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MARAPE WELCOMES BANK OF CHINA

One of the biggest Banks in the world, the Bank of China will now operate in Papua New Guinea’s market following an opening of a representative office in Port Moresby this week Thursday (1/06/23) which was witnessed by the Central Bank Governor Elizabeth Genia, Bank of China Chairman Ge Haijiao, Chinese Ambassador to PNG H.E Zeng Fanhua, Prime Minister James Marape and his ministers including other important dignitaries.

Prime Minister James Marape said it is truly a momentous occasion not just for China but for PNG As well.

“I welcome you into Papua New Guinea market, you came into an important juncture and we look forward to seeing you fully mature in your progress towards having a commercial operating license by moving from a representative office into a fully fledge bank,” Marape said.

Prime Minister said Bank of China brings into the PNG market its own characteristics with the product and services with over 100 years of experience operating in other countries around the world including Australia and New Zealand.   

PM Marape encouraged the Bank of China to offer services that are not offered by other banks in our country.

“I encourage you to look into financial products while maintaining your traditional products that you have elsewhere. I realize that you have a broad range of product and capabilities,” said Marape.

The Prime Minister said PNG has friend to all and enemy to none policy and we respect everyone.

“We will give you the respect you deserve and likewise we expect a reciprocal respect of that, and for China and PNG we’ve never had a moment of distress since the first day as we maintain our bilateral relationship.”

“Chinese companies, Chinese Government and the Chinese people have been important partners for our progress in the last 48 years and we look forward to this input and the coming of the Chinese bank into PNG market is an important contribution as we step forward into the future,” PM said.

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