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In a breakthrough for Sri Lanka’s incoming industry FDIs, Thailand has for the first time sent a team of its specialised officials to study Sri Lanka’s rapidly-changing industry and investment outlook and the first official Thai study team comes from the powerful Thai BoI Office itself.
“More Thai businesses have inquired about Sri Lanka from us. As a result we decided that we need to study Lankan potential sector-wise” revealed Executive Director of Thai Office of BoI, Werapong Siriwon.
Secretary of Industry and Commerce T.M.K.B. Thennakoon meets the Thai BoI delegation at the Ministry of Industry and Commerce on 29 February
Thai BoI’s Siriwon was addressing Industry and Commerce Secretary T.M.K.B. Thennakoon last morning at the Ministry. The seven member Thai BoI official delegation is in Sri Lanka to study the country’s SME industries and investment climate. Joining the session were MIC Additional Secretaries Hasitha Seneviratne and MA Allam.
“We are primarily here to obtain Sri Lanka’s legal and regulation background for investments. We have started research on Sri Lanka three years ago in macro and micro scales and now we want to update our findings and also assess targeted sectors for Thai investment partnership. We believe Sri Lanka has new opportunities for Thai investors. We want to know Sri Lanka’s legal and regulation background for BoI investments and non-BoI that comes under Ministry of Industry and Commerce. Thai BoI promotes not only inward investments but outward investments too-specially to Asia and now, to Sri Lanka. More Thai investors have inquired about Sri Lanka from us lately. As a result we decided that we need to study Lankan potentials sector-wise. After much study, we identified Sri Lanka’s rubber and rubber products, fishery and sea-foods as having high opportunities for Thai investors back home.”
Presently Thai investments in Sri Lanka are in tourism, the leading investments being Anantara Hotels Resorts & Spas, and the Thai-managed OZO Colombo. Thailand is a favourite travel destination for Lankans.
The Thai BoI delegation led by Thai Office of BoI Executive Director Werapong Siriwon (at right) at the Ministry of Industry and Commerce on 29 February
“Sri Lanka has a highly-liberalised market economy and Thailand investors are welcome. As per the vision of the Unity Government, our priority investment sectors are tourism, high-tech manufacturing for export, infrastructure, telecommunications, primary and alternative energy sectors, agriculture and agro-based industries, pharmaceutical industries, gems and apparel,” said Secretary Thennakoon.
He added: “As our Minister Rishad Bathiudeen always highlights, Sri Lanka’s Free Trade Agreements with India and Pakistan allow more than 8,000 products made here to be exported tariff free, which the Thai investors can make use of by investing in Sri Lanka. It is time to look at trade expansion as well.”
Bilateral trade between Sri Lanka and Thailand stands around $500 million.
The Bilateral Investment Treaties between Thailand and Sri Lanka signed in 1996 is still in force and therefore Sri Lanka is clearly a low risk destination for Thai investors.
Thai BoI’s Siriwon and Secretary Thennakoon also discussed other forms of industrial and SME cooperation.
