Session on investment opportunities and strengthening the bilateral trade with Sri Lanka

To facilitate the Sri Lankan Governments’ efforts to attract FDIs and non-debt foreign currency inflows, the Sri Lanka Consulate General in Mumbai organised a webinar and an investor interaction event to promote investment opportunities in Sri Lanka targeting the investor and business community in Gujarat, which is one of the most industrialised and richest states in India. Confederation of Indian Industry (CII)/Gujarat Chapter and Board of Investment (BOI) of Sri Lanka partnered with the Consulate to organise this strategic investment webinar recently.

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 keynote speeches for the session were delivered by Consul General of Sri Lanka in Mumbai Dr. Valsan Vethody and Central Bank of Sri Lanka Governor Ajith Nivard Cabraal, CII/Gujarat State Council Chairman Vinod Agrawal, India CEO Forum Chairman Kishore Reddy, and Navitas Green Solutions COO Shaibal Ghosh.

During his address the Consul General highlighted that organising this webinar is timely, especially at this juncture, where Indo-Sri Lankan relationship is on a transformational phase. He stated that already, there are more than 65 major Indian companies in 35 major sectors and that Sri Lanka is grateful for their significant contribution towards its economic growth, rebuilding of infrastructure, technology transfer, employment generation, and as such, to the consolidation of each other’s bilateral relations. 

Speaking about the current investment climate, he said that the investment environment in Sri Lanka, unlike the earlier days, has already undergone tremendous improvement. Sri Lanka’s unique strengths such as its unique geostrategic position, robust institutions, social infrastructure, political stability, highly skilled workforce, world-class infrastructure, quality of life and widespread connectivity etc. – all will be leveraged to set the platform to achieve Sri Lanka’s ambition to double the national output, to $ 8,000 per capita GDP, from its current level, by 2030.

The Central Bank Governor, in his address, appreciated the efforts by the Consul General in promoting Sri Lanka’s interests in the western region of India and invited the Indian investors to benefit from the investment opportunities available in Sri Lanka at the moment. He further provided the assurance that each and every concern of the investors coming to Sri Lanka will be addressed and that his Central Bank is always ready to facilitate the investors.

BOI Executive Director – Investment Promotion Prasanjith Wijayathilake made a comprehensive presentation on investment opportunities available in Sri Lanka. Delivering the remarks representing the Indian investor & business community, the CII/Gujarat State Council Chairman said that they are keen on partnering with Sri Lanka, and that major players of the pharmaceutical industry in Gujarat will be interested in investing in the pharma zone in Hambantota. The Consulate and the CII then agreed to explore the possibility of organising an investor delegation from the Gujarat Pharma sector to Sri Lanka.

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 also included, Sri Lanka Pharmaceutical Manufacturing Associations’ Viraj Manatunga; the Joint Apparel Association Forum’s Yohan Lawrence; Sri Lanka Association for Software Services Companies’ Ashique M. Ali; Colombo Port City’s Yamuna Jayaratne; and Ceylon Biscuit Ltd. – Natural Food Clusters’ Randeewa Malalasooriya. The event was coordinated by Sandun Sameera, Consul – Commercial of the Sri Lanka Mission in Mumbai.