Bank of China (Canada), a wholly owned subsidiary of the Bank of China, has consolidated its Canadian trade finance services at its International Business Centre in Vancouver. This centre will lead all new trade settlement business for the Bank of China (Canada).

"The Bank of China has recognized the value of doing business in Vancouver and British Columbia," said Premier Christy Clark. "The Jobs and Trade Mission is about making British Columbia the gateway to North America and the world for Asian trade and investment. By expanding our trade and business relationships, we will continue to drive economic activity throughout the province."

Building on this positive working relationship, Premier Christy Clark and Minister of International Trade Teresa Wat met with Tian Guoli, chairman of the Bank of China, at their Beijing headquarters today. During the meeting, they discussed opportunities to deepen British Columbia and China's trade and investment relationship and identify further opportunities to co-operate.

"Bank of China envisions further growth for its Canadian operations with the expanding economic activities between Canada and China, and British Columbia has always been the prime choice when Asian enterprises establish their Canadian subsidiaries," said Jacqueline Yam, vice president, Greater Vancouver Area, Bank of China (Canada). "By registering our International Business Centre under British Columbia's International Business Activity program, we can further expand our presence here and contribute to the local community."

"Trade missions and our expanded international trade and investment network allow us to promote British Columbia as an attractive destination for Asian companies looking to locate head offices for their North American operations," said Teresa Wat, Minister of International Trade and Minister Responsible for the Asia Pacific Strategy and Multiculturalism. "We are focusing on major Asian companies with a strategic interest in investing in British Columbia and we are making sure they know about our investment and location advantages."

The Jobs and Trade Mission continues on Thursday with Premier Clark departing Beijing and flying to Seoul for high-level meetings in Korea. Wat will continue to focus on the China market before concluding her mission in Hong Kong on Dec. 4.

Quick Facts:

• Bank of China is one of the world's largest financial institutions and public companies, ranking 11th on the most recent Forbes Global 2000 list with assets exceeding $2 trillion.
• Bank of China (Canada) was incorporated as a Schedule II bank in September 1992 and has opened branches in Vancouver, Richmond and Burnaby.
• British Columbia's International Business Activity program provides eligible corporations a refund of B.C. income tax related to international business conducted in the province.
• British Columbia is the first foreign government to issue bonds into the Chinese Renminbi (CNH) market. The Bank of China acted as a co-manager of a one-year-term bond that raised $428 million, the largest CNH bond by a foreign issuer to date.
• The 2013 Jobs and Trade Mission is supported by British Columbia's international trade and investment network throughout Asia. B.C. has trade and investment offices in Beijing, Shanghai, Guangzhou and Hong Kong in China.

Learn More:

The BC Newsroom has live updates from #TM13 here: http://www.newsroom.gov.bc.ca/2013/10/growing-markets-in-asia-and-promoting-investment-in-british-columbia---trade-missions.html

You can also follow the 2013 trade mission using www.BritishColumbia.ca, the Province's international-facing website, its Twitter feed at https://twitter.com/BCTradeInvest and on LinkedIn: http://www.linkedin.com/company/trade-&-invest-british-columbia

Contacts:

Sam Oliphant
Press Secretary
Office of the Premier
250 952-7252

Media Relations
Ministry of International Trade
778 977-0298