Japanese investors show confidence in Sri Lanka:

Agreements to promote trade ties between Sri Lanka and Japan

Charumini DE SILVA

Japan-Sri Lanka Business Co-operation Community Chairman, Sumitaka Fujitha said the 15th joint meeting of the Sri Lanka-Japan and Japan-Sri Lanka Business Co-operation Committee has given rise to several bilateral economic agreements that could promote and strengthen relations between the two countries for further growth in many potential sectors.

Fujitha who was addressing a media briefing at the Galadari Hotel yesterday said that Japanese investors are confident in investing in Sri Lanka with a high level of investments.

Sri Lanka could be the gateway to the one billion-population market in India and the Japanese private sector was prepared to launch feasible industries in Sri Lanka to achieve such results, he said.

He said there were several sectors in which Japanese industrialists, agriculturalists and tourist consultants were interested in and the Government of Japan has given approval for a wide range of enterprises to be set up in Sri Lanka with the dawn of peace.

Fujitha said Sri Lanka’s tourism industry has shown tremendous scope for expansion and the travel advisories in Japan have strongly recommended Sri Lanka as a safe tourist destination.

However, the de-mining process in the remaining parts of the North has to be completed to attract better investments. Japanese entrepreneurs are interested in developing the tourism industry in Sri Lanka.

Sri Lanka could be the manufacturing base for the Japanese industry and Sri Lanka’s labour force could be productive to help enterprises to grow in keeping with international standards. There is a huge potential to develop the automotive industry, as there is a demand for passenger vehicles in India.

Though India produces affordable passenger vehicles it cannot meet the demand, as the output is less than the demand.

The mobile and telephone industry also has much scope. India has 500,000 million mobile subscribers while the demand is increasing rapidly. There was also the possibility of setting up electronic, packaging, metal and a plastic industry targeting foreign markets, he said.

Sri Lanka-Japan Business Co-operation Community, President, Daya Weththasinghe said Japanese agricultural technology could also be introduced to Sri Lanka with improved paddy seed varieties that would double the yield compared to the local seed varieties being used currently.

Other agricultural technology used by Japanese farmers will also benefit Sri Lanka’s agricultural sector.

He said Japanese investors were also interested in improving real estate, commerce and tourism sectors.

Building new tourist resorts, hotels and housing complexes with the latest technology is another key area of investment.