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INVESTMENT AND BUSINESS SEMINAR  IN JAKARTA
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Colombo News Desk CND on 02 July, 2009 05:47:00
 
This event, the first of its kind to be held by the BOI of Sri Lanka in
Indonesia was made possible by the untiring initiatives taken by H.E. Major
General (Retd.) Nanda Mallawaarachchi with the support of the Sri Lanka
Indonesia Business Council.
Chairing the meeting, Mr. Paul Mukundan, Vice Chairman of the Chamber of
Commerce of Indonesia stated that there is a scope for increasing the two way
trade and investment between the two countries in the wake of cessation of the
30 year war.
The Chief Guest, Hon. Basil Rajapaksa has invited the participants to have a
hard look at new investment opportunities in Sri Lanka, particularly in the
North and the East of the country, where the additional land area and sea coast
has regained after the war. He also mentioned that the Government is keen to win
the hearts and minds of the people of the Northern Province through economic
reconstruction and rehabilitation for which foreign investment is substantially
required.
Hon. Rajapaksa specifically mentioned with regard to foreign investment polices,
all political parties in Sri Lanka have a consensus. Further the Constitution of
Sri Lanka and the BOI Agreement sufficiently protects the interests of the
foreign investors so that any change in the Government of Sri Lanka or budgetary
proposals would not affect the concessions and the incentives granted to the
foreign investors.
With regard to investment opportunities in specific sectors, Hon. Rajapaksa
highlighted manufacturing of textile fabric for the apparel industry in Sri
Lanka and also for the uniforms of school children. It was also pointed out by
him with the large extents of land available in the North and the East of Sri
Lanka, commercial scale agriculture based on out-grower system is highly
recommended.
Mr. Dhammika Perera, Chairman, BOI has highlighted in his speech the
preferential market access Sri Lanka has to India and Pakistan under the Free
Trade Agreements and also access to European Union through GSP+ scheme. Mr.
Perera explained that despite global economic recession, Sri Lanka has managed
to achieve a growth rate of 6% last year and also successfully attracted foreign
direct investment of USD 889 million. These achievements were the direct results
of pursuing the vision of His Excellency Mahinda Rajapaksa, President of Sri
Lanka and the 10 year development plan of the Government. The Chairman BOI
identified investments in health care, higher education, shopping and
residential apartment complexes, rubber tyres & auto components, agriculture and
food processing as most promising sectors for foreign investors in Sri Lanka.
Mr. Anup Agarwal, the representative of Indorama Group in Indonesia whose
factory in Sri Lanka has been operating in Sri Lanka for the last 15 years, 
appreciated the role of the BOI in assisting the foreign investors as a
one-stop-shop to obtain the required approvals.
There were over 30 participants including Indonesian Companies who attended the
Presentation.