C'wealth Business Forum to showcase Lanka's economic potential

By Gamini Warushamana

The deputy president of the National Chamber of Commerce of Sri Lanka (NCCSL), Sujeewa Samaraweera said the Commonwealth Business Forum (CBF) is a golden opportunity to showcase the strength of the country's economy and business opportunities to business delegations representing 55 Commonwealth member countries and around 10 invited countries.

"CHOGM is the golden opportunity we have got after the 1976 Non-Aligned Movement (NAM) summit in Colombo. This event will attract global attention and the large number of global media personnel who will cover the event will generate a lot of discussion and news on Sri Lanka," Samaraweera said.

"They will see the reality and it will be important to erase the negative image of the country", he said.

"From the point of view of the business community this is an ideal opportunity to market Sri Lanka as a country with huge business potential, safe destination for investment and tourists," Samaraweera said.

Sujeewa Samaraweera

The CBF will be held at the Cinnamon Grand from November 12-14 on the theme, 'Partnering for wealth creation and social development: The Commonwealth Indian Ocean and SAARC'. CBF is organised by the Government, the Commonwealth Business Council (CBC) and the private sector.

Set up in 1971, CHOGM is held once in two years in a Commonwealth country, by rotation. The most recent one was held in Perth, Western Australia. CBF is an important event organised parallel to CHOGM.

From an international perspective, the CBF serves several aspects. It provides Commonwealth countries an opportunity to collaborate on and collectively influence global trade and investment issues, provides business sectors in member nations new investment opportunities and provides a platform for government and business leaders to network with each other and conduct business with international partners. It is also an opportunity for Commonwealth countries to collaborate and collectively influence global trade and investment issues.

Over 500 foreign investors and businessmen are expected to attend the event, while 500 Sri Lankan delegates representing business chambers and other organisations will participate with over 150 business proposals, Samaraweera said.

At the CBF there will be opportunities for business negotiations and networking. The details of foreign delegates have been published and 12 networking opportunities have been organised. Sri Lankan participants can contact the right counterparts and initiate business negotiations. This will create opportunities to finalise business negotiations.

"We consider our participation at the CBF as an obligation and a strong delegation with over 100 members will attend the event representing the NCCS," he said.

There are developed countries, emerging economies and developing countries from large states to small countries in the Commonwealth. Therefore, business and investment opportunities in each country are different.

Business opportunities are diverse ranging from deep penetration in export markets in large countries we already deal with, finding new markets, attracting investments, exploring opportunities for joint ventures and attracting tourists.

Sri Lankan companies too have an opportunity to explore investment opportunities in Commonwealth member countries, specially in smaller countries in the African continent. Sri Lankan businesses in the services sector, gem and jewellery, mining, construction, IT, hydro power generation and port operations have opportunities in these countries and some of our businesses have already invested in the region.

In the export sector, we have much to promote in western markets such as our apparel - 'garments without guilt' (ethical production) and carbon neutral green products.

The Free trade agreements we have with India and Pakistan can be promoted to attract FDIs to Sri Lanka. These trade agreements give duty free access for many goods and therefore, Sri Lanka has become the gateway to this huge market.

"Intra regional trade promotion is another aspect we are looking at. Our manufacturing industries need inputs at low cost and short lead time to become competitive in the international market and we are looking for regional suppliers," Samaraweera said.

CBF is also an ideal opportunity to promote Sri Lanka's hub status, especially the port sector and strategically important geographical location of the country with new port infrastructure development.

"In our agenda we have a list of industries and services to be discussed at the CBF and they are tourism, IT and knowledge services, rubber-based products, agriculture, energy, renewable energy, BPO, healthcare, manufacturing, property development, construction services and infrastructure," he said.