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Bank of China to open branch in Papua New Guinea

Papua New Guinea and China signed a memorandum of understanding in Beijing last week to allow for the Bank of China to open an office in the country.

Foreign Minister Rimbink Pato officially signed the MOU with the Liu Liange, the vice-chairman and president of the Bank of China, which will now allow the bank of China to open an office in Port Moresby as soon as they are ready.

Prime Minister Peter O’Neill witnessed the signing ceremony between Pato and Liange on the bank instruments and also the signing of the belt and road implementation and cooperation plan memorandum of understanding with China.

O’Neill said this was one of his successful outcomes of the visit to China and bilateral meeting with Chinese Premier Li Keqiang where two memorandum of understanding instruments were signed.

O’Neill also witnessed the signing of the belt and road implementation and cooperation plan memorandum of understanding with China.

The signing of those memorandums occurred following his address to the high level meeting of the road and belt forum at the China national convention centre.

Chinese Premier Li Keqiang on Friday also met with O’Neill, who attended the second belt and road forum for international cooperation in Beijing.

Li said China was willing to align the Belt and Road Initiative (BRI) with PNG’s development strategies, expand pragmatic cooperation in various fields, accelerate the joint feasibility study on the bilateral free trade agreement, and better achieve mutual benefits.

He said that China hoped that PNG will play a constructive leading role among the Pacific island countries and promote the deepening of the overall relations between China and the Pacific island countries.

O’Neill on the other hand thanked China for its support for PNG’s development and praised the BRI which has been a strong boost for PNG’s development.

O’Neill reiterated that PNG adhered to the one-China policy and was willing to enhance cooperation in economy, trade and investment with China.

He said PNG will work hard to complete negotiations on the bilateral free trade agreement and jointly enhance the comprehensive strategic partnership between the two countries.

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