- Error
Sri Lanka High Commission in Ottawa
HE the President Independence Day Address 2022
Most Venerable Maha Sangha,
Other Religious Dignitaries,
Hon. Prime Minister,
Hon. Speaker,
Hon. Chief Justice,
Hon. Leader of the Opposition,
Hon. Ministers and Hon Governors,
Hon. State Ministers,
Hon. Members of Parliament,
Ambassadors and High Commissioners,
Secretary to the President and all Government Officials,
Chief of Defence Staff and Commander of the Army,
Commander of the Navy, Commander of the Air Force and Inspector General of Police,
Director General of the Civil Security Department,
Distinguished Guests,
War Heroes,
All Sri Lankan Brothers and Sisters,
Beloved Children,
Throughout history, people of various nations have struggled, fought and made great sacrifices for their right to live as dignified citizens in a free country.
In Sri Lanka too, Great Kings such as Dutugemunu, Walagamba, Maha Parakumba, Vijayabahu and Parakumba the Sixth fought against foreign invaders at various periods during a 2,500 year history, liberated the country from foreigners and united it.
It is now 74 years since our country finally gained freedom from 450 years of European colonial rule. Even after independence, we had to fight for nearly three decades against an attempt to divide this country through terrorism.
Today Sri Lanka is a free, sovereign, democratic country. We are its proud citizens.
I take this opportunity to pay tribute to all patriots who dedicated themselves to gain full freedom for our country facing various obstacles throughout the history, and continue to secure the freedom so gained.
Every Sri Lankan citizen, irrespective of any community or religion, has the right to live freely and safely anywhere in the country today. There is freedom to practice the
religion of their choice. There is freedom to hold independent opinions and express ideas. There is full media freedom in the country. Sri Lankan citizens have the freedom to elect their representatives through a fully democratic mechanism, and for those interested, to engage in the political process and governance.
This is a cause for joy and pride for all of us.
As people of a free and democratic country, all of us have rights as well as responsibilities.
The greatest benefit from freedom is when everyone fulfils their duty to the country. It is not appropriate to speak of rights only, whilst forgetting responsibilities.
The freedom of a country is most meaningful when it is strong in social, political and economic spheres. As much as a government, the people too have the right to actively contribute towards this.
When steering the country in the right direction, we know that the support of each and every person in the country cannot be expected. We are not ready to abandon our plans for the country’s future prosperity by looking upon those who will not change. Our objective is to do what is right by the country, and not to please everyone.
We can make our way forward successful only with a positive attitude that looks optimistically towards the future. We can surmount the challenges we meet only if we dedicate ourselves to a victorious journey.
Pessimists do not change the world. They do not even have the capacity for it. Those who habitually criticize without proposing a solution to a problem do not have a vision for the future.
A nation’s leader has to constantly face many difficulties, calamities, problems and challenges. Leading a team towards a vision is not easy. Changing the existing ways, no matter how good the intention is not easy either. On certain matters, both local and foreign forces organise against us. Sometimes it may seem that everything that happens around you is conspiring against you.
What the people expect from leaders is to manage all these crises and take the country forward, but not to escape from problems. We have the positive mindset needed for that. I am always ready to provide the necessary leadership to overcome any challenge facing the country.
The world has been changed, and will be changed by those people with positive ideas, who dream of a future with optimism and strive to make it a reality. We see this throughout the history.
Social progress in all developed nations has been possible due to the positive thoughts of their leaders and the people.
Our own kings in the past built vast stupas such as Ruwanweliseya, Jethavanaramaya and Abhayagiriya in this same positive attitude. We had an excellent irrigation technology that created Minneriya Tank, Kala Wewa, Parakrama Samudraya and Yoda Ela. Cities such as Sigiriya still mesmerize the world. Sri Lanka was a famed naval hub in the ancient world. If we were able to accomplish such feats then, we ought to be able to compete with the world in the future as well.
The most important criterion for this is the belief in ourselves.
Difficult times do not last forever. People of great resolve are needed to face difficult times. Anyone who demoralizes another is not doing any good to the society at this moment. Therefore all of us have an enormous responsibility to build a positive attitude in the country to face these crises successfully. We have faced critical problems in the recent history as well, and found solutions. When pessimists maintained that terrorism could never be defeated in war, brave military leaders like General Denzil Kobbekaduwa and General Vijaya Wimalaratne instilled the positive attitude in their men that terrorism can in fact be defeated. Later, under the right political leadership, we were able to vanquish terrorism in as little as 3 ½ years because we had belief in our own capabilities.None of the crises we experience today are long-term problems. We can find solutions to them with an optimistic approach. There is a role that each of us can play to expedite this process. We must all endeavour to do our utmost for the country by fulfilling our responsibilities in a proper manner. We realized early on that the only solution to control of Covid-19 pandemic was vaccination. Hence we have been able to provide both vaccine doses to over 85% of the targeted population, control the disease and resume normal community life. By now, all vaccine doses required to administer the booster to the people have been imported to Sri Lanka. Rather than go back many years into the past searching for reasons for the economic problems that the country faces today, what is more relevant is to find both short and long-term solutions for such. This is what we as a government is focused on. We need to improve all three sectors of agriculture, industry and services in order to strengthen the economy of Sri Lanka. Special attention must be paid on ways and means to enhance export revenue whilst encouraging local production. While our national policies are very clear on this stance, there should be more active participation in all sectors in implementing them. Investment is an essential factor in the development process of our country. While the government is constantly working to encourage investments, we need both local investments as well as foreign investments. Foreign investment is especially important for large scale projects, industries requiring modern technological know-how and new
ventures that open up global market opportunities for us. People need to be more vigilant of those who attempt to propagate incorrect public opinion against foreign investments, based on political motives.
We cannot accelerate economic development without encouraging entrepreneurship and removing obstacles faced by entrepreneurs. We have a responsibility to be more respectful and friendly to entrepreneurs who start their own businesses amidst various vulnerabilities and provide employment and income opportunities for others as well. Government officials should fully understand the contribution of entrepreneurs to the country’s development and provide all assistance they require expeditiously within the legal framework. By preventing major delays in business registration and investment approvals, we can mobilize the entire economic process in the country.
A number of education reforms are taking place in the country to create a more productive citizen. Every child completing school education must strive to develop a skill or industry that can contribute to the country’s economic process. One must try to enhance knowledge in the chosen sector and also acquire professional qualifications if possible. In this manner, you have the opportunity to directly contribute to the country’s economic process.
The people who shed their sweat in farmlands, factories and workplaces make an active contribution to the country’s economy. I pay my respects to all of them.
Expatriate Sri Lankans who provide foreign exchange to the country are a major resource to us. We have not forgotten how they came forward for the country in the recent past and supported us making great sacrifices. We greatly appreciate their regular contribution to energize our economy. I invite all expatriate Sri Lankans to invest in their homeland. This will enable you to continue to actively contribute to building the future of the country.
If we are to win over the challenges before us and accomplish our future goals successfully, then all of us have to make a change. We all have to make some sacrifices towards it. As the President of the country, I am ready to set the necessary example for it. I am already doing this to the best of my ability. I ask all Ministers, Parliamentarians and other politicians to act in an exemplary manner for the country at all times. If you set this example to the people, then the majority of the people will follow you.
Forces against a national leadership that values our indigenousness and protects the country’s sovereignty are subtly misleading the people through various false propaganda. I urge the people of this country to always act prudently. No one can mislead the people if they make inquiries based on fact, ascertain the truth and make decisions.
I have pledged as the Head of State to always protect the freedom won for the future generations, and to safeguard the unity, territorial integrity and sovereignty of this country. We will always abide by that pledge.
Cultural freedom is important to all communities. We consider it our prime responsibility to preserve our thousands of years of indigenous traditions and customs, values and identity. Steps have been taken to preserve and develop places of archaeological value that have been subject to various threats and destroyed in the recent past.
We are a nation that safeguards the rule of law and respects international conventions. Although some parties have attempted to make various allegations against Sri Lanka for narrow motives, the government has not condoned any type of human rights violations, and will not leave room for such incidents in future either.
Under no circumstances shall we allow extremism to raise its head in this country. Today we have secured national security as promised by the government to the people.
The people have given the opportunity for the current government to implement the Vistas of Prosperity and Splendour Policy Statement presented by us.
There have been no changes in the policy framework we presented in regard to identified priorities such as green agriculture, promotion of renewable energy use, education reforms compatible with the modern world, encouragement of local entrepreneurship, export diversification and value addition, and promotion of technology use for a new leap in the economy.
We are committed to achieving the basic goals of a productive citizen, a happy family, a disciplined, virtuous society and a prosperous country.
I was given the leadership of the country at a very difficult time. In the last two years we have had to find solutions to a number of unanticipated problems. Despite all these difficulties, our government was able to carry out many development activities.
All the plans required for the sustainable development of the country, during my remaining tenure are being implemented. No matter what the obstacles are, if the majority of the people in our country are optimistic about the future and give their due contribution, we will be able to achieve those goals.
I heartily invite all patriotic Sri Lankans to unite to build a proud nation that has achieved the true meaning of freedom.
I thank you all.
Theruvan Saranai.
FOREIGN MINISTER GUNAWARDENA AND UK’S INTERNATIONAL TRADE MINISTER DISCUSS STEPPING UP BILATERAL TRADE AND INVESTMENT TIES WITH THE UK
EFFECTIVE FRAMEWORK FOR THE IMPLEMENTATION OF 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT
The Working Group appointed by Foreign Relations Minister Dinesh Gunawardena to assess the current status of implementation of the 2030 Agenda for Sustainable Development and Sustainable Development Goals presented their report to the Minister on Thursday, 23 July 2020.
Presenting the Report, the Chair of the Working Group Ahmed A. Jawad, Additional Secretary, Multilateral Affairs of the Ministry of Foreign Relations observed that high-level leadership would be crucial for the achievement of the Sustainable Development Goals since these Goals are of a cross cutting nature, coming under the purview of multiple agencies and therefore the supervision at the highest possible political level becomes absolutely important.
The Minister of Foreign Relations appreciated the deliberations of the Working Group to produce the Report in a short period of time given the situation concerning COVID-19 and stated that this report would be important at this juncture with regard to the implementation of the 2030 Agenda for the Development.
The Working Group on 2030 Agenda for Sustainable Development was chaired by Ahmed A Jawad, Additional Secretary, Multilateral Affairs of the Ministry of Foreign Relations and comprised Anton Perera Additional Secretary to the Prime Minister and Co-Secretary, Presidential Task Force for Economic Revival and Poverty Alleviation, Dr Lloyd Fernando, Member, Board of Studies Postgraduate Institute of Management, University of Sri Jayawardhanepura and Chairman, Gamani Corea Foundation, Dr C.S. Weerarathne, former Professor of Agriculture, University of Ruhuna and University of Rajarata and Chamindry Saparamadu, Attorney-at-Law/ Development Sector Professional and Lecturer in Sustainable Management.
The report underscores the importance of a strong institutional mechanism that could integrate the economic, social and environmental dimensions of Sustainable Development in a balanced, holistic and pragmatic manner across all levels of government and society and recommends creation of an institutional framework for effective coordination of the implementation of Sustainable Development Goals. One of the recommendations is that the composition of such a framework needs to cut across all sectors given the interconnected nature of the Sustainable Development Goals. Meaningful engagement of the businesses, academia, civil society, trade unions, women and youth as well as indigenous groups in the process of planning, target setting, implementation and monitoring has been identified as a critical factor underpinning success of implementation.
The report also emphasises that Sustainable Development Framework is a transformative Agenda which requires stewardship at the highest level having both convening power and the ability to foster multi-stakeholder engagement to transform it towards a whole-of-government and whole-of-society approach and proposed number of actions for donor coordination, planning, SDG alignment, policy coherence, national SDG indicator framework, integrated monitoring and reporting mechanism, capacity building, use of alternate data sources, development of a financing framework, domestic resource mobilization, prioritise and support public sector innovation and establishment of a National Innovation Agency.
“Transforming our World: the 2030 Agenda for Sustainable Development was adopted by the Heads of State and Government and high level representatives, including Sri Lanka, met at the United Nations Head Quarters in New York from 25-27 September 2015. This framework is to achieve sustainable development by the year 2030, building upon the achievements of the Millennium Development Goals. The Agenda includes 17 Sustainable Development Goals accompanied by 169 targets and indicators under each target. Sri Lanka has taken number of steps to implement the 2030 Agenda for Sustainable Development including the enactment of the Sustainable Development Agenda Act No. 19 of 2017 and establishment of the Sustainable Development Council. The last decade of the framework, the “Decade of Action” 2020 – 2030 began this year.
Ministry of Foreign Relations
74th Anniversary of the Independence of Sri Lanka
In keeping with the public health norms prescribed by Canadian authorities, the celebration of 74th Anniversary of the Independence of Sri Lanka this year will be hosted by the High Commission virtually, on Friday, 04th February 2022.
Friday, Feb 4, 2022 10.00 a.m | 2 hours 30 minutes | (EST)
Meeting number: 2519 208 8877
Password: 8934723221
Join by video system
Dial This e-mail address is being protected from spambots. You need JavaScript enabled to view it
You can also dial 210.4.202.4 and enter your meeting number.
Join by phone
+65-6670-9679 Singapore Toll
Access code: 251 920 88877
FOREIGN SECRETARY ARYASINHA URGES INDIAN INVESTORS TO TAKE ADVANTAGE OF SRI LANKA GOVERNMENT’S COMMITMENT TO FACILITATING, PROTECTING AND PROMOTING LIBERAL ECOSYSTEM
Foreign Secretary Ravinatha Aryasinha said that the investment environment in Sri Lanka for Indian investors is conducive not only because of its stable leadership but also due to the strong bilateral relationship between Sri Lanka and India. This was consolidated on following the early visits of the President, Prime Minister and the Foreign Minister to India where areas of cooperation was fully reviewed.
Addressing the webinar ‘Deepening Economic Collaboration between India and Sri Lanka’, organised by Federation of Indian Chambers of Commerce and Industry (FICCI) jointly with the Lakshman Kadirgamar Institute of International Relations and Strategic Studies, Sri Lanka (LKI), on 21 July 2020, Foreign Secretary Aryasinha said, “India is among the top 5 foreign investors in Sri Lanka. The government is committed to facilitating, protecting and promoting the liberal investment climate in Sri Lanka by continuing to realign the systems and procedures to suit modern business needs. The prospective investors are encouraged to take advantage of these untouched investment opportunities in the island.”
Highlighting the potential areas of investment in Sri Lanka, he said that the government is targeting more investment in high value products. “India is strong in sectors like textiles, IT, agribusiness and the private sector of our two countries can explore collaboration related to investment, technology transfer in these sectors,” the Foreign Secretary added.
He said “in the manufacturing sector, we would welcome Indian businesses in developing industrial zones, automotive components, pharma, textiles and engineering, which are areas that could offer huge potential. The ongoing infrastructure improvement projects and development of roads, ports and airports will contribute and facilitate connecting linkages for the business sector,” he added.
The Secretary noted that “Sri Lanka also has enormous potential as a tourist destination, given that Indians are approximately 20% of our tourist arrivals. Investment opportunities could be considerable in this sector as well, following in the footsteps of the Taj and ITC groups’ profitable investment in the hospitality sector, which has also contributed to boosting the quality of Sri Lankan tourism”.
Emphasizing on the policy reforms undertaken by the government, he said, “We are taking a number of measures to strengthen the investment climate and investment laws are being reviewed to suit the modern-day requirement. All efforts of our government are to create an economy firmly based on foreign and domestic private investments, driven by a dynamic and forward-looking private sector.”
Elaborating on the bilateral trade between the two countries, Foreign Secretary Aryasinha said “India accounts for 20 percent of total Sri Lankan imports and is the third largest export destination for Sri Lanka. Commenting on Sri Lankan exports, he said that difficulties in market access, often created due to non-tariff barriers in receiving countries, has become an impediment to our farmers. He urged FICCI to collaborate with the Sri Lankan Mission in New Delhi to particularly help boost the export of Sri Lankan spices and concentrates including pepper to the Indian market.
He added that in terms of exports, “Sri Lanka acts as a gateway not only to the Indian sub-continent, but also to affluent consumers in the European Union. This will clearly open new opportunities for Indian investors who can operate from Sri Lanka on a preferential basis, and access the large market of India, as well as the EU”.
High Commissioner of India to Sri Lanka Gopal Baglay, said that the current time calls for policies oriented to the future and the ones that balances the need for economic security with efficient utilization of complementary economic strengths of the two countries. “As India moves towards Atmanirbhar Bharat (self-reliance), its integration with global supply and value chains will be an added opportunity for our close partners like Sri Lanka. This will build more long-term ties with our commercial entities and enhance capacities, promote employment and increase prosperity.
President, FICCI Dr Sangita Reddy said that healthcare and pharma are potential sectors of collaboration between India and Sri Lanka. Other focus sectors like tourism and hospitality have been strong areas of mutual interest. These two sectors are also among the worst affected as a result of the pandemic and we should discuss ways to rejuvenate them. She urged both governments to revive the India-Sri Lanka CEO forum to explore opportunities in business and investment.
Chair, South Asia Regional Council, FICCI and President, Group Public Affairs & Member of the Group Executive Board, Mahindra & Mahindra Ltd., Manoj Chugh said that there are new sectors which are yet to be tapped and that Indian and Sri Lankan companies should form alliances to tap them.
Chief Operating Officer, Ashok Leyland Nitin Seth; Co-Chair, South Asia Regional Council, FICCI and Director – International Business CNH Industrial (India) Pvt. Ltd. Ashok Anantharaman; Executive Director, Investment Promotion, Board of Investment of Sri Lanka Prasanjith Wijayatilake; Director, Tourism Planning, Development and Investor Relations, Sri Lanka Tourism Development Authority Dr Prasad Jayasuriya and Head of Business Development, Sri Lanka Institute of Nanotechnology Dr Lakshitha Pahalagedara also shared their perspective on strengthening India-Sri Lanka economic relationship.
Board Member of the Lakshman Kadirgamar Institute Suganthie Kadirgamar, Additional Secretary Economic Affairs, P. Amza, Director General South Asia and SAARC Division Aruni Ranaraja of the Ministry of Foreign Relations and Acting High Commissioner of Sri Lanka to India Niluka Kadurugamuwa were also present during the webinar.
Opening Remarks by Mr. Ravinatha Aryasinha,
Secretary Foreign Relations Sri Lanka
Dr. Sangita Reddy, President, FICCI and Joint Managing Director, Apollo Hospitals,
Mr. Manoj Chugh, Chair, South Asia Regional Council, FICCI and President – Group Public Affairs & Member of the Group Executive Board, Mahindra & Mahindra Ltd.
Mr. Rajan Bharti Mittal, Co-Chair Designate India Sri Lanka CEOs Forum, Past President, FICCI and Vice Chairman Bharti Enterprises Limited,
Distinguished members from the Indian industries,
Ladies and Gentlemen,
It is a pleasure to address you today in opening this webinar, jointly organized by the Federation of Indian Chambers of Commerce and Industry and the Lakshman Kadirgamar Institute, to promote investments in Sri Lanka by Indian investors.
In early January this year, Hon. Dinesh Gunawardena, Minister of Foreign Relations had the privilege of meeting and addressing the distinguished members from the Indian industries and potential investors at the FICCI in Delhi during my official visit to the Capital.
The FICCI, with their gracious hospitality, had organized a very successful session at which Minister was able to provide a comprehensive picture of investment opportunities available in Sri Lanka for potential Indian investors.
At that session, the Foreign Minister invited the FICCI to send a delegation to Sri Lanka, so that we could take forward the work we have started, forging a new partnership. Unfortunately, the onset of the Covid-19 pandemic led to travel restrictions resulting in a pause in physical travel even within our own region of South Asia that made a visit to Sri Lanka impossible for FICCI.
It makes me very happy however, that FICCI and LKI found a way to overcome this physical hurdle to connect online through this webinar. You have used an innovative medium to transcend physical hurdles, and I hope that this will serve to inspire both sides to adopt new and innovative approaches to doing business without allowing various types of constraints and hurdles to discourage us and hold us back.
This webinar takes place at an important time and I am grateful to the Federation of Indian Chambers of Commerce and Industry and the Lakshman Kadirgamar Institute for organizing this webinar at this time, when economic recovery has become a top priority for all nations including Sri Lanka’s and India’s following the severe toll of the global pandemic.
This is the time we should draw inspiration from our past successes, cooperation and pioneering spirit to chart our way forward for mutual benefit. As you know very well, India and Sri Lanka were the first in the region to enter into a Free Trade Agreement over two decades ago. It was the first for India and it was the first for Sri Lanka. Now, at this time when both our economies are faced with a crisis which has no parallel in recent times, we must cooperate and work together closely more than ever before to not just mitigate the adverse impact of the pandemic on our economies but to look for sustainable cooperation through targeted and strategic investment decisions that could help us maximize benefit of complementariness.
Ladies and Gentlemen,
The investment environment in Sri Lanka for Indian investors is conducive, not only because we have a strong and stable leadership, but also due to the fact that there is a remarkable strengthening of the Sri Lanka- India bilateral relationship at the political level recently.
There was a significant growth in our bilateral relationship, particularly after the Presidential Elections in Sri Lanka last year. His Excellency President Gotabaya Rajapaksa undertook a very successful State visit to India in November last year, followed by an official visit by the Honourable Prime Minister Mahinda Rajapaksa in February this year. Honourable Dinesh Gunawardena, Minister of Foreign Relations concluded a very fruitful visit to Delhi in early January this year, when the Minister met and addressed you. All these high-level exchanges have further consolidated our bilateral ties.
We are benefiting from the Hon. Prime Minister Narendra Modi’s ‘Neighbourhood First Policy’ of India and the two countries enjoy a multi-faceted partnership and development cooperation.
These political ties provide us with a very positive and conducive environment for investment and to also enhance trade with each other.
Ladies and Gentlemen,
This brings us to the question, ‘why Sri Lanka?’ Let me elaborate:
When we talk about our relations, we can see that business ties between Sri Lanka and India are rooted deep, linked, and date back to many millennia.
Sri Lanka is one of India’s largest trading partners in the SAARC Region. India in turn is Sri Lanka’s largest trade partner globally. Trade between the two countries grew rapidly particularly after the entry into force of the India-Sri Lanka Free Trade Agreement in March 2000. However, difficulties in market access, often created due to non-tariff barriers, has become an impediment to our farmers. I urge you to collaborate with the Sri Lankan Mission in New Delhi to particularly help boost the export of Sri Lankan spices and concentrates, including pepper, to the Indian market.
Two-way trade that stood at US$ 658 million when the agreement was implemented in the year 2000 has increased to US$ 3 billion in 2010 and US$ 4.6 billion in 2019. India accounts for almost twenty percent of total Sri Lankan imports and is the third largest export destination for Sri Lanka. In 2019, Sri Lanka imported goods for the total value of US$ 3.8 billion, while exports to India represented US$ 759.37million. We can bridge this deficit by increased Sri Lankan exports fueled by a higher quantum of Indian investment, to supply to the Indian market. This will be a win-win situation for both countries.
Ladies and Gentlemen,
As many leading Indian firms have already found out, Sri Lanka is a center point for investments in the region. Although Sri Lanka is a market of twenty-one million people, we are unique in that since we offer duty free market as a gateway not only to the Indian sub- continent, but also to affluent consumers in the European Union.
This will clearly open up new opportunities for India, specifically for the members of FICCI in the manufacturing and exports segment, and other foreign investors who can locate their operations in Sri Lanka, on a preferential basis and access the large market in India as well as the European market.
We also have an FTA with Pakistan, and recently we concluded an FTA with Singapore. Sri Lanka is also negotiating a new comprehensive FTA with China and Thailand.
With preferential access to these markets, Sri Lanka will be well-placed to act as a bridge for Indian investors seeking to penetrate the regional markets on a preferential basis. These FTAs with India, Singapore, China and Pakistan will give companies located in Sri Lanka preferential access to a market of over three billion consumers.
In the past, poor infrastructure facilities in our two countries made it difficult to take advantage of geographical proximity due to high transport and transaction costs. The ongoing infrastructure improvements and development of roads, ports and airports will contribute and facilitate connecting linkages for the business sector.
We are undertaking a number of measures to strengthen the investment climate. The investment laws are being reviewed and reformed to suit modern requirements.
I wish to emphasis that all efforts of our government are to create an economy firmly based on foreign and domestic private investment, driven by a dynamic and forward-looking private sector and our target is to attract much more investments in high value products. In doing so, Sri Lanka wishes to gain from transfer of technology. Our highly literate work force is quite competent to adjust to any new technological sharing.
India is strong in industry sectors like textiles, Information Technology, Agri – business and the private sector of the two countries could explore collaboration related to investment, technology transfer, value addition processes in these sectors.
India is among the top five foreign investors in Sri Lanka. I could name a few big players such as, Ashok Leyland, TATA Group, Taj Hotels, Piramal Glass Limited, Ultratech Cement, Ambuja Cement, Nilkamal Ltd. with having presence in the hotel industry, manufacturing etc.
Ladies and Gentlemen,
The Government is committed in facilitating, protecting and promoting the liberal investment climate in Sri Lanka by continuing to re-align the systems and procedures to suit the modern business needs and the prospective investors are encouraged to take advantage of these untapped investment opportunities in the island.
According to the Sri Lanka government’s policy framework, it is expected to position the country as an export-oriented economic hub at the Centre of the Indian Ocean. With the completion of the Port City Project, Colombo is expected to be the Financial Hub of the Region. It may be worthwhile to explore how Indian businesses could be integrated with other countries that would be involving with the Financial Hub.
Under the Colombo Port City project, industry members of FICCI could explore investment opportunities in the construction industry, IT related service sector, logistics, real estate etc.
The Western Region Mega Polis Plan, in the area around Colombo, is an urban planning, zoning, and development project aimed at creating a planned Megapolis in Sri Lanka’s Western Province by 2030. Expectation of investment opportunities could create high level of business.
These projects will generate enormous investment opportunities in various forms of infrastructure; transport; real estate, both commercial and residential, including large-scale affordable housing programs; zones for financial and IT-enabled services; logistics, upgrading of ports and airports; manufacturing, where a series of industrial zones are being established; and training and skills development.
On manufacturing, we would welcome Indian businesses in developing Industrial Zones, automotive components, automobiles; `pharmaceuticals, textile, and engineering, which are areas that could offer great potential.
Sri Lanka has enormous potential as a tourist destination as well. Investment opportunities are considerable in this sector. India is ranked number one as the source with highest number of tourist arrivals into Sri Lanka with approximately 20% of our total tourist arrivals. Taj and ITC Hotels have already invested in Sri Lanka in the hospitality sector which has also contributed to boosting the quality of Sri Lankan Tourism.
Following Hon. Minister’s visit to Delhi earlier this year, the Export Development Board had organized a formal discussion with the stakeholder organizations including Board of Investment, Department of Commerce and Trade Chambers on 5th March 2020 at the EDB. During this meeting, it had been proposed to:
- Organize inward and outward delegations for exploring the Indian market for Sri Lankan potential products; and
- For the Board of Investment to organize an investment promotion forum.
In view of the current COVID situation which prevents physical trade promotional events, we initiated promotional programs virtually which include,
- a webinar jointly organized by ASSOCHAM, India and Ceylon Chamber of Commerce, Sri Lanka on 15 May 2020 to discuss the post pandemic economic recovery.
- an interactive video – conference organized by Federation of Indian Export Organizations (FIEO) on 22 May 2020 with the participation of Federation Chamber of Commerce and Industry Sri Lanka (FCCISL) and Colombo Chamber of Commerce to discuss trade and investment opportunities between the two countries; and
- a video – conference, organized by the PHD Chamber of Commerce and Industry of India on 1 May 2020, wherein Federation of Commerce and Industry of Sri Lanka participated.
Currently, the EDB and BOI work jointly to promote export led investments. Below sectors have been selected under this program.
Rubber Sector (Tyres (Solid & Pneumatic), Auto parts) , Smart Apparels & PPE, Electronic and Electrical products, ICT Sector, Mineral Based products, (Graphene & Related products), Food Processing and Pharmaceutical Sector
The EDB, I am told, is currently working to prepare a “Market Entry Strategy to India” which has already started its first phase of selecting a suitable research and consultancy agency to undertake a research based study report. The second phase will be on creating linkages between the buyers and sellers in the two countries with the objective of increase exports to India.
The EDB had also organized Sri Lanka’s participation at the “India International Mega Trade Fair (IIMTF)” to explore Indian Market for the Sri Lanka’s export product of Herbal & Personal Care, Handicraft, Ceramic, Spices & organic Products, Hand-made floral arrangement, Lace creation and Electrical & Electronic.
In conclusion, Ladies and Gentlemen, I wish to emphasize that India and Sri Lanka being neighbours, have so much in common – our culture, language ties, religious links, which provide a foundation to build synergies and promote trade and investment links. Let these links be the gateway to our common prosperity.
The potential is out there to be tapped, which would benefit both countries. I wish FICCI to be the bridge between the businesses of the two countries.
I once again thank the FICCI and the LKI for organizing this webinar and inviting me to make the opening remarks. I wish extremely fruitful deliberations at the webinar today.
Thank you.
More Articles...
- LAUNCHING OF 1919 CALL CENTRE SERVICES FOR APPOINTMENT RESERVATION SYSTEM IN THE CONSULAR AFFAIRS DIVISION OF THE FOREIGN MINISTRY
- FOREIGN MINISTER PROF. G.L. PEIRIS BRIEFS DIPLOMATIC CORPS ON CURRENT INITIATIVES
- FOREIGN RELATIONS MINISTER DINESH GUNAWARDENA ASSISTS SRI LANKAN WORKERS IN ITALY
- PRESIDENT HONOURED FOR LEADING AN ECO-FRIENDLY PRESIDENTIAL ELECTION CAMPAIGN
Page 60 of 231