In this undated photo, pedestrians walk past a Bank of China branch in Shanghai. (PHOTO PROVIDED TO CHINA DAILY)
SYDNEY – The Bank of China (BOC) has launched a representative office in the South Pacific island country of Papua New Guinea (PNG).
According to the bank, its office in the world's third-largest island country started its operation on Thursday.
The bank said its office is the first local office set up by Chinese commercial banks in the island country.
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While addressing the Bank of China office inauguration, PNG Prime Minister James Marape said his country looks forward to the input and coming in of the Chinese bank into the PNG market, which is an important contribution, as the country is moving forward and its volume of trade with China grows bigger.
He also said that his country hopes the Bank of China will facilitate transactions between the people and businesses of the two countries, and that the business partnerships will sustain into the future.
BOC chairman Ge Haijiao said the bank will continue to leverage its advantages in globalization and strengthen the construction of a collaborative service network in the South Pacific region.
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According to PNG's local newspaper Post Courier, the Bank of China's representative office is located in the PNG capital Port Moresby, and the bank's service is expected to expand to cover other cities including Kokopo in the years ahead.