The EXIM Bank Malaysia yesterday announced the Bank's expansion plans in Sri Lanka observing several conducive market factors.
EXIM Bank Malaysia President Adissadikin Bin Ali and Head of Banking Nor Shahmir Bin Nor Shahid yesterday at a press conference noted that Sri Lanka's above average economic growth of 7%, together with prudent policy efforts at all levels in recent years has placed its economy on much firmer ground. It has found world attention with a growth story that remains an inspiration to the South East Asian trading block.
According to the results of the OECD Development Centre's Medium-Term Projection Framework (MPF-2014), Real GDP growth across Emerging Asian economies is projected to be robust over the 2014-2018 periods. In this context, over the medium to longer term, the Sri Lankan balance sheet is poised to grow significantly given its dynamic people, its strategic positioning and proximity to markets, such as East Asia and the African and Middle East trading blocks.
Commenting on the success of their visit Bin Nor Shahid noted: "We see this as a realistic opportunity and are excited to be here today. Our visit also signifies our fullest support to the Government's multi-pronged development strategy, 'Vision 2020', and efforts to become a developed economy by 2035. A major part of the vision is the focused toward shifting development to the rural areas, thereby, integrating the country in its high growth trajectory. With it we see the social situation also improving as the fruits of large investments come into effect."
The representatives participated in a series of discussions with Secretary to the Treasury, Ministry of Finance & Planning, Dr. P.B. Jayasundera, Central Bank Governor Ajith Nivard Cabraal, and Minister of Industry and Commerce Rishad Bathiudeen during their two day visit.
"In our discussions held with The Economic Development Ministry, Ministry of Finance & Planning, and Central Bank of Sri Lanka, we found that the Sri Lankan Government has recognized that a key role must be played by SMEs in the economy and have instituted policies to improve their productivity and access to markets. To this end EXIM Bank Malaysia is well positioned to provide tangible assistance through our project financing, contract financing as well as trade financing for Malaysian joint venture companies in Sri Lanka. EXIM Malaysia is also keen to provide technical support through our multiple product framework. Our visit to Sri Lanka has been extremely helpful and provided great insight, we firmly believe that the country is well positioned to overcome both economic and social challenges and achieve its desired vision, outlined in the 2020 policy framework," he elaborated.
The Export-Import Bank of Malaysia Berhad (EXIM Bank) was incorporated on 29 August 1995 as a government owned development financial institution through a wholly owned subsidiary of the Minister of Finance Incorporated. The Bank was established to promote reverse investment and export of strategic sectors, such as, capital goods, infrastructure projects, shipping, value added manufactured products and also to facilitate access into new markets, particularly to the non-traditional markets. EXIM Bank in its export promotion effort also collaborates with Malaysian government agencies including Ministry of International Trade and Industry (MITI), Malaysia External Trade Development Corporation (MATRADE), Malaysian Investment Development Authority (MIDA), Small And Medium Enterprise Corporation Malaysia (SMECorp), and Construction Industry Development Board Malaysia (CIDB).