Aug 04, 2011 (LBO) – Malaysia’s CIMB financial group has formed a joint venture in Sri Lanka to target investors in East Asia as the island’s growth picks up after a 30-year war and opportunities come up in areas including infrastructure, officials said. CIMB Holding group will hold 51 percent of the Sri Lanka venture which has an initial investment commitment of two million dollars.
“CIMB is impressed with the future for Sri Lanka,” CIMB group chief executive Nazir Razak said.
“We are impressed with the governments far sighted plans to transform the country by building on stable macroeconomic fundamentals, strong democratic foundations and strategic location.”
Nazir said he saw opportunities in areas including infrastructure and plantations and CIMB would study the country deeper to present deals clients.
After a 30-year war ended in Sri Lanka in May 2009 economic growth has touched 8.0 percent and inflation has been stable around 7.0 percent.
Nazir said the Association of South East Asian Nations (ASEAN) as a region had 3.5 billion dollars of annual trade with Sri Lanka and firms such as Malaysia’s Axiata and Maxis were already among the largest foreign investors in Sri Lanka.
Meanwhile Sri Lankan firms such as Carsons Cu