BOC, EDB partner to support export sector through strategic alliance

Thursday, 31 August 2023 04:20 - - {{hitsCtrl.values.hits}}

Bank of Ceylon Acting Chairman Naresh Abeyesekera (left) and Sri Lanka Export Development Board Chairman Dr. Kingsley Bernard exchange the MoU signed between the two organisations

The Bank of Ceylon, 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 BOC Acting Chairman Naresh Abeyesekera, General Manager Russel Fonseka, Export Development Board Chairman Dr. Kingsley Bernard, and other officials representing the two institutions.

The BOC bids its service as a good corporate citizen going beyond its mandate as a banking institution to enhance the potential of exporter SMEs. BOC has been engaged in numerous initiatives to assist the 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 specialised units namely Export Circle and SME Circle that adds value to the network of exporters and SMEs.

BOC Acting Chairman Abeyesekera said that it was 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 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, EDB Chairman Dr. Kingsley Bernard emphasised 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 emphasised 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 BOC, this initiative is poised to pave the way for a more vibrant and resilient export-oriented economy in Sri Lanka.