President Mamnoon Hussain speaks at the opening ceremony. 

The opening of Bank of China in Pakistan was celebrated in Islamabad Tuesday, where President Mamnoon Hussain said the step would help accelerate infrastructural development and overall economic growth of the country.

On the occasion, the president said Pakistan is an attractive investment destination because of its ideal location and government policies that encouraged business, reported Radio Pakistan.

He assured every possible cooperation to Bank of China from the government and State Bank of Pakistan.

While addressing the ceremony, Hussain said the benefits of China-Pakistan Economic Corridor would soon start reaching people of the two countries.

Not only does Pakistan officer a conducive atmosphere for investors, but the country also has a wide consumer market, the president said. And with CPEC, he added, Pakistan is poised to become the hub of business and economic activities in the region.

The president also expressed pleasure over China emerging as a major investor and strategic partner of Pakistan in economic growth and prosperity.

Also present on the occasion, Chinese ambassador Zhao Lijian said both Pakistan and China have made remarkable achievements in the economic field.

He added opening of Bank of China marks the confidence of Chinese financial institutions in the economic development of Pakistan.

Bank of China Chairperson Siqing Chen said Karachi branch of the bank is the first in South Asia, which reflects the importance China gives to Pakistan.