Return on investment in Lanka faster than any other location - Foreign Minister

Tokyo : Return on Investment is fastest and highest in Sri Lanka on a sustainable basis than any other location said Foreign Minister Rohitha Bogollagama addressing a Sri Lanka Business Forum at the Tokyo Hilton on Tuesday.

The Forum was attended by over 100 potential Japanese Investors. The event was organised by the Sri Lanka Embassy in Tokyo and the Sri Lanka Business Council in Japan.

The Minister said that a US$ 450 million Foreign Direct Investment came from Malaysia within three years for the Telecom sector.Their return on Investment on the second year was 50%.. Investors from Singapore got a 22% return on a sustainable basis.

Sri Lanka commands as a location which enjoys a very vibrant FTA with the largest market that of India and Pakistan. The two FTA'S given access with 35% value addition in over 4000 products to the Indian and Pakistan markets combined with over 1400 million people.

From our ports to an Indian port the longest will take 72 hrs. Air connectivity to over 26 destinations in India the longest time taken will be three hrs. while the shortest time is 50 mts. We got 120 connections per week between India and Sri Lanka. With EU concessions in terms of GSP+ over 7200 items get access to the EU market.

We as a country is progressing in terms of economic indices with stability and greater resilience year 2006 recorded 7.4% growth in the GDP. Exports grew over 8% over the previous year. Greenfield investments grew over 140% to over 600 US$ in Foreign Direct Investments.

The Minister further said that the country has experienced in the continuous need to be resilient against external and internal shocks. This is a challenge we have been continually overcoming with the assistance of our friends abroad such as Japan said

Minister Bogollagama. He said Japan has taken a dual interest in Sri Lanka's well being it is economic development and sustainable peace in the country. Terrorists are confined to two and a half districts out of 24 districts in Sri Lanka. We have recognised the need to counter terrorism in Sri Lanka and the region. Year 2006 spent whilst we were progressing in the economic front getting the people free from terrorist hold Today we have cleared the East.

Biggest Investments generating highest income where Mitsui which produces I million tons of cement for the local consumption and Prima Ceylon milling over one million tons of wheat flour for local consumption and exports and the Indian Oil Company operating a tank farm and lubricant production facility all located within 4km s with over US$ 4000 million investments.

That shows how positive the investors working in Sri Lanka they went ahead and investments generating highest returns in an effected area and sustaining their investment. The Minister invited potential Japanese investors to invest in Sri Lanka and get the fastest return on investments.

Secretary General of Japan Tea Association Toshitem Torii,C.E.O. Sri Lanka Telecom Shoji Takahashi, Vice President Colombo Dockyard Sarath De Costa presented their experiences on Japanese Investments in Sri Lanka. Hon. Yasuo Fukuda M.P. President Japan Sri Lanka Association Mr. Takashi Iwasaki Hon. Consul General Nagoya H.E. Ranjith Uyangoda Sri Lanka Ambassador in Japan also addressed the gathering.