To attract more investors:

Country to review investment incentives

Sri Lanka is to review its incentives on investments to attract more investors to the country. Board of Investment (BOI) Chairman Jayampathi Bandaranayake told the Indian business delegation that there are opportunities in agriculture, fisheries, agriculture processing and dairy sector in Sri Lanka.

He was speaking at the FICCI IIFA Global Business Forum Panel Discussion on “Investing and Rebuilding the New Sri Lanka - North East”.

The coastal belt in South, its surfing paradises and golden beaches will help the country to attract large scale investments in tourism. The natural beauty of the island provides immense opportunities in the eco- tourism sector.

There are investment opportunities in IT related services with the availability of a human resource pool in the North and the East in Sri Lanka. Oil refinery is another sector with high potential.

Opportunities for investments are many from manufacturing to the services sector in Sri Lanka. The country will review its incentives for investments to facilitate investors, he said.

Power Trading Corporation India Financial Services Ltd Director Ashok Haldia said India could support in every way for developing Sri Lanka’s Power sector.

Sri Lanka needs to find scientific approaches for producing Bio-gas in the North and the East. This is a low cost energy source and it is the ideal energy solution for the northern and the eastern parts of the country. Producing energy through waste is also another area.

India’s recently introduced power policy is important for countries such as Sri Lanka, he said at the discussion.

Improving connectivity and the accessibility in the North and the East will enable the entry of more private sector companies to these areas, Institute of Policy Studies Executive Director Dr Saman Kelegama said at the panel discussion.

There was destruction of properties and assets of these areas due to the war. These areas contribute only 8 percent of the National GDP.

There are two major programs Uthuru Wasanthaya and Nagenahira Navodaya to accelerate infrastructure development of these areas.

There is a huge informal financial market in the North and the East of the country. There are ample opportunities in sectors such as insurance, he said.

(AS)