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By Dharisha Bastians
Amidst calls for its boycott, a global business forum linked to the key Commonwealth Heads of Government Meeting (CHOGM) to be held in Colombo later this year will enhance inflow of investments into the country, a top official said yesterday.
“According to our evaluation and the research we have conducted, the Commonwealth Business Council is targeting that US $ 2 billion worth of investment will be generated from the 2013 Commonwealth Business Forum in Sri Lanka,” Commonwealth Business Council Co Chair Dr. Mohan Kaul told journalists in Colombo yesterday following a week-long visit to the country.
The Forum that will take place in Colombo from 12-14 November 2013 will draw up to 1,000 delegates, 500 from 53 Commonwealth states and 500 locally.
Dr. Kaul also expressed confidence about institutional infrastructure in Sri Lanka and certainty that there would be no eleventh hour change of venue even as Sri Lanka comes under international scrutiny over its human rights record.
At the Forum, Sri Lankan trade chambers and the private sector will present investment proposals at the Forum.
Based on the theme ‘Partnership for Wealth Creation and Social Development: The Commonwealth, Indian Ocean and SAARC,’ the forum hopes to attract global attention to a region that is home to some of the world’s fastest-growing economies, Dr. Kaul said.
“The forum will also focus on Africa-Asia partnership and Sri Lanka will be the base for that,” the Commonwealth official said.
He said the Commonwealth Business Forum had been enormously successful at attracting investment from various parts of the world after it was held in Perth, Australia in 2011 and Trinidad and Tobago before that.
The visiting Co-Chair said the fact that the three-day forum was unique because it immediately precedes the Commonwealth Heads of Government Meeting in Colombo, “Several heads of Government would arrive in the island a few days ahead in order to engage with delegates at the CBF,” Dr. Kaul said.
The visiting official said he had “no doubt” that CHOGM would be held in Sri Lanka as scheduled, despite some concerns being expressed about the choice of venue, given Sri Lanka’s human rights record and recent impeachment of the country’s Chief Justice.
“There is no possibility of holding CHOGM 2013 in any other country,” Dr. Kaul claimed.
While noting the reservations of Canada and some countries about holding the prestigious summit in Colombo, Dr. Kaul said he had also held discussions with various heads of government, who had assured him they would be attending.
“I am confident a large number of heads of government will attend,” he declared.
The forum will focus on seven major economic areas in Sri Lanka, including tourism, ports and shipping, information technology, agriculture projects, housing and textiles, Dr. Kaul announced.
He said delegates from non-Commonwealth nations, including China and some countries of the Middle East would also be invited to attend.
According to Dr. Kaul, although the traditional understanding was that investment flowed from the West to the East, this was not necessarily the case with the Commonwealth.
“There are rich people in every part of the world today. The Commonwealth Business Forum envisages entrepreneurship from different parts of the world – from the Caribbean and Africa,” he explained.
Dr. Kaul said he was impressed with the development taking place in Sri Lanka. “It is important to have an investment climate based on security,” he said.
The visiting official said that following his talks with the Government, he was confident that the institutional infrastructure was working. “We are satisfied with the opportunities available,” he said.
The Commonwealth Official said that while there were some aspects that needed work, the Sri Lankan Government was making every effort to achieve good governance practices that was part of the overall Commonwealth Agenda.
“Every country cannot be expected to live up to these principles 100%, good governance is relative. But investors should feel very safe in Sri Lanka,” he said.
Addressing the media briefing, Sri Lankan Co-Chair of the Commonwealth Business Forum, Mahendra Amarasuriya said that the predominant objective of the three-day forum was to attract foreign investment to Sri Lanka.
“This is essentially the business aspect of the CHOGM. It will bring people together from the Commonwealth to exchange views, network and develop business relationships that will promote investment in the country,” Amarasuriya said.
November would be the first time the major forum is being held in Sri Lanka, he explained.
Dr. Kaul added that the Commonwealth Business Forum was now an integrated part of the CHOGM.
