Bank of China

The momentous occasion was also attended by Bank of China Chairman, Ge Haijiao, and Chinese Ambassador to PNG, Zeng Fanhua. Members of parliament and the private sector were also there in support.

Marape commended and welcomed the Bank of China for stepping into developing economies like PNG because they only have offices in bigger economies like Australian and New Zealand.

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.

Marape also encouraged the Bank of China to apply for a full commercial banking license from BPNG to set up and operate a full banking network in PNG.

The Bank of China operates in 60 countries around the world and is the world’s fourth biggest banking group.

It has a diverse portfolio of investments which also includes investments in airline companies.

Prime Minister James Marape made this announcement recently when welcoming the Bank of China officials in Port Moresby.

He told visiting officials from the Bank of China, that amongst our highest trade priorities is the immediate arrangements for direct flights from Shanghai to Port Moresby.

“Our Government is looking for a Chinese Airline that can service the route under a Code Share arrangement with our national airline, Air Niugini.”