SYDNEY, June 2 (Xinhua) -- 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.
PNG Prime Minister James Marape said while addressing the Bank of China office inauguration that PNG 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 two countries' people and businesses, and that the business partnerships will sustain into the future.
The Bank of China's chairman Ge Haijiao said that the bank will continue to leverage its advantages in globalization and strengthen the construction of a collaborative service network in the South Pacific region.
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.