Scope for increasing two-way trade with Indonesia
The Investment and Business Seminar jointly organized by the Sri
Lanka Embassy in Jakarta and The Chamber Of Commerce and Industry
Indonesia was held yesterday at the Indonesia Chamber of Commerce
This event, the first of its kind to be held by the BOI of Sri Lanka
in Indonesia was made possible by the initiatives taken by Major General
(Retd.) Nanda Mallawaarachchi with the support of the Sri Lanka
Indonesia Business Council.
Vice Chairman of the Chamber of Commerce of Indonesia Paul Mukundan,
said that there is 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, MP, Senior Advisor to the President 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 additional land area and sea coast has been 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 substantial foreign
investment is required.
He said 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 in 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,
Rajapaksa highlighted the 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 that with the large extents of
land available in the North and the East of Sri Lanka, commercial scale
agriculture based on the out-grower system is highly recommended.
Chairman, BOI Dhammika Perera, said that despite the global economic
recession, Sri Lanka has managed to achieve a growth rate of 6 percent
last year and also successfully attracted foreign direct investment of
USD 889 million. These achievements were the direct results of pursuing
the vision of President Mahinda Rajapaksa 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 and auto components, agriculture and food
processing as most promising sectors for foreign investors in Sri Lanka.