Since Japan has now emerged as a potentially major source for Foreign Direct Investment to Sri Lanka, the Board of Investment of Sri Lanka organised an investment promotion mission there recently.
This mission was a collaborative effort between the BOI and two Japanese government institutes Japan External Trade Organisation (JETRO) and Japan International Corporation Agency (JICA).
In addition the BOI mission was supported by the two Japanese mega banks Bank of Tokyo Mitsubishi UFJ Ltd. (BTMU) and Mizuhu Bank and United Nations Industrial Development Organisation (UNIDO).
The BOI team was led by BOI Chairman Upul Jayasuriya and delegates included Investment & Promotion Executive Director RenukaWeerakone, JETRO Consultant K. Tsuchiya and BOI Promotion Assistant Director Dhammika Basnayake.
The Investment Forum organised by JETRO and JICA on 6 October, was the main event whilst promoting of joint ventures between Sri Lankan and Japanese enterprises was also part of the program.
Minister of Finance of Sri Lanka Ravi Karunanayake graced the occasion as the Chief Guest and addressed the Japanese participants attending the event. This address by the Minister provided Japanese investors a unique insight into the current status of Sri Lanka’s growing economy and Upul Jayasuriya explained the gathering about business friendly environment and investment opportunities. The participants were also given a detailed presentation on investment climate and business opportunities by the BOI.
Attending the forum were an estimated 150 participants from Japan from sectors such as Logistics, Manufacturing of Light Engineering Products, electronic and Electrical products, Packaging, Trading, Infrastructure, Insurance Services, Banking, Tourism and Consultancy.
In addition the BOI organised a number of one to one meetings and some of the Japanese enterprises present included leading Japanese companies such as Suzuki (Automobile maker), Ithochu Corporation, Sojitzu Corporation, Mitsui Sugar Corporation Ltd., Hitachi, Denso Techno Corporation Ltd., and Belluna Corporation Ltd.
In order to attract more FDI from Japan, a roundtable discussion was organised by Masso Yamada, Director General of Nagoya Research Institute of WA links for future development. A total number of 15 members from 10 different leading companies in Nagoya participated at the roundtable discussions. The BOI delegation also met Mr. Kenichi Yamanaka, General Manager, International Affairs Division, Chubu Economic Federation, and Nagoya to discuss about the possibility to attract more FDI from Nagoya, Japan.
As a result of this investment promotion program a business delegation from leading Japanese companies would be visiting Sri Lanka in November 2015 for further discussion on investment opportunities in Sri Lanka.