Commonwealth Business Forum 2013 launched

By Cassandra Mascarenhas

The Commonwealth Business Forum 2013, which was launched by President Mahinda Rajapaksa yesterday, is expected to be a great opportunity to demonstrate to the world why Sri Lanka is deserving of special attention in a highly-competitive global environment.

From left: External Affairs Minister Prof. G.L. Peiris, Commonwealth Business Council Chairman Dr. Mohan Kaul, External Affairs Deputy Minister Neomal Perera, and Bank of Ceylon Chairman Dr. Gamini Wickramasinghe smile on as President Mahinda Rajapaksa launches the Commonwealth Business Forum 2013 – Pic by Upul Abayasekara

These sentiments were expressed by External Affairs Minister Prof. G.L Peiris at the ceremonial launch of the Commonwealth Business Forum, slated to be held in Colombo in November 2013. The forum was officially launched by President Mahinda Rajapaksa last evening at the Cinnamon Lakeside.

“A colossal and unprecedented investment has been made in the development of physical infrastructure and we need to show foreign investors that opportunities are at their disposal. Foreign companies are offered many concessions – for instance, foreign companies that produce goods for exports receive duty free entry into the markets of the entire subcontinent, and with 350 million people in the Indian middle class clamouring for higher quality goods and services, this amounts to a lot,” Peiris pointed out.

He noted that there were many such advantages for people who wanted to invest in Sri Lanka, none of which had served the country well over the last quarter of the century.  “Therefore, it gives us deep satisfaction to organise an event of this nature as the investment opportunities that will come out of it will pave the way for economic and social development on an unprecedented scale and this event is one of great significance to the Government of Sri Lanka.”

Echoing the sentiments shared by Peiris, Commonwealth Business Council Chairman Mohan Kaul stated that the forum provided a platform on which real business could get done. The Government of Nigeria received over US$ 3 billion worth of investment, Malta saw tripling of levels of investment in the country, and Uganda’s infrastructure sector alone received US$ 2 billion after successive Commonwealth Business Forums.

In 2009, when the forum was held in Trinidad and Tobago, nine MoUs were signed during the forum’s proceedings and received US$ 1 billion in investment with a focus on energy. During the biggest forum yet held in Perth, Australia, in 2011, over US$ 10 billion worth of business was discussed, with US$ 6.5 of it completed so far.

“This is the biggest event in the Commonwealth calendar and we are delighted to see that Sri Lanka is back in business and that your Government has embarked on a comprehensive program for economic and social development,” said Kaul. “We congratulate you on your leadership to restoring Sri Lanka’s business environment as the private sector can now grow and contribute to the country’s business development.”

Over the last 15 years, the forum has evolved, recognising the increasing role the Commonwealth has to help grow trade and investment in countries.

“We would like to make the Sri Lankan forum even better than the one held previously. Over the next couple of months we will set how much investment is expected to be attracted to Sri Lanka. In addition to attracting investment, it will obtain opportunities from all across the globe for Sri Lankan business,” he noted.

The Commonwealth Business Forum will be the largest gathering of international investors ever held in Sri Lanka and to make it really successful, Kaul emphasised on the need to work closely with the Government and the private sector of the country.