‘More business potential under Indo Lanka FTA’ | Daily News

‘More business potential under Indo Lanka FTA’

The Sri Lanka High Commission in New Delhi organized a Roadshow followed by a business interactive session for the members of the BRICS Chamber of Commerce & Industry under the theme “Sri Lanka Partnering with India for Prosperity”, at the High Commission premises on 25th April 2018.

The main focus of the Roadshow was to promote the “Sri Lanka Investment and Business Conclave 2018” scheduled to be held in June, at the Oak Room, Cinnamon Grand Colombo.

Speaking at the business interactive session last month, on behalf of the BRICS Chamber of Commerce & Industry, Secretary General Dr B.B.L. Madhukar reiterated the importance of exploring business potential in Sri Lanka due to its unparalleled strategic location underpinned with conducive business climate and the fast developing infrastructure.

He invited the Chamber members to explore the vast business potential under the Indo Sri Lanka Free Trade Agreement.

High Commissioner to Sri Lanka in Inda, Chitranganee Wagiswara highlighted the recent economic developments in the country and outlined the initiatives of the Sri Lanka government to create an economy, firmly based on foreign and domestic private investment.

High Commissioner emphasized on the New Trade Policy which was approved by the Cabinet in July 2017, and made reference to the progressive steps taken by the government to facilitate, protect and promote the trade and liberal investment climate in Sri Lanka, by implementing the Inland Revenue Act, the Foreign Exchange Act and moving forward of the Anti-Dumping Bill.

While referring to the strategic location of the island as a gateway to the Indian sub-continent, she stated that through trading agreements Sri Lanka could integrate deeper with the regional and global economy, particularly through cross-regional global value chains and encouraged the Indian industry members to take advantage of these untapped trade and investment opportunities in the island.

It was pointed out that, against the backdrop of the long standing trade and economic relations between Sri Lanka and India, the direct engagement between the business partners of the two countries offers a significant opportunity of facilitating the long-term business collaboration.

The High Commissioner invited a delegation from the BRICS Chamber of Commerce & Industry to participate in the “Sri Lanka Investment and Business Conclave” in Colombo and to engage directly with future business or investment partner to explore opportunities in Sri Lanka.

Minster Commercial of the High Commission, Upekkha Samaratunga made a presentation on investment potential in the key target sectors, market access tools and factor cost. In addition she elaborated on the incentives offered by granting reduced tax rates (for specific sectors) and enhanced capital allowances based on capital investments made by the investors under the Inland Revenue Act No. 24 of 2017.

Over 50 participants representing the industry and media attended the business interactive session. Corporate leaders from prominent companies such as Gazprom bank, Impresario Entertainment & Hospitality (Pvt) Ltd, Fine Jewellery (Pvt) were among the participants.

The Ceylon Chamber of Commerce will organise this “Sri Lanka Investment and Business Conclave 2018”, from June 19 to 2 2018, in Colombo, in its continuing support to the government to attract Foreign Direct Investments (FDIs) to Sri Lanka. This will mark the third consecutive year of this event.

In this endeavour, the Chamber will receive the cooperation of the Ministry of Foreign Affairs, Ministry of Development Strategies and International Trade, Board of Investment of Sri Lanka, Sri Lanka Export Development Board and the Department of Commerce.


 

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