Bank of Papua New Guinea (BPNG) is an independent institution and cannot be directed by the Government on its licensing and regulatory functions.
Prime Minister James Marape made these remarks when welcoming and supporting the Bank of China application for a commercial banking license from BPNG.
“They will have to apply for it from the BPNG and meet the prudential standards set by BPNG which is clearly laid out in their website.”
Marape said the entry of Bank of China into PNG would also enhance the Government’s plans to strengthen and deepen the trade and investment relationship between China and PNG.
“The feasibility study and negotiations leading to a Free Trade Agreement with China is set to start next year with the Chinese Government to fund the study at the cost of K1 million.
“Our Government will also set up a Trade Mission this year in Shanghai to be headed by a Trade Commissioner - whose focus will be to secure more foreign direct investments from China into PNG and secure more Chinese markets for our goods, including our LNG gas and agriculture, fisheries, marine, and forestry products,” Marape added.