Bank of China held an official opening ceremony for its branch in Malaysia’s historic city of Malacca on Friday, which is expected to further boost economic and financial ties between Malaysia and China.
In his speech, Idris Haron, Chief Minister of Malacca, welcomed the opening-up of the branch by the Bank of China.
He praised the Bank of China’s role in fostering growth of economy and investment in Malaysia, as well as the implementation of projects under the China-proposed Belt and Road Initiative.
With Bank of China’s excellent record, Idirs believes its Malacca branch will serve as “catalyst for bilateral economic development and growth.”
Proposed in 2013, the Belt and Road Initiative aims to build trade and infrastructure networks connecting Asia with Europe and Africa on and beyond the ancient Silk Road routes. It comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road. Malaysia is one of the first countries that has supported the initiative.
Wang Hongwei, Chief Executive Officer of Bank of China Malaysia, said a branch by Bank of China has been long anticipated by many in Malacca. The historic ties exist since the great Chinese navigator Zheng He visited Malacca five times in his seven voyages more than 600 years ago.
For his part, Chinese Ambassador to Malaysia Bai Tian said financial integration is one of the important topic in the Belt and Road Initiative, and it will serve as the “lubricant” and “accelerator” for cross-border collaboration.
The opening of the Malacca branch shows that Bank of China identifies Malaysia as a potential place for long-term development, and the new branch will attract more investment from China, and spur Malcca’s growth, Bai said. Since the re-commencement of business in Malaysia in 2011, Bank of China has been playing a pivotal role in business development and the facilitation of bilateral trade between Malaysia and China.
The Malacca Branch is Bank of China’s eighth Branch in Malaysia. Xinhua