The Bank of Ceylon, country’s No.1 Bank has recently signed a Memorandum of Understanding (MoU) with the country’s apex institute to promote Sri Lankan exports, Export Development Board (EDB) marking a significantly important strategic partnership to foster export related indigenous SMEs.
Initiated by the bank’s ‘Consumer and Development Banking’ division the objective of this strategic partnership is focused at empowering these SMEs through a series of programs to upscale their financial literacy and business intelligence, empowering them to meet with demands of international trade markets, eventually to elevate country’s export sector.
The official ceremony took place at the bank’s Head Office with the participation of the bank’s Acting Chairman Mr. Naresh Abeyesekera, the General Manager Mr.Russel Fonseka, the Chairman Export Development Board Dr. Kingsley Bernard, and other officials representing the two institutions.
The Bank of Ceylon, the leading banking establishment, bids its service as a good corporate citizen goes beyond its mandate as banking institution to enhance the potential of exporter SMEs. BOC has been engaged in numerous initiatives to assist SME sector to break through the barriers to financial and digital literacy and business intelligence apart from providing financial assistance. In providing much inclusive service BOC established specialized units namely Export Circle and SME Circle that adds value to the network of exporters and SMEs. Commenting on this joint effort Acting Chairman of BOC Mr. Abeyesekera states that it is imperative to enhance the contribution of export interpreted SMEs as a strategic approach for a sustainable socioeconomic growth. He further stressed that BOC can comfortably leverage on the strength of its geographical and digital reach to approach these SMEs across the country. BOC’s financial strength and resourcefulness in many fronts can assist the Government mandate to build an export-led economy.
The apex governmental body entrusted with the responsibility of promoting and advancing Sri Lanka's exports, the Sri Lanka Export Development Board (SLEDB) undertakes various roles within the export sector, acting as a Policy Adviser, Promoter, Facilitator, and Knowledge Provider.
During the official announcement of the MoU, Dr. Kingsley Bernard, Chairman of the EDB, emphasized the imperative of adopting an export-led investment approach, rather than solely focusing on investment. Drawing inspiration from successful examples like South Korea and Japan, Dr. Bernard highlighted the significance of brand development in propelling national economic growth. He underscored the pivotal role that prominent companies playing in promoting their brands have had in shaping these countries' economic landscapes. He further emphasized the need for Sri Lanka to embrace a similar strategy to bolster its own economic development.
This strategic partnership between these two institutions signifies a collaborative commitment to nurturing the potential of SMEs in the export sector. BOC’s own media unit TV BOC will be hosting the production of a series of knowledge sharing video's targeting export SMEs. By combining the expertise of the EDB in export promotion and policy guidance with the financial support and resources offered by the Bank of Ceylon, this initiative is poised to pave the way for a more vibrant and resilient export-oriented economy in Sri Lanka.
Photo Caption:
The Bank of Ceylon’s Acting Chairman Mr. Naresh Abeyesekera, the General Manager Mr.Russel Fonseka, the Chairman Export Development Board Dr. Kingsley Bernard (Middle) exchanging the Memorandum of Understanding (MoU) of strategic alliance of BOC and EDB