Ravi woos investors in Hong Kong

Finance Minister Ravi Karunanayake

Finance Minister Ravi Karunanayake yesterday pitched investment opportunities in Sri Lanka to a global audience at the Asian Investment Conference, encouraging ventures in capital markets, infrastructure and tourism. 

Karunanayake in Hong Kong for the Conference attempted to bolster business confidence and explain the fiscal consolidation process undertaken by the Government.     

“It is not easy to bring in reform. Reform options have to be presented in a manner to be accepted by the people and it is a process. I am proud to state that the budget proposals presented and approved by the parliament consisted of over 450, whereas the previous budget of 2015 was limited to 62.” 

He also insisted the Government would work towards tax reforms, improving simplicity and reducing leakage to increase public revenue. 

“Whilst addressing the decline in tax revenue over the years we provided immense relief to income tax payers bringing down the rate to 15% for most of the economic sub sectors excluding certain limited enterprises. The personal taxation threshold had been extended providing much needed relief,” he told the gathering. 

“We had laid tremendous emphasis on the development of Micro, Small and Medium enterprises and the concessions and opportunities granted extend from finance, venture capital and marketing assistance.” 

Fresh efforts could be made to widen investment into new areas creating fresh opportunities, the Finance Minister said during his address. 

“Capital markets are an untapped resource in Sri Lanka. Demutualisation of the “Colombo Stock Exchange” will be explored to develop capital markets in Sri Lanka to ensure vibrancy and dynamism of the sector. The potential of growth of capital markets in Sri Lanka could be termed as immense.”

The Minister also drew attention to many opportunities available in the development of infrastructure, shipping industry, transportation, industrial estates, expressways, creation of a new Megapolis and irrigation projects.