SL renews investment pitch during top private sector business forum

As Sri Lanka yearns for Foreign Direct Investment (FDI) to propel its economic status, potential foreign investors were Wednesday presented with a renewed pitch in the hope of luring them to make investments in the dollar-hungry island nation.

In another effort to convince foreign players that Sri Lanka is an investment heaven, the ‘Sri Lanka Business and Investment Conclave 2017’ imparted investors of the possible benefits they would reap by partaking in the growth story of the strategically located economy.

The conclave, organized by the country’s premier business chamber, Ceylon Chamber of Commerce (CCC), was attended by over 200 investors, of whom the majority was from China and the Middle East.

The investors were provided with the opportunity to clarify their concerns and issues with top government officials, including those from key ministries and investment promoting agencies.

At the outset, the Board of Investment (BOI), the country’s apex investment promotion agency, stressed Sri Lanka was keen on facilitating long-term investors and has adopted an approach to give preference for that segment.

Pointing out that a number of changes are taking place in the investment landscape, BOI Executive Directorinvestment Promotion, Prasanjith Wijayathilake said, the agency was looking at a ‘bottom up’ approach with regard to investor targeting and sector selection.

“The current approach is that we are working on sectors that Sri Lanka can compete at some level, regionally and internationally. Following that we will look at players to enter. MORE ON P4

“We would then apply required policy level changes that would make Sri Lanka attractive for that sector,” shared Wijayathilake.

Asserting that the approach is a more structured one compared to those previously utilized, he said areas such as manufacturing, infrastructure development and tourism would continue to receive greater emphasis.

While highlighting Sri Lanka’s performance based on a number of economic indices, the BOI official confidently stated that from an investment perspective, specially in the South Asian region, Sri Lanka is considered to be an extremely attractive destination.

Of the investors present, most are in the midst of carrying out feasibility studies, weighing the pros and cons of marking their presence in Sri Lanka.

The panel discussions that concluded half day was followed by B2B meetings between the local business community and the visiting investors, which drew greater interest.

The visiting investors are scheduled to engage in field visits to the Colombo Stock Exchange, Port of Colombo, Sri Lanka Institute of Nanotechnology and Export Processing Zones, today.