Sri Lanka-Viet Nam Investment Forum held successfully

Q&A session

The Embassy of Sri Lanka in Viet Nam organised the Sri Lanka-Viet Nam Investment Forum to coincide the official visit of Prime Minister Ranil Wickremesinghe to the Viet Nam. The Forum was held at the La Veranda Hall of the Sofitel Legend Metropole Hotel, Hanoi.

Welcoming the participants, Ambassador Hasanthi Urugodawatte Disaanayake recalled rapid growth in bilateral political and economic relations with both countries being fast-developing economies, having emerged from very painful conflicts. She added that as Sri Lanka makes firm strides in the post-conflict era, reconciling the past and building the future, Sri Lanka does draw inspiration from Viet Nam for its tremendous economic progress in the last two decades. 

She further recalled that, as the Minister of Industries, Science and Technology, Prime Minister Wickremesinghe was responsible for Sri Lanka’s second round of economic liberalisation that commenced in 1989, focusing on financial de-regularisation and industrial promotion in rural areas through infrastructure development and the institution of industrial estates; a testimony for his visionary thoughts turned into action. 

At the keynote speech Prime Minister Ranil Wickremesinghe highlighted the necessity of increasing the bilateral trade between two countries from $ 364.42 million to $ 1 billion within coming years. Further he explained the importance of promoting tourism between two countries as well as investments. He further elaborated that South Asia and Middle East has growing economics and the growing of the middle class of those regions are obvious, and therefore Vietnamese business can make good use of it. 

The Prime Minister explained the importance of the positioning of the Sri Lanka in the Indian Ocean to become a logistic, business and financial hub. He emphasised that the present Unity Government of Sri Lanka has focuses on political stability, reconciliation between different ethnic groups and promoting highly competitive social market economy. 

The Prime Minister mentioned the Sri Lankan has a niche market in Europe with its garments known for ethical manufacturing as well as solid tyres and noted that with regaining GSP+ facility to EU market, market would expand for Sri Lankan products more. He further emphasised that the well educated workforce, Sri Lanka is ready to become a manufacturing hub to boom the service sector – especially Information and Digital Technology, Off-shore Financing, Healthcare and Agricultural Services. Concluding his keynote address, the Prime Minster invited Vietnamese business community to visit Sri Lanka to explore investment opportunities in Sri Lanka.

Addressing the Forum, Minister of Telecommunication and Digital Infrastructure Harin Fernando highlighted the possibility of using Sri Lanka as a gateway to India, Pakistan and Bangladesh by the Vietnamese businesses. He noted that Sri Lanka is an emerging economy in the South Asia region like Viet Nam is an emerging economy in South East Asia. He emphasised that, according to international economic agencies, Sri Lanka, Pakistan and Bangladesh are poised to be the fast growing economies in next 20-30 years with fast growing GDP and low cost of manufacturing, apart from that India and China. 

Minister further highlighted the benefits expected to accrue from Indo-Sri Lanka Free Trade Agreement as well as other bilateral and multilateral trade agreements that Sri Lanka is party to. He explained that Sri Lanka can be used as an industrial base and value added logistic hub by Viet Nam to enter the Indian market. “Through the China -Sri Lanka Free Trade Agreement and the Comprehensive Economic Partnership Agreement with Singapore, Vietnamese business could grab further opportunities,” the Minister further said. He elaborated on numerous opportunities in the Colombo International Financial City and Megapolis Development Project.

Addressing the Forum, Viet Nam Chamber of Commerce and Industry (VCCI) Chairman and President Dr. Vu Tien Loc recalled the Viet Nam-Sri Lanka Business Forum held in Colombo during the visit of former Vietnamese President Truong Tan Sang to Sri Lanka in October 2011 and the practical guidance shared by President Sang on further developing economic and trade ties between the two countries. He further noted that both countries are currently cooperating closely and since recently had seen surge of activities for economic cooperation and this new trend is good and is beneficial. 

He reiterated that, therefore, the Sri Lanka-Viet Nam Investment Forum would be a good opportunity for both Sri Lankan and Vietnamese businesses to get-to-know about business environment in each other’s country, exchange information, seek more business opportunities which would contribute to the development of trade and investment relations between Vietnam and Sri Lanka.

Board of Investment (BOI) Executive Director S.P.K. Wijeyathilake made a detailed presentation highlighting investment opportunities in Sri Lanka for foreign investors while Sri Lanka Export Development Board Director – Export Services Saman Maldeni made a presentation on the opportunities for trade between the two countries. Sri Lanka Association of Software and Service Companies (SLASSCOM) Chairman Dr. Arul Sivaganathan spoke about opportunities in the IT and BPM service sector in Sri Lanka.

The Q & A session of the Forum was conducted by Board of Investment of Sri Lanka Director General Duminda Ariyasinghe. After the Forum a networking reception was held giving an opportunity to the participants for more informal interaction. 

The Forum was organised by the Embassy of Sri Lanka and was sponsored by the BOI and supported by VCCI. Around 30 leading Vietnamese and foreign business personalities attended. 

The Forum received wide media coverage in Viet Nam and Minister Harin Fernando too was interviewed by three leading Vietnamese channels. Sharing his sentiments with one of the TV networks about the Forum, Isimex Export Company Director Bui Duc Son said: “I think this is a very good opportunity with much potential for entrepreneurs who are interest in the Sri Lankan market. He noted that good incentives, cost effective prices with reasonable distance from Viet Nam, Vietnamese entrepreneurs can take this advantage to increase export turnover.” Meanwhile, sharing his thoughts, Sanken Construction Company of Sri Lanka Chairman Mahen Weerasekera said, “We are operating in six countries in the world and found out many potential opportunities in Viet Nam. Entrepreneurs of Viet Nam seem to be open and easy to communicate with. But he noted that to invest much research has to be done over time.

The Embassy organised six one-to-one meetings for Prime Minister with Presidents/Vice Presidents/CEOs of leading Vietnamese business enterprises and foreign enterprises in Viet Nam representing dairy, IT and telecommunication, apparel and textile, banking and finance and tourism and hospitality sectors with the view attracting investment to Sri Lanka.