Japan’s Bank of Tokyo-Mitsubishi to drive FDI to Sri Lanka
ECONOMYNEXT – Japan’s Bank of Tokyo-Mitsubishi (BTMU), has sent up a representative office in Colombo to bring more investors to Sri Lanka and also help existing companies in the island, officials said.
"Sri Lanka is one of the countries in which Japanese direct investments have been growing," Go Watanabe, Chief Executive for Asia and Oceania said.
"The BTMU will play a critical role in facilitating cross-border flows.
"The establishment of our representative office here will deepen our presence in the South Asia region."
The bank has fully fledged branches in India and Pakistan and a representative office in Bangladesh.
Bank of Tokyo-Mitsubishi which signed an agreement with the Board of Investment in Sri Lanka in 2014 had already helped the agency hold investment forums to reach Japanese investors.
Watanabe said the office will support firms in Sri Lanka and customers who want to enter the country.
Sri Lanka also can tap BTMU’s global network and customers to finance infrastructure, he said.
Deputy International Trade Minister Sujeewa Senasinghe said the close relations with Japan is strengthening and he expected more investments from the country.
He said Sri Lanka wanted to boost foreign direct investment which was around billion US dollars last year to five billion dollars in three years.
Senasinghe said efforts were underway to make the investment environment and a ‘one-stop-shop’ which will allow investors to get clearances from state agencies in one location will also open on Thursday. (Colombo/Jan21/2016)