Japan's Mizuho Bank Ltd. said Monday it has signed a Memorandum of Understanding for business cooperation with Board of Investment (BOI) of Sri Lanka on September 7, 2014.
The MoU aims to provide beneficial business information and wide-ranging services to mainly Japanese customers that are considering new entrance into the Sri Lankan market or expansion of existing businesses, the bank said in a statement.
Mizuho Bank said it will take actions including mutually cooperating to attract Japanese corporations into Sri Lanka, jointly holding investment seminars and visits to Sri Lanka, and providing support for the various procedures when Japanese companies enter Sri Lanka.
The BOI, the agency responsible for attracting foreign corporations and investments to the island, recently has been strengthening its structures to attract Japanese corporations through actions such as inviting an external Japanese advisor and establishing a Japan desk.
Mizuho Bank has also entered into a business cooperation agreement with Sri Lanka's largest state-owned commercial bank, Bank of Ceylon (BOC), in July this year. The agreement with the BOC aims at providing local financial services to Japanese companies operating in Sri Lanka.
"These arrangements create a framework enabling Mizuho to provide comprehensive services to Japanese corporations from the early stages of considering expansion into Sri Lanka through to support for business development after establishing operations," the bank said.
As well as strengthening access to business in Sri Lanka, where economic conditions are projected to be strong going forward, and contributing to economic development there, Mizuho said it will continue to support the expansion of their customers' businesses through their provision of business opportunities in Sri Lanka.