The Delhi Chapter of the PHD Chamber of Commerce and Industry organised a roundtable business interactive session together with the Sri Lanka High Commission, at the PHD Chamber premises on 10 May.
The main objective of the session was to share information on Sri Lanka’s economic and business developments as well as opportunities for expanding trade and investment between India and Sri Lanka.
PHD Chamber of Commerce and Industry Vice President D.K. Aggarwal, in his welcome remarks highlighted the long standing trade and economic relations between Sri Lanka and India, and reiterated the importance of exploring business potential in Sri Lanka under the Indo Sri Lanka Free Trade Agreement. He stated that PHD Chamber is working diligently through continuous engagement both at micro and macro levels to strengthen cooperation between India and Sri Lanka.
Delivering the keynote address at the Roundtable business interactive session, Sri Lanka’s High Commissioner to India Chitranganee Wagiswara expressed her appreciation to the Ambassador’s Economic Forum of the PHD Chamber of Commerce and Industry for the initiative taken to organise the event with an innovative theme. She highlighted the recent economic developments in the country and outlined the initiatives of the Government of Sri Lanka to create an economy, firmly based on foreign and domestic private investment.
High Commissioner Wagiswara emphasised on the progressive steps taken by the Government to facilitate, protect and promote the trade and liberal investment climate in Sri Lanka, by enacting the Inland Revenue Act, the Foreign Exchange Act and moving forward on the Anti-Dumping Bill.
It was pointed out that Sri Lanka is one of the competitive business centres in the South Asian Region and that there are compelling reasons for the Indian investors to locate their business entities in Sri Lanka. She invited a delegation from the PHD Chamber of Commerce and Industry to participate in the Sri Lanka Investment and Business Conclave to be held from 19-21 June 2018 in Colombo and to engage directly with future business or investment partners to explore opportunities in Sri Lanka
Minister (Commercial) of the High Commission Upekkha Samaratunga made a presentation on investment potential in the key target sectors and incentives offered by granting reduced tax rates (for specific sectors).
During the event, a research paper done by the PHD Research Bureau on “India-Sri Lanka Bilateral Relations – Reinforcing Trade and Investment Prospects” was also released.
S. Krishna Kumar, former Cabinet Minister and Co-President of India-Sri Lanka Chamber of Commerce and Industry, speaking at the business interactive session, encouraged the members of the chamber to consider setting up operations in Sri Lanka, capitalising on the new incentives introduced by the Government of Sri Lanka. He highlighted the potential industry sectors that Indian corporates could explore for investments.
The event received an overwhelming response from the top management of Indian enterprises working in various sectors of the value chain, think tanks and media. The event ended with a Q &A session where pertinent questions raised by the participants were answered by the panellists.
PHD Chamber of Commerce and Industry, established in 1905, is a proactive and dynamic nation apex chamber, working at the grass-root level and with strong national and international linkages. The Chamber acts as a catalyst in the promotion of industry, trade and entrepreneurship.