Singaporean companies exploring investment opportunities in Sri Lanka

Wednesday, 14 February 2018 00:00 - - {{hitsCtrl.values.hits}}

Accenture, the Singapore business mission to Sri Lanka organised by the Singapore Business Federation (SBF), together with International Enterprise Singapore (IES) and Singapore Indian Chamber of Commerce and Industry (SICCI) recently held a seminar at the Paramount Tower in Nawala on doing business in Sri Lanka.

SBF Chairman, Pacific International Lines Managing Director and Mission Leader S.S. Teo said: “This is the Federation’s fourth visit to Sri Lanka since 2008, with our last visit in June 2016. Today, we have a 32-strong delegation comprising 24 companies and organisations across the ICT, real estate development, hospitality, infrastructure, logistics and general trade sectors. The Singapore business community fully welcomes and supports the SLSFTA. With this agreement in place, there will be an even greater impetus for business activities between Singapore and Sri Lanka.”

Dr. Rasitha Wickramasinghe from Stax Inc. provided an economic overview of doing business in Sri Lanka and sectoral business opportunities in the country. He highlighted key aspects of post war Sri Lanka and also compared Sri Lanka with its peers in various segments.

Highlighting the legal considerations and framework of the country, Sudath Perera Associates Partner - Head of Investments and M and A Dushyantha Perera covered the key aspects of understanding legal system in Sri Lanka, explaining the process of setting up a business in Sri Lanka and the laws and regulations governing foreign investments.

KPMG Sri Lanka Principal – Tax and Regulatory Suresh Perera then briefed the audience on the tax framework of the country, the industry specific tax implications, trade agreements and double tax avoidance agreements. The recently gazetted Inland Revenue Act was also discussed in detail.

Thereafter, the delegates/representatives of Singaporean companies operating in Sri Lanka shared their experiences in doing business in Sri Lanka, where they discussed about understanding Sri Lankan consumer and business mindset, marketing and distribution in Sri Lanka, and working with Sri Lankan partners and employees successfully. The panel consisted of CHEC Port City Chief Sales and Marketing Officer Liang Thow Ming, PIL-EML Managing Director Sriyal Dissanayake and SecuriState Managing Director Malaravan Ron. The panel was moderated by Rajah and Tann Singapore LLP Partner Chandra Mohan Rethnam .

Representatives from Singaporean and Sri Lankan companies attended the Singapore Business Mission to discuss opportunities for deeper Singapore - Sri Lanka collaboration, network and connect with potential partners and clients through business matching sessions.