German Business Forum highlights possibilities for enhanced investment in Sri Lanka

An economic forum organised by AHK, the German business chamber in Colombo, hosted Investment Promotion State Minister Keheliya Rambukwella.

Participating in the forum were German Ambassador Jorn Rohde, German Federal Government Transport Policy Division Mobility Concepts Head Dr. Stefan Hesselman and 27 leading German enterprises, many of which are existing investors in Sri Lanka operating under the regime of the Board of Investment (BOI).

These included wellknown German companies such as Allianz Insurance, Hafele, DHL, Deutsche Bank, Mercedes Benz, Siemens and Continental.

The meeting was very significant as it indicated renewed interest on the part of German enterprises to evaluate the possibilities of investing in Sri Lanka.

One promising area is the possibility of the leading German tyre manufacturer Continental Tires, expanding its current investment in Sri Lanka in Kalutara.

This will result in doubling of its production. This project will be promoted by the BOI.

Another area the minister discussed with considerable potential for the future is in the area of tourism. The participation of the TUI Head for Asia at the meeting also underscored this point.

TUI is Germany’s leading travel company and the largest in the world. Hence, it is very significant that this company held discussions with Rambukwella and expressed support and interest in Sri Lanka, despite the recent global concerns due to the Coronavirus. Another very significant company present was Hafele, which manufactures furniture fittings and enjoys globally a reputation for its high-quality of designs. Also participating in the forum were Siemens, the German engineering giant, which expressed interest in opportunities of undertaking projects relating to infrastructure.

Rambukwella stated that the president wanted a very close connection with German companies interested in investing in Sri Lanka and had asked him to hold individual meetings with them, to facilitate their investment in Sri Lanka.

German companies present stated that they would welcome an extension of the validity period of the visa granted to foreigners, from the present validity of one year. They also indicated that the rules concerning health certificates for foreigners also need to be relaxed to create a business-friendly atmosphere in Sri Lanka.

The meeting provided a valuable dialogue, which will form the basis for greater trade and investment from Germany to Sri Lanka.