ICBC to become major BRI financier in Myanmar

The Industrial and Commercial Bank of China (ICBC) will position itself as the main financial services provider for all projects under China’s ambitious Belt and Road Initiative (BRI), Hong Laing, Chinese ambassador to Myanmar, said at the two-year anniversary ceremony of ICBC Yangon on October 21.

The BRI is a huge project backed by the Chinese aimed at boosting trade and extending China’s economic influence across 68 countries spanning three continents – Asia, Europe and Africa.

“The BRI is a historic and powerful opportunity for everyone involved. Our bank has full confidence to take part as a financier in the project, which is also important for Myanmar’s economy development,” said Mr. He Bi Qing, the general manager of ICBC’s Yangon branch.

Myanmar signed a cooperation agreement with the Chinese at the BRI Forum for International Cooperation held in China in May, 2017.

“The Myanmar government has already agreed to cooperate in the project. In view of the goal between the two countries being economic development, we anticipated that Chinese financial companies will open their branches in Myanmar. We want to contribute to the Myanmar financial market and help in its development,” said Mr. Hong Laing.

He said that cooperation in matters such as stock trading businesses, insurance business and nurturing skilled banking personnel in the direct monetary as well as foreign currency trade must be signed quickly between the two countries.

Currently, the Chinese are also involved in negotiations over the proposed Kyaukphyu Special Economic Zone, which consists of an industrial park and a $7.5 billion deep-sea port in Rakhine State. In 2015, a consortium led by CITIC won a bid to develop both the port and the park. The consortium includes China Harbor Engineering, China Merchants, TEDA Investment, Yunnan Construction Engineering Group and Thailand’s Charoen Pokphand Group.

ICBC Bank is providing its financial service in Asia, Africa, Latin America, Europe, the US and Australia. It has opened branches in 143 countries and established relations with 1519 foreign banks as representative banks.

Source : Myanmar Times

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