SA to make investment foray in SL

South Africa, Sri Lanka’s leading trade partner in Sub-Saharan Africa and the third most competitive economy in the US $ 13.7 trillion BRICS grouping, is making an unprecedented investment foray into the resurgent Sri Lanka with no less than a US $ 122 million initial investment and scheduling yet another strong business delegation to Sri Lanka again.

“I am pleased to announce that SAPOA, South African Property Owners’ Association, the biggest South African property owner, second only to the Government of South Africa, is coming to Sri Lanka in February/March, 2013. In South Africa, they are “the people with money” in real estate and properties,” said Geoff Doidge, High Commissioner of South Africa in Colombo, on Friday.

Doidge was addressing a special dinner event, hosted by the Export Development Board of the Ministry of Industry and Commerce in honour of the visiting high level South African business delegation to Sri Lanka.

Also in attendance were Janaka Ratnayake, Chairman/CEO of EDB, Sujatha Weerakoone, Director General, EDB, Yousuf Maraikkar, Executive Director EDB, officials from various local Business Chambers, private sector representatives and Sri Lankan exporters to South Africa.

This delegation was the largest South African business and industry delegation to visit Sri Lanka in the recent trade history, consisting of 30 leading business members of the Progressive Business Forum of African National Congress (ANC-PBF), the ruling ANC’s business collective.

The delegation was led by South Africa's Deputy Minister of Economic Development, Hlengiwe Mkhize and accompanied by Renier Schoeman, core Convenor of ANC-PBF (and also the former Deputy Foreign Minister).

According to Geoff Doidge, the “SAPOA was mulling a huge ‘initial investment’ here. It is tentatively in the overall range of South African Rand one billion ($ 122 million) with a medium and long term investment in Sri Lanka.” Addressing the visiting delegation, Anura Siriwardene, Secretary, Ministry of Industry and Commerce, said the visit was very promising for businesses at both ends: “Let me extend my congratulations to the visiting delegation for their success in business to business and other related activities in Sri Lanka, since their arrival here.

There is no doubt that these win-win efforts were promising and would pave the way for stronger bilateral trade in the long term,” Siriwardene said. “When it comes to bilateral trade, I am pleased to note that South Africa has become the most important trading partner for Sri Lanka in the Southern African region.

I also observe that there had been nearly 70 % total trade increase between the two countries in 2011 to $ 65.52 million. This shows that there was much unrealised scope for further trade enhancement between the two countries.

We are also happy to note that the Progressive Business Forum which had a significant global reach and had facilitated trade delegations throughout the world, had realised the potentials in the resurgent Sri Lankan economy as a result of the committed leadership of President Mahinda Rajapaksa.

We are confident that this bold and far sighted initiative would expand existing opportunities for our respective business communities, thereby resulting in vigorous cooperation in bilateral trade.”

Hlengiwe Mkhize, South Africa's Deputy Minister of Economic Development, was upbeat on the success of her mission to Colombo. “This has been powerful. Our private sector representatives are talking seriously with Sri Lankan businesses.

Cooperation in engineering, manufacturing, trade in general. I am quite happy. We are focusing on investments in infrastructure, water and energy. Sri Lanka is our entrance mechanism to Asia.