CII and BOI stimulate investment corridors between India and Sri Lanka

Wednesday, 22 December 2021 00:00 - - {{hitsCtrl.values.hits}}

Central Bank of Sri Lanka Governor Ajith Nivard Cabraal

To facilitate progressive engagement between key industry leaders and potential investors, and strengthen bilateral trade ties between Sri Lanka and India, the Confederation of Indian Industry (CII) and the Board of Investment (BOI) of Sri Lanka co-hosted a strategic investment webinar recently.

The event was held under the patronage of Consul General of Sri Lanka in Mumbai Dr. Valsan Vetody and Central Bank of Sri Lanka Governor Ajith Nivard Cabraal, and was ably supported by the Consulate General in Mumbai.

Titled ‘Strengthening Bilateral Trade and Investment Opportunities with Sri Lanka’, the webinar primarily explored potential investment opportunities in Sri Lanka for BOI’s strategic development projects based out of its newly established pharmaceutical zone in Arabokka and textile zone in Eravur. The textile zone has already secured investment approximating $ 60 million, with additional investors also reserving land. Once operational, the zone will generate 5,000+ employment opportunities, which is a significant step in the right direction for a region that otherwise ranks high on youth unemployment relative to the rest of the country. Furthermore, it also helps Sri Lanka to localise a significant quantum approximating $ 2 billion of fabric-related imports.

The Arabokka pharmaceutical zone is established on 400 acres of land in an effort to support the development of a $ 1 billion industry vertical, through import substitution and exports. The development will be completed in two phases, where approximately 20 pharmaceuticals companies will be accommodated for a land extend of 200 acres, with state-of-the-art infrastructure and services on par with international standards.

Following the webinar, sectoral focused discussions on exploring investment opportunities in the areas of pharmaceutical, textile, ICT, infrastructure and food processing industries were facilitated and led by key industry stakeholders in these respective sectors. Key industry representatives and resource personnel in hosting the webinar, included Board of Investment (BOI) Sri Lanka Executive Director for Investment Promotion Prasanjith Wijayathilake, CII Gujarat State Council Chairman Vinod Agrawal, India CEO Forum Chairman Kishore Reddy, Navitas Green Solutions Chief Operating Officer Shaibal Ghosh, Viraj Manatunga from the Sri Lanka Pharmaceutical Manufacturing Association (SLPMA), Yohan Lawrence from the Joint Apparel Association Forum (JAAF), Ashique M. Ali from the Sri Lanka Association for Software Services Companies (SLASSCOM), Yamuna Jayaratne from Colombo Port City and Randeewa Malalasooriya from Ceylon Biscuits Ltd. (CBL) Natural Foods Cluster led the discussion for food processing sector.