Sri Lanka’s Board of Investments (BOI) yesterday said Japan’s Bank of Tokyo Mitsubishi UFG Ltd (BTMU) would be opening a representative office in Sri Lanka March next year to facilitate Japanese investments to the country.
The opening of the representative office in Sri Lanka is however will be subject to regulatory approvals in Japan.
The initial Memorandum of Understanding (MOU) to set up a BTMU representative office in Sri Lanka was signed between BTMU and BOI in 2014.
Under this MOU, BTMU agreed that it would promote Japanese investments in Sri Lanka and foster business partnerships between Sri Lankan and Japanese entrepreneurs.
BOI in return agreed to collaborate with BTMU in hosting seminars to inform Japanese companies of FDI opportunities in Sri Lanka, communicate with BTMU on upcoming projects and especially to attract industrial investments in Sri Lanka.
Several BOI seminars have already been held in Japan. BTMU also agreed to steer Japanese companies to seminars held by the BOI and to introduce Japanese investors on a personal level and facilitate meetings between the two countries, specially between investors and prospective projects.
In a statement issued by BTMU, Sri Lanka has been described as a country “enjoying high economic growth rate of 6 percent to 8 percent per annum, largely driven by rising demand for infrastructure, construction and flourishing tourism.
The statement also stated that “Sri Lanka is neighbour to India which is also rapidly developing, is located astride the strategic sea lanes which connects Asia with the Middle East and Africa.”
The Bank also noted that there are more than 100 Japanese corporates that have been investing in Sri Lanka and more investments were expected.
BTMU is the largest bank in Japan established on January 1st 2006 with the merger of Bank of Tokyo Mitsubishi Ltd and UFJ Bank Ltd., It has a strong client base among leading Japanese corporates.