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| Tuesday, 13 January 2004 |
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President's SAARC Summit address increased Lanka's investor confidence - Lord Paul The address made by President, Chandrika Bandaranaike Kumaratunga, at the SARRC Summit has increased investor confidence for Sri Lanka, said Chairman Caparo Group of United Kingdom, Lord Swraj Paul. Lord Paul who was on a fact-finding mission to Sri Lanka to submit a report for London based businessmen on investment opportunities in Sri Lanka said that Sri Lanka has a very good business and political environment. The English knowledge and free market, geographical location are some of the key natural advantages Sri Lanka possess. He said that Sri Lanka offers very attractive tax benefits for investors and has a very educated and efficient workforce. He said that British investors are also keen on exploiting the Free Trade Agreement (FTA) between India and Sri Lanka. "Investors are looking at manufacturing in Sri Lanka and export to India and other countries. Sri Lanka is only a small domestic market and it is not feasible to concentrate only on the local market," he said. The proposal by Sri Lanka to sign a FTA with Bangladesh and Pakistan is another plus factor for would-be Sri Lanka investors. He identified IT, Education and Tourism as key areas for investments. He said that the address made by the President at the recently concluded SARRC summit has enabled them to allay some doubts. "We felt that the peace initiative is surging ahead and now is the opportune time to move on to Sri Lanka." The United Kingdom has been having a very good relationship with Sri Lanka for over two centuries and we still want to work as partners of Sri Lanka's development. He said that he met the Prime Minister and several Ministers and was happy with the outcome of their discussions. However, the infrastructure of the country has to be developed in an aggressive manner. Lord Swraj Paul, a leading businessman and active member of the House of Lords, is firmly committed to promoting social and education policies. Born in India he came to UK in 1966 founded Caparo, which specialises in the manufacture and supply of steel based engineering products for industry. Lord Paul came to Britain in 1966 for medical treatment for his daughter, Ambika. He remained in England after her tragic death in 1968 and sees all he has created in Caparo Group as a dedication to her memory. In 1994 Lord Paul took the opportunity to commemorate the rebuilding of London's Children's Zoo in her name. Today the Company employs 3,000 people in UK, and has an annual turn over of UK Sterling Pound 350 million. He is also the co chairman of India - UK round Table and a member of the industrial development advisory board. SS |
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