Israeli companies to invest in Lanka

Indunil Hewage

Israeli companies will step up its investments in Sri Lanka in the fields of herbal medicine, bio-medicine and pharmaceuticals, ICT and Software Development in the near future.

The Ceylon Chamber of Commerce Trade and Investment Promotion Manager Selvanathan Anojan said that the Israel Business Development Office ( IBDO) has received a large number of inquires from Israeli and Sri Lankan investors to commence business ventures between the two countries since its inception in May this year.

Currently, IBDO is in the process of drafting Memorandums of Understanding (MoUs), finding lands for the respective project proposals submitted by Israeli investors. A well known herbal medicinal products manufacturing company in Israel will be the first company to invest in Sri Lanka under the above project proposal scheme. However, according to Anojan, policy amendments to be made in a swiftly manner to facilitate more businesses between the two countries.

Israel will also assist to maximize the agro production in Sri Lanka thereby sharing innovative technology, expertise especially in paddy, fruit and vegetable cultivation in Sri Lanka.