Margrith Lütschg Emmenegger, president of Fimbank Group, was invited by the ministry of foreign affairs in Malta and the ambassador of Malta to China, HE Karl Xuereb, to participate in a high-powered delegation of the minister of foreign affairs, Hon Michael Frendo, in his official government visit to China.
Lütschg Emmenegger joined the delegation representing major Maltese industries for two days in Beijing and one day in Shanghai, enabling her to provide support to the official government visit while at the same time taking care of some Fimbank Group initiatives.
The bank is working with the International Finance Corporation (IFC), the private investment arm of the World Bank, to find a suitable Chinese partner to establish a joint venture in factoring and forfaiting.
The IFC, which owns 7% of Fimbank and is a partner of the India and Egypt joint ventures, is keen to help promote trade financing targeted at small and medium-sized Chinese firms.
The visit was onset with the seventh session of the Malta-China Joint Economic and Trade Commission at the ministry of commerce (Mofcom). The minister gave all participating companies an opportunity to introduce their institutions and provide some key elements of their plans in China. This is quite unusual for this type of event and provided a good opportunity for Fimbank to introduce the idea of the joint venture.
This was followed by presentations and meetings at the China Council for the Promotion of International Trade (CCPIT) also known as China Chamber of International Commerce. The aims of the CCPIT are to promote foreign trade, attract foreign investment, conduct activities of Sino-foreign economic and technological cooperation and promote the mutual understanding and friendship of economic and trade relations between China and other countries around the world.
Lütschg Emmenegger thanked the minister for the opportunity and stated that the visit was very productive and a good step forward. Nevertheless a thorough follow-up and some patience will be imperative to succeed in this market which undoubtedly offers paramount opportunities for Fimbank and Malta.
Fimbank is already present in the UK, US, Brazil, Russia, Turkey, Egypt, UAE and Singapore. A presence in China would further establish the group as a global player in the trade finance sector and enhance its product range and reach adding value to its customers and shareholders.