CBC targets $ 2 b in FDIs

By Lalin Fernandopulle

The Commonwealth Business Council (CBC) will target Foreign Direct Investments to the tune of $ 2 billion, said CBC Chairman Dr. Mohan Kaul at the briefing on the Commonwealth Business Council forum to be held in Sri Lanka from November 12-14.

Dr. Mohan Kaul

He said the forum will create huge business and investment opportunities for Sri Lanka and other Commonwealth countries. Sri Lanka will benefit enormously from the forum.

Around 5,000 delegates from Commonwealth countries and 53 delegates from non-Commonwealth countries are expected at the forum.

“The forum will promote a vibrant business partnership between Asia and Africa which comprises some of the economically top performing countries in the world,” Dr Kaul said.

The Commonwealth is a strong proponent of entrepreneurship and private sector-led economic growth. The business forum held in Perth in 2011 raised $ 10 billion and the forum in Tanzania and Trinidad made large investments.

“Sri Lanka has the ideal investment climate and many countries would grab the opportunity and set up ventures,” Dr. Kaul said.

Many African and Asian countries would like to take expertise from Sri Lanka. Agriculture, tourism and construction are some of the sectors that will benefit from the forum.

The CBC is a concept mooted by Britain to promote investment among Commonwealth countries.

Trade growth in Commonwealth countries accounted for $ 5 trillion. Ten years ago Commonwealth countries explored investment opportunities among themselves but today they are focused on non-Commonwealth countries in Africa and Asia. Dr. Kaul said that despite accusations levelled against Sri Lanka by certain Commonwealth countries, the Commonwealth Heads of State meeting will be held in Sri Lanka in November.