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Friday Apr 26, 2024
Wednesday, 29 November 2017 00:00 - - {{hitsCtrl.values.hits}}
By Charumini de Silva
The Government yesterday enlightened over 200 prospective investors from China, Wall Street, London, Geneva, Dubai, Hong Kong, Singapore and Amsterdam on the endless investment opportunities in Sri Lanka at the inaugural Sri Lanka Economic and Investment Conclave (SEIC) 2017 which kicked off in Colombo yesterday.
Delivering the keynote address, Megapolis and Western Development Minister Patali Champika Ranawaka stressed that the Government was keen to encourage genuine and serious investors to invest in Sri Lanka’s major infrastructure projects, which were necessarily associated with the country’s modern smart city concept.
“The local and global private sector will be considered as our key partners. The Government will only invest in the absolute essential areas and the private sector has to do the vital investments. We have planned our infrastructure to suit modern day requirements with a futuristic aspect in mind and promoting a public-private partnership (PPP) model,” he added.
Noting that Sri Lanka was blessed with a well-educated population, solid legal framework, clean environment and a strategic location in South Asia, the Minister invited all investors to leave their footprint in Sri Lanka, which he described as the hub of the Indian Ocean.
Ranawaka also acknowledged China’s longstanding friendship and said China today was the largest donor and investor to Sri Lanka.
Central Bank Governor Dr. Indrajit Coomaraswamy said the global economy had a number of tailwinds for Sri Lanka and considering all the macroeconomic factors, it provides the country with a great opportunity to further economic prosperity.
“The global economy has a number of tailwinds for Sri Lanka. The macroeconomic fundamentals are being strengthened through clear frameworks which have been put in place to provide consistent and predictable policies, while a growth framework has been improved for the investment climate. We have the location and we have excellent international relations with all the countries in the world. So when you take all of that together Sri Lanka provides you with a great opportunity,” he told a room packed with foreign investors.
In addition, he asserted that Sri Lanka had a great opportunity to take advantage of China’s massive outflow of capital in the next 10-15 years.
“One particular phenomenon that needs to be taken is the fact that China like Japan in the 1980s is moving its focus from exports of goods to a laser light focus on the export of capital. It is going to use the BRI to export capital and Sri Lanka is fortunate to be located right in the middle of the silk route. The opportunity is there to be taken and we must grasp it,” he added.
With the key export markets of the US and the European Union now on an upward growth trajectory, Dr. Coomaraswamy said it has positively reflected on Sri Lanka’s past five-month export figures.
“Sri Lanka will be the only country in the world that will have preferential access to China, India and Europe. We are also working on many bilateral trade agreements with India, China and Singapore. The real prize of these trade agreements is to show this preferential access to these markets and our location. These are massive differentiating factors for Sri Lanka to attract investors,” he pointed out.
This groundbreaking initiative was organised with the endorsement of the Federation of Industry and Commerce of China, the Colombo Chamber of Commerce and the Indian SME Chamber of Commerce to encourage foreign investments and to foster better relations between the Sri Lankan business community and its counterparts overseas.
China Federation of Industrial Economics (CFIE) Executive Vice Chairman Xiong Meng said China attaches great importance to its relations with Sri Lanka. “We see Sri Lanka as an important partner in building BRI in line with the National People’s Representative Meeting’s diplomacy policy.”
SEIC 2017 Organising Committee Chairman Dr. Palitha Kohona said it is the first in a series of conclaves that will be hosted by the organising committee to highlight Sri Lanka’s abundant potential as an investment destination.
“Our goal is to introduce this land of endless opportunities to the world and hope that mutually beneficial prosperity will follow. We aim to use this conclave to methodically and in detail explain what Sri Lanka has to offer by way of opportunities to the wide range of participants at SEIC 2017,” he added.
Dr. Kohona said the keen interest of Chinese businesses in SEIC 2017 clearly suggested that Sri Lanka has something special to offer.
Two memorandums of understanding (MOUs) between the Colombo Chamber of Commerce and CFIE were also inked at the inaugural conclave.
The two-day conclave will feature a range of in-depth analytical presentations on topics of immediate and future relevance to Sri Lanka’s economic development, especially in the area of foreign investments and to the economies of the countries in the region. Speakers will explore different aspects of Sri Lanka’s Vision 2025. In addition, China’s Belt and Road Initiative (BRI), which will have a transformative impact on the economies of the vast Asian and African regions, will also be discussed.
Pix by Sameera Wijesinghe
