Post CHOGM: International businesses plan ventures in Sri Lanka
International businessmen who were in the country for the Commonwealth Heads of Government Meeting (CHOGM) recently are exploring business opportunities in Sri Lanka in many sectors, according to a foreign investment facilitator.
"Some businessmen that I met are exploring business potential for the next three to five years in sectors such as construction and manufacturing, financial services, power and energy and higher education," Sherman Gunatillake, Managing Director and CEO, SG Capital Ltd., a Foreign Direct Investment (FDI) facilitation firm in Sri Lanka told the Business Times.
He said that he had met with business leaders from Singapore, China, Israel and the US on the sidelines of CHOGM. “They were bullish on 'import replacement' industries in Sri Lanka, especially in businesses such as cement, pharmaceuticals, dairy and agriculture prod- ucts,” he said, adding that Sri Lanka is currently import dependant in these sectors. “All these can be produced in Sri Lanka," he said, adding that the businessmen are interested in Board of Investment ventures with strategic investment project status introduced in the last budget.
“The businessmen are actively exploring these businesses," Mr. Gunatillaka said, adding that all businessmen (whom he met with) are to return to Sri Lanka before Christmas for extended discussions.
Government sources said that some non - Commonwealth countries like Israel, UAE and China brought high powered business delegations for the Commonwealth Business Forum and they held fruitful discussions with the Sri Lankan authorities.
A stock market analyst (who had also been in discussion with some potential investors) said that large manufacturing firms are interested in striking partnerships with local conglomerates such as Aitken Spence and John Keells.