FT forum on Monday to critique Budget 2022’s multiple fresh moves to woo FDIs

Saturday, 13 November 2021 00:26 - - {{hitsCtrl.values.hits}}

Keynote Speaker Central Bank Governor Ajith Nivard Cabraal

The Government’s Budget 2022 yesterday outlined several initiatives to boost much-needed Foreign Direct

Investments (FDIs) whilst highlighting some of the issues. The new moves, their effectiveness, as well as the challenges will specifically come under the spotlight at the popular Daily FT-Colombo University MBA Alumni Association organised post-Budget forum on Monday (15 November) at The Kingsbury from

9 a.m. to 11 a.m.

Finance Minister Basil Rajapaksa’s 2022 Budget laid heavy emphasis on attracting FDIs, boosting exports, and setting up multiple hubs as well as undertaking reforms for speedier facilitation of foreign investors.

Highlighting the important multinational companies’ (MNCs) perspectives, Monday’s event is set to be the first hybrid post-Budget forum (in physical forum as well as streamed live online). With an eminent panel of leaders, it will highlight views of several international companies, including Standard Chartered Bank (which is also the Strategic Partner of the forum), GlaxoSmithKline (GSK), A. Baur and Company, leading retailer SPAR International, CEAT, and Airtel.

Central Bank Governor Nivard Cabraal will keynote the forum, which will also have insights from PwC Sri Lanka on the 2022 Budget’s taxation policies, and SC Securities Ltd. highlighting the impact on the capital market.

To attend the Daily FT-Colombo Uni. MBA Alumni Association post-Budget forum, email [email protected] or call +94 77 758 7989

In his Budget 2022 speech, Finance Minister Rajapaksa said: “We have more than three decades of experience in attracting FDIs to the country, but it was always a challenge. FDIs flowed into the country as investments into free trade zones and other strategic investments. Nevertheless, we were unable to expand it as expected.”

Noting that Sri Lanka has been able to make some progress in FDIs over the past year and a half, Basil said investment projects valued at around $ 1 billion have commenced.

He proposed to carry out an in-depth analysis and review of the procedures followed by the Board of Investment in attracting FDIs to Sri Lanka. He also proposed to expeditiously look into whether conditions currently imposed to facilitate the attraction of FDIs should be relaxed and to identify suitable methods and formulate a program for this purpose.