Lanka has doubled FDI's - President

Cassandra ABEYNAIKE

With the end of the conflict, Sri Lanka has re-entered the Asian business hub as a major player once again, said President Mahinda Rajapaksa at the opening of the Expo 2012 in BMICH yesterday.

President Rajapaksa who was the chief guest at the first day of the four day Expo said that due to this, the nation has been able to double foreign investments (FDI's) of the country and increase the net inflows in the Colombo Stock Exchange and commercial banks.

The government is open to competitive market strategies that encourages business and ably assists them through a fully participatory private sector. This is why foreign investors are ready to place their trust in the Sri Lanka Development Board and it is also the reason why many new Initial Public Offerings were made in the Colombo Stock Exchange,’ he said.

Because of this healthy political and economic climate, tourist arrivals have increased and have encouraged international hotel chains such as Shangri-La, Sun City and Sheraton to invest in Sri Lanka. This is a remarkable demonstration of the growing importance of Sri Lanka as a trade and commercial hub in this region,' the President added.

The Sri Lankan economy is booming at the moment even with the fall of the Euro, especially in comparison with previous years,’ said Dilmah Area Executive, Mevan De Silva. Similarly, companies such as Havicus Sri Lanka, Loadstar, Memories Gems and Laugfs Holdings believe that Sri Lanka is in a position to further prosper its economy, enabling the country to gain world-wide recognition.

Chairman of the Export Development Board, Janaka Ratnayake said, ‘With peace, Sri Lanka is in a better position to attract investors and this event would help platform it. There are economic and political crises in many parts of the world today and Sri Lanka is free of all these problems, making it one of the best countries to invest in. Sri Lanka's target is to attract US $15 billion export turn over by 2015.

Rishad Bathiudeen, Minister of Industry and Commerce said even though the World Trade Organisation had forecasted only a 5.8 percent world export growth for 2011, Sri Lanka's export sector showed strong resilience, by registering a highly commendable growth rate of 22.37 percent, in comparison to 2010. 'Year 2011 saw export earnings, reaching US$ 10.4 billion, thereby surpassing the previously envisioned export target, of US $ 9.1 billion for the same year.

Trade delegations from UAE (50), UK (45), Thailand (40), Malaysia (40), USA (35), Singapore (35), Korea (30), Belgium (25), Pakistan (20), France (10), Russia (10) and Germany (10) are some of the key foreign participants in the event.