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| Tuesday, 10 August 2004 |
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Separate desks at BOI commendable Having separate desks at the Board of Investment (BOI) for high-profile investor countries is a commendable plan which is likely to see the light of day thanks to an initiative by Industry, Tourism and Investment Promotion Minister Anura Bandaranaike. Minister Bandaranaike said last week that China and India want separate desks at the BOI to help investors set up special zones - China only and India only - in Sri Lanka where they could create a more homely atmosphere to carry out operations successfully. A land has already been identified at Katana for the Chinese investors and another land will be identified for Indians in Mirigama or Divulapitiya soon. Such a move will benefit both the BOI and the investors, as all paperwork and procedures related to the investments can be processed faster. The Indian/Chinese investors will also feel 'at home' so to speak, as they form a mini community at each dedicated site. The individual desks can also develop a close rapport with the investors, which will make problem-saving much easier. In the long term, similar arrangements should be mooted for our other major investors - Korea, Japan, US and UK, for example. The desks should be staffed by officers familiar with the business practices of the respective countries and in the case of non-English speaking countries, those conversant with the native languages. Our missions abroad will also be able to offer their assistance in this regard. Such moves are essential as we are increasingly looking to the Asian region for more investors. There is logic in this trend - import and export costs are low, the principals can travel to the investment sites more frequently and the business culture is much the same. The SAARC and ASEAN regions deserve our special attention in this respect. The recent visit to Thailand by President Chandrika Bandaranaike Kumaratunga and Minister Bandaranaike boosted trade and investment links between the two countries. The publicity the President received and her talks during the BIMST-EC Summit highlighting the importance of rural economic development acted as a catalyst for luring Thai investors who were earlier somewhat reluctant to invest in Sri Lanka. Thailand being an active member of both ASEAN and BIMST-EC, such enhanced links will be a boon for Sri Lanka, which is also aspiring to become an ASEAN member. The formation of the Thailand-Sri Lanka Business Council Chamber is another shot in the arm for trade ties between the two nations. The Council has already arranged a series of promotional drives, pointing out that this is the ideal time to attract Thai investors to Sri Lanka. The Daily News reported last week that leading Thai businessmen are keen on investing on large apartment complexes and also setting up a bicycle manufacturing plant in Sri Lanka. This should be followed up by the BOI and other relevant agencies, which must ensure all facilities for the investors. It is a positive development that should lay the foundation for more Thai investments in Sri Lanka. There are prospects of enhanced tourism links as well, with two Thai-based no-frills airlines exploring the possibility of flying to Sri Lanka. Minister Bandaranaike has also signed a Memorandum of Understanding (MOU) with Vietnam to bring more Vietnamese investors to Sri Lanka. Vietnam is becoming an investment hub and many Vietnamese companies are also venturing overseas. In fact, the whole Indochina region is developing fast and these promotional efforts should be extended to the other countries as well. Investment, however, is not a one-way process. Sri Lankan authorities should encourage major Colombo-based companies to invest in ASEAN countries in order to gain a foothold in this rapidly developing region. With ASEAN moving towards barrier-free trade, they will be in an ideal position to reap well-deserved rewards. |
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