SL is attractive: GE executive

Friday, 7 March 2014 06:58 - - {{hitsCtrl.values.hits}}

By Shabiya Ali Ahlam A top regional official of US giant General Electric yesterday rated Sri Lanka attractive for many companies. “Although we note there are challenges as well, on a relative scale on the matrix we have seen, we feel it is a reasonable place to invest and do business. Sri Lanka is attractive for many companies,” General Electric (GE) India Vice President Business Development, Growth and Strategy for Asia Vishal Wanchoo told the Daily FT yesterday. His sentiments were shared on the sidelines of an American Chamber of Commerce (AMCHAM) Sri Lanka luncheon meeting to the visiting 20-member delegation from India-based US companies. At the event the delegation were also served with expert briefings on the local business climate. Wanchoo said they appreciated the clarity with which the strategy of the country was so far presented. “In a lot of aspects that were presented we find that Sri Lanka is ahead of other SAARC countries. I think we all go back with the desire to invest in some of the areas highlighted. The potential to do business here is identifiable because the investment framework is clear,” Wanchoo added. The delegation is on a four-day visit with the objective of seeking trade and investment opportunity along with understanding firsthand the local business climate. The highly-diversified delegation will look at opportunities in the areas of healthcare, energy, power production and oil refining, transportation, FMCG, pharmaceuticals, and security and information technology. To provide the delegation with maximum exposure in that regard, a series of briefings and meetings with ministerial and senior Government officials were arranged, starting with an addressed by KPMG on the overview of the nation’s business climate, followed by a presentation from Central Bank of Sri Lanka Governor Ajith Nivard Cabraal. The Governor during his address on ‘Investment and trade opportunities arising from the five hub strategy’ shared at length Sri Lanka’s plans in terms of reaching the goals it has set to become a US$ 100 billion economy. Expressing words of encouragement to the potential investors, Cabraal said: “We are open to people of all over the world to come here and invest in our country. We want to see that those investors are given the support not only constitutionally to ensure that their investments are safeguarded, but also to have the framework to give the necessary support to make the investment flourish. By investing in Sri Lanka you will not only find it interesting to do business here but will also find living in our country to be an interesting experience.” Following the comprehensive briefing received by Cabraal, the delegation met with Minister of Health Maithripala Sirisena, Minister of Power

and Energy Pavithra Wanniaraachchi, and USAID Executive Officer Thomas Bayer. Before departure the delegation will also meet Minister of Economic Development Basil Rajapaksa, Ministry of Telecommunication and Information Technology Secretary Gotabaya Jayaratne, Treasury Secretary Dr. P.B. Jayasundera, Deputy Minister of Investment Promotion Faiszer Musthapa, Ministry of Petroleum Industries Secretary R.H.S. Samaratunga and Board of Investment (BOI) Chairman Dr. Lakshman Jayaweera. In addition to this, meetings with sector specific business heads have also been scheduled. The delegation is also expected to meet Government officials from the Maldives such as Minister of State for Economic Development Ahmed Faris Maumoon, Minister at the President’s Office Mohamed Hussain Shareef, and Deputy High Commissioner Dr. Hussian Niyaaz. AMCHAM Sri Lanka is currently focusing on developing, trade and investment ties between the US and Sri Lanka, through dialogue with member companies of the Asia Pacific Council of American Chambers of Commerce (APCAC). APCAC represents 50,000 business executives, 20,000 organisations in 22 countries within the Asia Pacific Region. The APCAC membership manages trade volumes in excess of US$ 400 billion and direct investments (FDI) of over US$ 200 billion in the region. As a first step towards this regional initiative AMCHAM Sri Lanka has tied up with AMCHAM India to draw from over 400 US companies that formulate their membership. The visiting delegation is the direct result of this initiative.

CB Chief Cabraal in commercial diplomacy?

With bilateral ties under stress owing to UNHRC sessions in Geneva Central Bank Governor Ajith Nivard Cabraal (left) in an expressive conversation with US Ambassador Michele J. Sison and Deputy Chief of Mission William Winstein at the AMCHAM luncheon meeting yesterday. AMCHAM Sri Lanka President Suren Rajanathan is also present Pic by Sameera Wijesinghe