The Bank of Tokyo Mitsubishi UFG Ltd. (BTMU) formally announced that it would be opening a new representative office in Sri Lanka at the end of March 2016, subject to regulatory approval in Japan.This development is of strategic importance since it greatly facilitates investment by Japanese companies into Sri Lanka.
In the statement issued by the bank, Sri Lanka has been described as a country “enjoying high economic growth rate of 6% to 8% per annum largely driven by rising demand for infrastructure, construction and flourishing tourism”.
The statement notes that “Sri Lanka is a neighbour to India which is also rapidly developing and is located astride the strategic sea lanes which connects Asia with the Middle East and Africa.”
The bank also added that more than 100 Japanese corporates have been investing in Sri Lanka and more investments were expected.
In the establishment of the new representative office in Colombo, the Bank Tokyo Mitsubishi partnered with the Board of Investment of Sri Lanka and signed an agreement with the BOI. Under this Memorandum of Understanding the bank said that it would promote Japanese investments in Sri Lanka and foster business partnerships between Sri Lankan and Japanese entrepreneurs.
Furthermore, BOI agreed to collaborate with BTMUin 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 been held in Japan.
BTMU in return 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 especially between investors and prospective projects. This has also been done by the bank. The agreement was signed from the Japanese side by Go Watanabe, Chief Executive Officer for Asia and Oceania for BTMU.
BTMU is the largest bank in Japan established on 1 January 2006 with the merger of Bank of Tokyo Mitsubishi Ltd. and UFJ Bank Ltd. It has a strong client base among leading Japanese corporates.