Creating an investor-friendly environment
The Investments Board and the Investment Promotion Ministry are
taking measures to improve the methods of attracting both foreign and
domestic investment said Investment Promotion Minister Navin Dissanayke.
He was addressing the BizPact "Invest in Sri Lanka" International
Symposium which was held recently.
If there are obstacles in the infrastructure facilities, we will
clear them. If there are impediments in the release of land for the
various projects, we will eliminate those impediments so that the land
is handed in the shortest possible time; if the concern is obtaining
permission from the environmental agencies, we will expedite those
There is an increasing demand for foreign capital not only in the
northern and eastern provinces. There has not been any meaningful
investment in these two regions during the last three decades.
The socio-political forces have overridden the financial and economic
needs of the day in these two provinces.
How can we improve our ranking in the business world and compete with
the growing economies in the west like USA, the UK and Scandinavia but
also in the east like Japan, Singapore, South Korea and Thailand. Unless
we position ourselves against our superiors in the West as well as in
the East, we are bound to fail in our attempts to bring in better times
for our people the Minister said.
We will make a collective effort to raise our growth rate 10 percent
in ten years. It is possible if we apply ourselves, not as individuals,
but as a cohesive community of investors and beneficiaries, in other
words, as a total entity of a nation. There lies our salvation, and
there lies your profits. For profits follow economic activity. And
economic activity follows investment he said.
The building blocks in the twenty first century are Japan, India and
China. The US has realized it, the rest of Europe has realized it and
those three countries have realized it.
The progression of China and India from the third world to the first
world in terms of economics is remarkable. The growth of their domestic
product is phenomenal, so that the global recession that has enveloped
all other countries is having not so critical an impact on India and
China. On the other hand, Japan stands alone as the biggest bi-lateral
donor of the world. Japan's good relations with Sri Lanka have extracted
a promise from Japan that they will invest two billion US dollars in the
next five years, he said.
In that context, our attempt will be to make the surrounding
environment as investor-friendly as possible. In this regard we are
bound to face severe competition from the other developing countries
like Bangladesh, Vietnam, China and even India.