HSBC Bank Malta plc has entered into a two-year support agreement with the Maltese-Chinese Chamber of Commerce (MCCC) to support entrepreneurs from both countries doing business.

Launched in January 2011, the MCCC has grown steadily to include 79 corporate and individual Maltese members who benefit from the Chamber’s assistance in their business relations with Chinese firms.

“This generous support from HSBC Bank Malta is excellent news for the MCCC and, in turn, the local business prospects. The steady growth of the Chinese economy brings valuable opportunities and the MCCC’s role is to facilitate and support win-win business operations between Malta and China,” said MCCC president Chev. Maurice Mizzi.

“Malta’s strategic position as an EU member, coupled with its rich skills base, makes it a uniquely important access point for Chinese industries, especially those wishing to do business in the larger European market and the North African market. This Chamber helps actualise opportunities by offering a supportive point of reference for Maltese-Chinese business relations,” said Chev. Mizzi.

“With the country’s economic growth in the last few years, China has become one of the key pillars of the global economy. The size and scope of China as a potential market is huge, with 93 of its cities boasting a population of five million or more. It is the scale of this opportunity that makes China so attractive for business between Malta and China,” said HSBC head of Commercial Banking Michel Cordina.

HSBC’s support for the MCCC follows the launch of the HSBC Renminbi (RMB) trade settlement account, which established HSBC as the first bank in Malta to enable Maltese companies to trade in RMB. This breakthrough facility removes the exchange risk inherent in working via a third currency, thereby facilitating trade and investment with Chinese counterparts.

HSBC’s solutions for payments in RMB are a result of the HSBC Group’s presence in China and Hong Kong, its deep knowledge of this market, and its global network of customers who want to trade in RMB.