Sin­ga­porean com­pa­nies ex­plore in­vest­ment op­por­tu­ni­ties in Sri Lanka

Daily Mirror (Sri Lanka) - - NEWS -

The Sin­ga­pore Busi­ness Mis­sion to Sri Lanka or­gan­ised by the Sin­ga­pore Busi­ness Fed­er­a­tion (SBF) to­gether with In­ter­na­tional En­ter­prise Sin­ga­pore (IES) and Sin­ga­pore In­dian Cham­ber of Com­merce and In­dus­try (SICCI) re­cently held a sem­i­nar on do­ing busi­ness in Sri Lanka, at Paramount Tower, Nawala.

Mis­sion leader, SBF Chair­man and Pa­cific In­ter­na­tional Lines Man­ag­ing Di­rec­tor S.S. Teo said, “This is the fed­er­a­tion’s fourth visit to Sri Lanka since 2008, with our last visit in June 2016. To­day, we have a 32-strong del­e­ga­tion com­pris­ing 24 com­pa­nies and or­gan­i­sa­tions across the ICT, real es­tate de­vel­op­ment, hos­pi­tal­ity, in­fra­struc­ture, lo­gis­tics and gen­eral trade sec­tors.

The Sin­ga­pore busi­ness com­mu­nity fully wel­comes and sup­ports the Sri Lanka-sin­ga­pore Free Trade Agree­ment (SLSFTA). With this agree­ment in place, there will be an even greater im­pe­tus for busi­ness ac­tiv­i­ties be­tween Sin­ga­pore and Sri Lanka.”

Dr. Ra­sitha Wick­ra­mas­inghe from Stax Inc. pro­vided an eco­nomic over­view of do­ing busi­ness in Sri Lanka and sec­toral busi­ness op­por­tu­ni­ties in the coun­try. He high­lighted the key as­pects of post-war Sri Lanka and also com­pared Sri Lanka with its peers in var­i­ous seg­ments.

High­light­ing the le­gal con­sid­er­a­tions and frame­work of the coun­try, Su­dath Per­era As­so­ciates Part­ner – In­vest­ments and M&A Head Dushyan­tha Per­era cov­ered the key as­pects of un­der­stand­ing the le­gal sys­tem in Sri Lanka, ex­plain­ing the process of set­ting up a busi­ness in Sri Lanka and laws and reg­u­la­tions gov­ern­ing for­eign in­vest­ments.

KPMG Sri Lanka Tax and Reg­u­la­tory Prin­ci­pal Suresh Per­era then briefed the au­di­ence on the tax frame­work of the coun­try, in­dus­tryspe­cific tax im­pli­ca­tions, trade agree­ments and dou­ble tax avoid­ance agree­ments. The re­cently gazetted In­land Rev­enue Act was also dis­cussed in de­tail by Per­era.

There­after, the del­e­gates/rep­re­sen­ta­tives of Sin­ga­pore com­pa­nies op­er­at­ing in Sri Lanka shared their ex­pe­ri­ences in do­ing busi­ness in Sri Lanka, where they dis­cussed about un­der­stand­ing the Sri Lankan con­sumer and busi­ness mind­set, mar­ket­ing and dis­tri­bu­tion in Sri Lanka and work­ing with Sri Lankan part­ners and em­ploy­ees suc­cess­fully.

The panel con­sisted of CHEC Port City Chief Sales and Mar­ket­ing Of­fi­cer Liang Thow Ming, PIL-EML Man­ag­ing Di­rec­tor Sriyal Dis­sanayake and Se­curis­tate Man­ag­ing Di­rec­tor Malar­a­van Ron. The panel was mod­er­ated by Ra­jah & Tann Sin­ga­pore LLP Part­ner Chan­dra Mo­han Reth­nam.

Rep­re­sen­ta­tives from Sin­ga­pore and Sri Lankan com­pa­nies at­tended the Sin­ga­pore Busi­ness Mis­sion to dis­cuss op­por­tu­ni­ties for deeper Sin­ga­pore-sri Lanka col­lab­o­ra­tion, net­work and con­nect with po­ten­tial part­ners and clients through busi­ness match­ing ses­sions.

Newspapers in English

Newspapers from Sri Lanka

© PressReader. All rights reserved.