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Bank of China given license to operate in Pakistan by central bank

Bank of China given license to operate in Pakistan by central bank

"As One Belt and One Road unfolds across continents, we see it fostering inclusion, creating tolerance, and promoting acceptance of cultural diversity".

Pakistan is willing to work with China in actively implementing various projects related to the CPEC and steadily pushing forward the cooperation on energy and infrastructure construction, including the Gwadar port project, he said.

The Chinese President Xi Jinping on Saturday said that Pakistan and China had more potential to strengthen bilateral cooperation regarding implementation of China Pakistan Economic Corridor (CPEC) and other regional connectivity projects.

India has chose to boycott a two-day meeting starting in China tomorrow on Beijing's ambitious initiative for cross border connectivity through ports, railways and roads called the "One Belt One Road" project.

No Indian official of any level was present at the elaborate opening ceremony attended by 29 heads of state and government along with top officials of the world bodies like the United Nations, the World Bank and the International Monetary Fund.

In addition, Xi pledged about additional $14 billion for the construction of the Belt and Road project, of which CPEC is the chief component.

India's main concern about OBOR is the fact that CPEC, which is a part of the same, passes through Pakistan-controlled Gilgit-Baltistan region, which India claims as its own.

Talking to TOI, Nepal's envoy to India Deep Kumar Upadhyaya said New Delhi's reservations to OBOR were mostly about China-Pakistan Economic Corridor. "It has no geographical boundaries", observed Mr. Sharif.

The prime minister, who is on his six-day tour, was speaking at the plenary session of the Belt and Road Forum for International Cooperation which opened in Beijing.

He said it must not be politicised.

He mentioned that Chinese companies were investing in Pakistan's power and infrastructure sectors at a massive scale, which had generated exemplary employment opportunities for the local people.

"It is time we transcended our differences, resolve conflicts through dialogue and diplomacy and leave a legacy of peace for future generations", he said at the event with 29 heads of states and governments and 1,500 delegates in attendance.

He said economic development in Balochistan province, where China is building Gwadar port, was getting good results and several projects under CPEC were being completed at a fast pace. While CPEC is highlighted as "flagship project", the B&R includes the Bangladesh, China, India and Myanmar (BCIM) Economic Corridor, New Eurasian Land Bridge, China-Mongolia-Russia Economic Corridor, China-Indochina Peninsula Economic Corridor and 21st century Maritime Silk Road.