CHOGM investment summit to be held in Colombo

Shirajiv SIRIMANE

For the first time Sri Lanka will host the Commonwealth investment summit in 2013 in Colombo. This will be held along with the next Commonwealth Heads of Government Meeting (CHOGM) to be held in Colombo in October 2013.

It is expected that some 300 business and government leaders will attend this event, including ministers, senior government officials, representatives of international organisations, chairmen and chief executives of leading companies from across the Commonwealth exposing Sri Lanka’s potential as a destination for investment. Co Chairman of the event, Tissa Jayaweera said this would be the ideal opportunity to host this event in Sri Lanka as the country’s investment climate is at its peak.

“With the ending of the war Sri Lanka has become a dream of investors and this summit would further promote Sri Lanka as a destination for investments,” he added. Jayaweera said Sri Lanka rose to the 89th position in the Global Ranking from 183 countries, as one of the best places to do business with, on the ‘Doing Business Index’ compiled by the World Bank and the International Finance Corporation and this too would help the country to woo more investors.

The recent decision by the government which made paying taxes less costly for businesses by abolishing the turnover tax and social security contribution and by reducing corporate income tax, value added tax and nation building tax rates too would help Lankan investments.

Central Bank Governor Ajith Nivard Cabraal earlier said Sri Lanka will be able to see a gradual increase in the global ranking places (to do business with) in the future as well. “We are confident that Sri Lanka would be able to be placed in the 30th position by 2015 or 2016,” he said.