Japan’s Resona Bank has signed an agreement with Myanma Apex Bank providing for closer financial cooperation, as Japanese firms look to extend their investments in Myanmar.
The agreement aims to improve banking connections between the two countries, particularly for Japanese investors in Myanmar as well as Myanmar citizens in Japan, according to Apex Bank chair U Chit Khaing.
Central Bank of Myanmar deputy director general U Win Thaw said Japanese investment is increasing, particularly into the Dawei, Kyaukphyu and Thilawa SEZs. He added Japanese investment to the end of June reached US$230 million.
“Japanese companies don’t just come to Myanmar as individuals, but also as corporations, and that helps to develop banking services,” he said. “It’s a good time for these two banks to cooperate.”
Japanese ambassador to Myanmar Tateshi Higuchi said Resona bank has already assisted 50 Japanese enterprises with doing business in Myanmar.
“We hope this number will increase through the Thilawa development. Resona is also dependable for small and medium enterprises,” he said.
Resona Bank representative director, chair and excutive officer Kazuhiro Higashi said the bank has about 600 branches and strong connections with existing small and medium enterprises.
Three different Japanese banks – The Bank of Tokyo-Mitsubishi, Sumitomo-Mitsui and Mizuho – received preliminary licences in October to open branch offices in Myanmar.
Source: MYANMAR TIMES