Sl–malaysia Business Council organizes forum to discuss economic direction
A forum discussing Sri Lanka’s economic direction for 2020, organized by the Sri Lanka-malaysia Business Council was held at the Hotel Galadari.
The event included some of the country’s key business and economic leaders, who discussed the potential for Sri Lanka’s national and foreign direct investment. The forum also addressed the future economic policies, key areas for development, export earnings, development of the tourism industry, key projects such as the Port City, and how local businesses can invest and expand.
Dr. Nalaka Godahewa, former Chairman of the Securities and Exchange Commission of Sri Lanka, Sri Lanka Insurance Corporation, Sri Lanka Tourism, and current advisor to the government delivered the keynote address.
Dr. Godahewa in his speech elaborated the steps that new government has taken to stimulate the economy to spur growth through the tax benefits that had been given to the business community and the people.
He stated that while Sri Lanka has a huge debt burden hanging over the country, the government is very focused on getting FDIS to flow in through the programmes that have been launched, with an even stronger focus on Small and Medium Enterprises to promote growth.
Focus is also being placed on making the Government Service the largest employer in the country more productive and efficient.
The panelcomprised ofretd. Gen.mr. Dayarathnayake the Chairman of Sri Lanka Ports Authority, Prasanjith Wijayathilake, Executive Director - Investment of the Board of Investment (BOI) Sri Lanka, Shiran Fernando, Chief Economist, The Ceylon Chamber of Commerce.
The BOI discussed opportunities for Sri Lanka based on global trade dynamics, Us-china tensions, India’s growth and more, while Ceylon Chamber explained the growth, macro and reform outlook and on global developments and impact on Sri Lanka. The Chairman of Port Authority highlighted the role of the Sri Lanka Ports Authority given they are one of the economic pillars to the Sri Lankan Economy. He mentioned that port development was critical and adding capacity to the port infrastructure was important for Colombo maintain its competitiveness as the TS hub for the region.
The Malaysia Sri Lanka Business Chamber, Chairman Dato Kulasegaran Sabaratnam gave his comments from the Malaysian perspective towards investing in Sri Lanka. He stated that currently he has brought a high powered business delegation to Sri Lanka to identify investment opportunities.
One of the delegates of the Malaysia Sri Lanka Business Chamber stressed the need for the BOI to be the one-stop shop for investors, especially as it was difficult for investors to get approvals. Wijayathilake of BOI mentioned that with the changes being effected at the BOI, the focus was to make it the one stop shop.
President of the Sri Lanka Malaysia Business Council, Keerthi Jayasuriya elaborated on the steps taken by the SLMBC to promote in promoting trade and investment between the two countries.