ISLAMABAD - The signing ceremony of Articles of Agreement for the establishment of Economic Cooperation Organisation (ECO) Reinsurance Company was held here on Wednesday.
The delegates representing Iran, Pakistan and Turkey attended the ceremony. The authorised delegates Dr Javed Farshbaf Maherian from Islamic Republic of Iran, Ayaz Hussain M Gad, Executive Director Pakistan Reinsurance Company Limited, and Mustafa Babur Hizlan, the Ambassador of Republic of Turkey to Pakistan, signed the agreement on behalf of their respective governments.
In his welcome address, Secretary Commerce Zafar Mahmood underscored the need for intensifying cooperation among the ECO member states in areas of insurance, banking and finance. He hoped that the company would fulfil the aims and goals of serving the insurance sectors of the ECO region.
The three countries had concluded the establishment of “ECO Reinsurance Company” in May 2007. After having completed the internal procedures by the three founding members of ECO, the draft Articles of Agreement for establishment of the company to be headquartered in Karachi, Pakistan were signed in the ceremony. The company may initially establish liaison offices in Iran, Turkey and then in other countries in accordance with decision of the Board.
The ECO Reinsurance Company shall supplement the existing reinsurance services, promote growth of the underwriting and retention capacities and support the economic development in the region
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