KARACHI -  Federal Finance Minister Ishaq Dar has said the Chinese Consortium will bring expertise to Pakistan Stock Exchange (PSX).

He was speaking at a share purchase signing ceremony between Pakistan Stock Exchange and Shanghai Consortium of China here on Friday.

Shanghai Consortium has signed a 40 percent share purchase agreement with the Pakistan stock market.

The minister called the ceremony a historic occasion, and said PSX had become one of the fastest growing stock exchanges in the region. “The world has acknowledged the economic progress of Pakistan,” he added.

The landmark agreement was signed by PSX Divestment Committee Chairman Shahzad Chamdia and the chief executive officers of the Chinese exchanges forming the consortium.

The head of the Chinese delegation said that the agreement had become a reality with the help of the government of Pakistan.

The Chinese consortium, qualified as the best bidder for the purchase of 40 percent shares of PSX brokers, includes China Financial Futures Exchanges, Shenzen Stock Exchange and Shanghai Stock Exchange, and two local companies Pakistan China Investment Company Limited and Habib Bank Limited.

Speaking on the occasion, Chinese Ambassador Sun Weidong hoped the agreement would usher the stock business in Pakistan into a new era.

The finance minister, PSX chairman, SECP chairman, SBP governor, CEOs of Chinese exchanges agreed that the agreement would strengthen not only Pakistan’s market, but also regional markets.

“This would also help in making the China-Pakistan Economic Corridor (CPEC) more fruitful,” they expressed optimism.

The PSX chairman said that after demutalization of Pakistan’s exchanges, it was mandatory to sell 40 percent of PSX shares to strategic partners, adding that they found the best strategic partners.

Brokers and Chinese investors attended the ceremony.