dr. Shamshad Akhtar stated that this collaboration builds upon the foundation laid in 2016 when 40% of PSX shares were divested to a Chinese consortium of anchor investors.
"These MoUs not only symbolize the deepening of bilateral relations but also underscore the growing strength of financial and economic ties between both countries", he further said.
Farrukh H. Sabzwari further added, “I extend my congratulations to the leadership and teams of PSX and the three Chinese exchanges for signing these momentous MoUs, which will help promote bilateral partnerships and drive the development of Pakistan’s capital market."
He further said, "These agreements will also enable us to take the next step towards the joint launch of cross-border ETFs.”
This delegation was led by Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan (SECP), alongside Dr. Shamshad Akhtar, Chairperson of the Pakistan Stock Exchange (PSX), Farrukh H. Sabzwari, CEO of PSX, Muneer Kamal, Chairman of the National Clearing Company of Pakistan Limited (NCCPL), and other senior SECP executives
Copyright Mettis Link News
Posted on: 2024-12-20T21:48:05+05:00
