Lao, Malaysian banks promote regional business investment
Lao, Malaysian banks promote regional business investment
Lao and Malaysian banks recently partnered in developing banking cooperation in Laos and the region, according to Laos' Joint Develop ment Bank (JDB) on Friday.
The Joint Development Bank and Malaysia's Export-Import (EXIM) Bank signed a Memorandum of Understanding on May 26 to expand their cooperation with a view to developing a stronger and more stable financial system. They also plan to implement additional financial mechanisms that will expand their capacity.
JDB Vice Chairman and Director General, Mr Sounthorn Chanthavong, told Vientiane Times on Friday there were three main areas of cooperation they would focus on to support co-financing with Malaysian investors in Laos.
The first is to provide credit to businesses for infrastructure development in Laos, such as large con struction projects, by Malaysian investors. The second is bank management capacity building for JDB staff, and the third is building a customer network in Asean countries for the two banks.
President and CEO of the EXIM Bank, Ms Mohammed Norzilah, said at the signing ceremony that this cooperation would profit the two banks amid a more competitive environment due to increasing regional and global integration.
She said the EXIM Bank worked to assist and support Malaysian companies working overseas in the areas of investment and consultancy.
Also speaking at the ceremony, Mr Sounthorn said the business partnership between the two banks was a new step in building an alliance that would be mutually supportive and provide a policy of development cooperation to further build the economy in the Asean region and the world.
The two banks are confident their partnership will enable them to provide better services for investors in the region.
