The Bank of Tokyo-Mitsubishi UFG Ltd (BTMU) will open a representative office in Sri Lanka at the end of March 2016, subject to regulatory approval by Japan, its President Nobuyuki Hirano announced.
The bank said in a statement that there are more than 100 Japanese companies have been investing in Sri Lanka and more investments are expected.
The Board of Investment said the presence of the bank, Japans biggest, would greatly facilitate investment by Japanese companies into Sri Lanka.
The Bank of Tokyo-Mitsubishi partnered signed an agreement with the BOI last year under which it would promote Japanese investments in Sri Lanka and foster business partnerships between Sri Lankan and Japanese entrepreneurs.
The statement by BTMU described Sri Lanka as a country “enjoying a high economic growth rate of 6-8 percent a year largely driven by rising demand for infrastructure, construction and flourishing tourism.”
The statement said that Sri Lanka is 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.
BTMU has eight offices in South Asia. It has five in India in Mumbai, New Delhi, Bangalore, Neemrana and Chennai. It also has offices in Karachi, Pakistan, and Dhaka, Bangladesh. (EN)