'Mega investment opportunities from CHOGM'

by Naalir Jamaldeen

There is a conducive environment for foreign investment in the country. Over 70 percent of infrastructure development work is over now, Investment Promotion Minister Lakshman Yapa Abeywardane said.

Minister Abeywardane expressed confidence that CHOGM will bring a large number of foreign investments to the country.

He said that Sri Lanka's image has gone up among the foreign investors as a country which provides adequate infrastructure facilities to investor and it has opened the doors for foreign investors.

While addressing the media in Cinnamon Grand Hotel, Colombo, Minister Abeywardane said that nearly 52 to 54 Commonwealth countries will participate in the CHOGM along with several non-Commonwealth countries. Altogether nearly 100 countries are expected to participate including the monitoring countries.

"Nearly 1,000 businessmen representing various countries across the world will participate in the Business Forum which is scheduled to be held in line with the CHOGM.

There will be 300 exporters in Sri Lanka and they will receive an opportunity to exchange ideas and technological know-how", Minister Abeywardane said.

Minister Abeywardane said that the total investment of the country has increased by two to three folds between the period from 2006 to 2012 under the Government of President Mahinda Rajapaksa compared to 1978 to 2005. This shows a 70 percent growth rate.

He said that CHOGM will help attract a large number of foreign investments and the job opportunities will also increase.The Board of Investment (BOI) will open an office in Cinnamon Grand Hotel. Foreign investors who are willing to invest in Sri Lanka can get detailed information at this office, Minister Abeywardane said.

Guidelines and leaflets consisting of information about investment opportunities, available in Sri Lanka will be issued in English, Chinese, Japanese, Korean and other languages, Abeywardane said.

Experienced officers will be deployed to hold one to one discussion with foreign investors, the Minister said.Abeywardane said that US$ 8 million have been invested by 15 investors including local investors. Sampur, Chan Kin Lai, John Keells and Krrish are among them.

Minister Abeywardane said that under the Strategic Development Act when the amount of investment exceeds US$ 250 million, the investors will be given all facilities.

Responding to the allegations levelled against the infrastructure development Minister Abeywardane said that infrastructure works were commenced a long-time before CHOGM.

The Southern and Katunayaka expressways are clear evidence for it. Colombo city development work commenced several years ago, but it was further improved for CHOGM. We implemented several infrastructure development projects across the country from village to urban areas.

Investment per year should be 35 percent to achieve the economic growth of eight percent. The Government can contribute only seven to eight percent.

The rest should come in the form of foreign investments, Minister Abeywardane noted.

At a time when arrangements are made to hold the CHOGM the support of the medias is crucial as foreign investments are vital for the development of the country.

An exhibition has been organised at Janakala Kendraya on November 14 and 15 parallel to CHOGM. Both local and foreign stalls will come up and through which the mutual ties between the local and foreign businessmen will be strengthened, Minister Abeywardane said.

There are 56 investment opportunities currently available in the country. Now the problem is to whom to give those investments, he said.