Plans in top gear to promote Lanka among UK investors

Hiran H. Senewiratne

INVESTMENT: The UK-Sri Lanka Business Council in UK is looking at possibilities to promote Sri Lanka as a major investment destination among UK investors.

They are expected to look for priority sectors for which they seek Government assistance to develop effectively, its sources said. Some of the priority areas that have been identified by the Council are IT, health, engineering and construction, specialised hotels, vegetables and fruit processing units and education and training, its Chairman Jayampathi Perera told the Daily News.

The Council being a trade facilitation body worked with the Department of Trade of Sri Lankan High Commission in London. It is also working very closely with the British Parliament as well, he said. The Council has also made representations to the UK Parliament Committee for Asian Trade and Investment.

Two Conservative members of the British Parliament participated in the Serendib 2006 investment exhibition in London last June to study investment opportunities in Sri Lanka, he said.

Perera also said the British Parliament is giving prominence to hold breakfast meetings at the House of Commons premises for the purpose of promoting investment opportunities in Sri Lanka. Further, they have also promised to promote Sri Lanka as the most sought after investment destination for UK investors.

Since Sri Lanka is enjoying the GSP plus and free trade agreements with India and Pakistan, many UK investors are looking at possibilities to penetrate those lucrative markets in the European Union and Indian markets through Sri Lanka.

Perera said that where the IT industry is concerned many UK investors are looking for business process out-sourcing centres on legal, engineering and accountancy areas.

The Council also intends to bring private health sector companies to improve the hospital infrastructure in Sri Lanka to promote the state-of-the-art health sector in Sri Lanka especially to attract foreign patients to Sri Lanka.

At present the country is short of 10,000 beds, he said. Perera said that other identified sectors are the construction and real estate sectors where a leading UK company, Elysion Holdings is looking at an investment of US$ one billion worth project in the country.

The Council is also planning to promote special hotel concepts in Sri Lanka and expect to invest US$ four million through a certain hotel chain in UK, he said.

Certain UK investors are also hoping to set up a very advanced technology education centre in Sri Lanka, he said.

The UK-Sri Lanka Business Council is an independent organisation formed by Sri Lankan and British business people and is situated at the Sri Lanka High Commission premises.

It also works closely with the Ministry of Trade of the High Commission in London. The Council brought a high-powered UK business delegation to Sri Lanka for the recently concluded Commonwealth Finance Ministers' Meeting in Colombo.