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Friday, 22 February 2013 01:41 - - {{hitsCtrl.values.hits}}
By Nisthar Cassim in Mumbai
Sri Lanka’s capital market yesterday made a collective effort to woo investments from India, with a key forum in Mumbai highlighting the attractive opportunities both in equities and debt given the future upside post-war.
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| Central Bank Governor Nivard Cabraal delivers the keynote address at the Invest Sri Lanka investor forum in Mumbai at Four Seasons Hotel yesterday, organised by the CSE in partnership with Bloomberg. Sri Lanka’s High Commissioner in India Prasad Kariyawasam, CSE Chairman Krishan Balendra, SEC Chairman Dr. Nalaka Godahewa, and CSE Director Vajira Kulatilaka are also present |
In a first-of-its-kind initiative, the Colombo Stock Exchange (CSE) in partnership with Bloomberg conducted a unique forum titled ‘Invest Sri Lanka,’ which saw over 150 representatives from companies managing offshore funds out of India and India-based funds. The event, held at Four Seasons Hotel in Mumbai, involved key presentations providing a macro overview on Sri Lanka, recent performance of the Colombo stock market and debt market, as well as individual presentations by nine listed companies and one-to-one business meetings with prospective investors.
A press conference with Indian and international media based in Mumbai was also held.
A large number of Sri Lankan corporate leaders, head of broking firms and officials were present as well.
The companies listed on the CSE which participated in this event were John Keells Holdings PLC, Carson Cumberbatch PLC, Hatton National Bank PLC, National Development Bank PLC, Hayleys PLC, DFCC Bank PLC, Commercial Bank PLC, Access Engineering PLC, and Dialog Axiata PLC.
Central Bank Governor Nivard Cabraal, Sri Lanka’s High Commissioner in India Prasad Kariyawasam, SEC Chairman Dr. Nalaka Godahewa, CSE Chairman Krishan Balendra, and CSE Director Vajira Kulatilaka addressed the participants and made comprehensive presentations, elaborating on the economic and investment opportunities in the country.
Central Bank Chief Cabraal in his keynote address told the Indian fund managers that post-war Sri Lanka under the leadership of President Mahinda Rajapaksa has seen huge transformation and a new era of development and opportunities was unfolding.
“Become a partner in this future of Sri Lanka and you can’t go wrong,” declared Cabraal, who flew in to Mumbai for the event fresh from a successful Sri Lanka banking road show in the Middle East.
Several of the Government’s goals were shared with Indian participants, including the quest to become a $ 100 billion economy from $ 59 billion at present and the achievement of $ 4,000 per capita income by 2016.
Noting that post-war Sri Lanka has opened an unprecedented growth and business opportunities, Cabraal said to achieve an 8% growth on a sustained basis, Sri Lanka needs foreign investments.
“We have implemented a series of initiatives to attract foreign capital as well as create new opportunities. Our friendly neighbour India has and can play a leading role in the economic future of Sri Lanka, which will be a win-win proposition for both countries and the private sectors,” the Central Bank Chief added.
Sri Lanka’s High Commissioner in India Prasad Kariyawasam also referred to the “win-win opportunities,” urging Indian investors to think long term as Sri Lanka as a “re-emerging economy” has great potential.
Securities and Exchange Commission Chairman Dr. Nalaka Godahewa also wooed Indian investor interests by highlighting several policies and projects of the Government, including the huge strategies for maritime, aviation, commerce, knowledge and energy, apart from tourism. This was to stress the future upside in the overall economy and companies operating in Sri Lanka. The regulatory and development aspect of the capital markets was also shared, including the newly formalised 10-point agenda.
