Investment Destination Sri Lanka road show launch:
Best opportunity for Saudi investors - Senior Minister
Mohammed RASOOLDEEN in Dubai
Saudi industrialists have a unique opportunity to take advantage of
attractive investment incentives offered by post-war Sri Lanka, a top
official from Colombo said in Dubai.
Senior Minister for International Monetary Cooperation, Dr
Sarath Amunugama inaugurates a road show on ‘Investment
Destination Sri Lanka’ at the Ritz Carlton Hotel in Dubai on
Wednesday night. |
Senior Minister for International Monetary Cooperation, Dr Sarath
Amunugama, who inaugurated a road show on 'Investment Destination Sri
Lanka' at the Ritz Carlton Hotel on Wednesday night, said that this is
the best opportunity for the investors from the Kingdom to harness the
attractive opportunities available in the island for mutual benefits.
The event was organized by Heraymila Securities Limited, a subsidiary
of Dubai based Heraymila Investments Limited.
Dr. Amunugama said : Saudi investors could come in to set up an oil
refinery in Sri Lanka. Such a refinery, could also serve countries such
as Japan, China and India. He explained that Colombo is a convenient hub
in the Asian region which could link the Middle East and Far-East and
other countries in the SAARC region.
'The other viable areas of investment include, tourism,
infrastructure development, information technology, stock exchange and
oil exploration,' he said.
'The growth opportunities in Sri Lanka are well-reflected by its
post-war stock market performance: Sri Lanka was the World's top
performing stock market in 2010, with an increase of 96 percent. The
Colombo bourse continued the momentum into 2011 and as at May 16, 2011,
is the World's third best performing market with a gain of 10.89 percent
year-to-date, the minister said.
He pointed out that Sri Lanka, has rebounded successfully from
decades of conflict to become the rising star of the Asian economy: GDP
growth reached 8.0 per cent in 2010 from 3.5 per cent in 2009 and is
estimated to remain buoyant in the coming years. It is predicted that
Sri Lanka's GDP is to grow by 9.0 percent in 2011.
'After successfully eliminating terrorism from its soil in early
2009, Sri Lanka is now a politically stable nation, and perhaps one of
the safest places in Asia for doing business, the minister said, adding
that in recognition of this fact, international rating agencies are
likely to upgrade Sri Lanka's sovereign rating (currently rated: S&P and
Fitch, B+ with a stable outlook),' the Minister said.
'The IMF has recently said Sri Lanka's growth was strong, inflation
was in single digits, reserves were comfortable and the economy was
recovering fast. It has also said that the 2010 budget deficit target
has been met and budget developments so far in 2011 are broadly in line
with the IMF's expectations. Being located in a strategically
advantageous geographical location, Sri Lanka has a huge potential to
become a maritime, aviation, energy, knowledge and commercial regional
hub, to integrate the domestic economy with the international markets,
capitalizing the human as well as natural resources of the country,'
Minister Amunugama said.
'Sri Lanka is also emerging as a viable destination of choice for the
worldwide IT and BPO market. The IT/BPO industry now takes the position
of the fifth largest exporter in Sri Lanka with strong future growth
potential, recently, the London Stock Exchange acquired Millennium
Information Technologies Ltd., a world renowned stock exchange software
development company based in Sri Lanka.' |