State Minister Balasuriya invites French investors to Sri Lanka

Saturday, 30 October 2021 00:00 - - {{hitsCtrl.values.hits}}

State Minister of Regional Cooperation Tharaka Balasuriya undertook an official visit to France from 4-8 October. During the visit, the State Minister participated in several events organised by the Embassy of Sri Lanka.

On 8 October, the Minister, along Board of Investment (BOI) Chairman Sanjaya Mohottala, met with the Movement of the Enterprises of France (MEDEF International) Vice President François Corbin, and France – Sri Lanka Business Council Chairman/ South Asia Project Manager at MEDEF International Anaïs Vassallo.

Further, Ambassador and Permanent Delegate of Sri Lanka to UNESCO Prof. Kshanika Hirimburegama, and Sri Lankan Airlines Chairman Ashok Pathirage participated in these meetings and had fruitful discussions.

State Minister Balasuriya introduced the Sri Lankan journey, starting with when Sri Lanka became independent in 1948, and he compared Singapore’s and Sri Lanka’s destinies in regard to the consequences of the colonisation, and emphasised the role of educational reforms, followed by high growth rates after the end of the war.

The role of the Sri Lankan location as a primary advantage was also highlighted; a hub between Asia and Europe, which could engender logistic gains for France (presence of well adapted and equipped ports).

Most importantly, Sri Lanka has benefited from a long political stability, being the largest democracy in the region, with no coup, whilst sharing democratic values. While Sri Lanka adopted a non-aligned/neutral international policy, the successive Governments implemented consistent policies since the early 2000s, like the Port City Project.

BOI Chairman Sanjaya Mohottala introduced the high and fast economic growth rates of Sri Lanka in the past 10 years, before introducing Sri Lankan main assets and economic segments. Sri Lanka benefits from two large ports, including Hambantota, and three international airports. The country also benefits from superior market access, with one billion consumers across South Asia and East Africa.

Ambassador Prof. Hirimburegama appreciated having organised these meetings and strongly encouraged the companies to come to Sri Lanka for business purposes.

The following were highlighted:

By having a strong talent workforce and being the most liveable country in the region, Sri Lanka is now number two in the region in terms of competitiveness.

While Colombo is the city to live in, in South Asia, the Sri Lankan industrial base and the fast-growing economy were presented to be noteworthy.

Sri Lanka, as a manufacturing hub, is driven by the following economic segments: Pharmaceutials, Apparel (a major sourcing destination with labour standards, fair salaries and healthcare), Electronics, ICT ($ 3 billion of exports by 2021) driven by emerging technologies and education, Hospitality and Tourism, and other services.

MEDEF International Vice President Corbin appreciated the discussions which exchanges mutual knowledge between both the French and Sri Lankan business communities. The MEDEF delegation was very impressed by the Sri Lankan green orientation, and the number of sectors proposed with the willingness to move forward.

Second Secretary Dulanji Herath, Third Secretary Amila Dissanayake, and Nicolas Cretin from the Sri Lanka Embassy attended the meetings as well.