Boost for tourism, investment:

IIFA opens new doors of opportunity

By Shirajiv SIRIMANE

The International Indian Film Academy (IIFA) Awards ended yesterday, further consolidating Sri Lanka’s presence as a major global tourist destination and investment paradise. The country, battered by a 30-year conflict had been considered as a risky destination for tourism and investment and the decision to host the event proved beyond all doubt that Sri Lanka is reopening its doors for investors and tourists. It proved beyond any doubt that Sri Lanka is one of the safest countries in the world.

The Indian film Awards’ rich history of selecting prestigious countries such as England, Greece, Malaysia and Singapore also raises Sri Lanka’s profile and increases its.

It is estimated that the advertising value of IIFA would be more than Rs. 65 million in terms of tourism value.

The Investment Forum that was held during IIFA, which was attended by President Mahinda Rajapaksa and world famous business magnates from India, will also open new doors of opportunity for investment.

Sri Lanka has always been an investment paradise for Indian entrepreneurs with giant companies such as Indian Oil Corporation already making giant strides in the country. The IIFA business forum will pave the way for other Indian companies to look at Sri Lanka in a more serious manner.

The Indo-Lanka Free Trade Agreement, Sri Lanka’s geographical location, super air links and the educated and English-speaking workforce are some of the other major plus points for the country. The building of the Hambantota Port and expansion of the Colombo harbour too would encourage more Indian investment.

The Indian government too has come forward to assist in the North and East development with pledges to upgrade the Kankesanturai harbour and the Palali airport to international standards. The much-awaited and long overdue ferry service between the two countries too now looks a reality with fresh negotiations being held.

These measures would further encourage not only India, but other countries as well to invest in Sri Lanka as it’s a proven fact that it’s cheaper to manufacture in Sri Lanka and re-export to India.

The Business Forum was organised by the Indian and Sri Lankan Chambers of Commerce and Industry. President Rajapaksa addressing the Forum, pointed out that new areas have been opened up in the country after the liberation. It is in land, resources and most importantly, a workforce that is ready to go the extra mile.

He said that Sri Lanka’s investment climate is second to none, an area that should be exploited. “Those of you who are keen to explore will find abundant opportunities for investment in Sri Lanka. The scope is immense: from infrastructure to agribusiness, to manufacturing to a range of services. You will also find that our country offers a rare package of skills, capacity, and a willingness to learn and adapt. Our policy is vibrant, our package is enticing and exciting, and you would do well to join us in our forward march. I earnestly invite you to do so,” President Rajapaksa said.

Major successes

“While our military success is globally well-known, what may not be as well known to the world are the major economic successes that Sri Lanka has also recorded over the past four years. Let me, therefore, briefly record some of these major successes which, perhaps, are worthy of reflection by the global business community, to which you belong, he said.

From an economic growth angle, during the four years from 2005 to 2008, Sri Lanka achieved growth rates of over six percent each year. Inflation was brought down from over 22 percent in 2008 to below four percent by 2009.

“Our infrastructure is being developed at a pace that we have never experienced before: construction of ports, airports, roads, power plants, water schemes, fishery harbours, railways and bridges are under way.

Our current level of unemployment, at around 5.7 percent is one of the lowest in the world. Our foreign reserves have doubled over the past year to very comfortable levels.

“Our poverty levels have reduced rapidly over the past few years. We can, at present, assure availability of 24-hour electricity to all users, without any interruption; and we are on target to do so for the next 10 years as well. We are also committed to provide electricity to all living and working in our country, within the next two years.

“Our per capita income has doubled to more than US $ 2,000 during the past five years. Our plan for the next five years is to double it once again to US $ 4,000, and we are well on track towards that goal.

“We faced the global economic crisis bravely, and with certainty. During the crisis, our currency did not fluctuate unduly, and we were able to absorb the shock of the massive global capital flight, so that our economy did not suffer. Not a single bank or regulated financial institution collapsed during the crisis, as a result of our quick and well-planned interventions, which built confidence. Let me also remind you that we faced and overcame the global food crisis. All these came one after another, but we faced all these successfully, while fighting terrorism,” the President said.

New understanding

He expressed hope that the FICCI-IIFA Forum would lead the way to a new understanding; new ventures and new bonds of friendship, in sustained business relationships between the two countries and their peoples.

Being a Third World country striving to reach the status of the Wonder of Asia, the country also saw some anticipated opposition with a few South Indian LTTE sympathisers forcing some stars to stay away. However, this has not dampened the rich spirit of the IIFA as the heartthrobs of the Indian film industry are in Colombo, roaming freely, taking advantage of peace.

The stated objective of IIFA is to help “bridge boundaries” between the two neighbouring countries and promote discussions on economic and political issues in the wake of Sri Lanka’s conflict coming to an end last May. Bollywood actor Salman khan who is the social ambassador of IIFA too is attending IIFA 2010. The actor told the media, “I don’t really understand this. If there are some people here who are not doing well and are in trouble, then we have come to entertain them.”

“This way we won’t be able to visit Kashmir, Gujarat or Afghanistan. If our people are in difficulty, we should not abandon them,” he said.

The IIFA stars took a step further than such collecting their awards. They took part in matches to raise funds for charity, building houses and most importantly visiting the North and the East to boost the sentiments of the people in those areas.

The IIFA, in collaboration with Habitat for Humanity, UNICEF and the Sri Lankan Tourist Board, plans to build houses for 100 families in the North.

Indian actor Vivek Oberoi would be visiting Vavuniya tomorrow in connection with his plans to help build 300 houses for war refugees.

Oberoi told the media, that he had always had a special relationship with the Tamils and was eager to help them if and when they were in trouble. Oberoi defended his participation in the IIFA awards ceremony, despite protests from the Tamil Nadu film industry, saying that there was nothing wrong in entertaining people who were troubled.

Besides Salman Khan and Vivek Oberoi actors including Hrithik Roshan, Bipasha Basu, Priyanka Chopra, Saif Ali khan, Boman Irani, Lara Dutta and Ritesh Deshmukh and Sri Lankan beauty Jacqueline Fernandez took part in the events.

Pix: Kavindra Perera, Vipula Amarasinghe