CBF, a boon for Lanka

By Lalin Fernandopulle

The local and international business community hailed the success of the Commonwealth Business Forum (CBF) held on the sidelines of the Commonwealth Heads Of Government Meeting (CHOGM) as a big opportunity to position the country as hub for trade and investments.

Industrial Development Board, Chairman and Advisor to the President Nawaz Rajabdeen said that CHOGM was an opportunity to show the rapid development in Sri Lanka after the end of the battle against terrorism within a short span of about four years.He said it was a fine occasion to showcase Sri Lanka's potential in sectors such as ports, aviation, IT and tourism which have been developed tremendously.

The delegates were impressed with the development in the country and the conducive environment for investments. Sri Lanka is a model for the rest of the developing world.

“The non participation of the Indian Prime Minister Dr. Manmohan Singh is a lost opportunity for the country. India was the first to sign a free trade agreement with Sri Lanka,” Rajabdeen said.The large number of foreign and local delegates who attended the forum held one-on-one meetings to explore opportunities for mutual investments and business partnerships. Director-General and Chief Executive Officer of the Commonwealth Business Council, Dr. Mohan Kaul said that the Commonwealth Business Forum will attract investments to the tune of around US $ 2 billion for Sri Lanka in the manufacturing, infrastructure development, industry, port and aviation sectors.

He said this was a huge occasion for all countries to interact, exchange and explore new opportunities for trade, investments and set up joint ventures.

Crown Limited a boss, Australian gaming tycoon James Packer said that he was impressed with the pace of development in Sri Lanka and added that Sri Lanka was among greatest places for foreign investments and tourism.

The Forum was launched by President Mahinda Rajapaksa at the Cinnamon Grand on Tuesday.

As is customary, Sri Lanka will take up the mantle of leadership of the Commonwealth for two years following CHOGM 2013, until the next CHOGM in Mauritius in 2015. This opportunity, if embraced, could also bring enormous dividends to the country’s international standing.

Heladiv Tea Group Chairman and Tea Exporters Association, President Rohan Fernando said that CBF is a unique opportunity for Sri Lanka to show the world its potential and expertise in all sectors and attract investors and visitors to the country.

It was an occasion to dispel myths and false opinions about the country and present the true image to the world. “We must grab the occasion to boost trade and local businesses. The CBF is a unique gathering of business leaders from developed and emerging markets that aims to promote trade and investment,” he said.

CBF 2013 focused on the theme, 'Partnering for Wealth Creation and Social Development: The Commonwealth, Indian Ocean, Pacific and SAARC'.

At every CBF the host country benefits most; for instance, US $10 billion in deals were sealed for Australia at CBF 2011 in Perth.

Deputy President of the National Chamber of Commerce of Sri Lanka, Sujeeva Samaraweera said that the Commonwealth Business Forum ended on a successful note with investors keen to set up businesses in Sri Lanka.

“The forum was an opportunity to show the world how Sri Lanka has gained so much within a short time and is geared for accelerated growth. This event was an eye-opener for all the delegates regarding the growing opportunities in our economy and government support for infrastructure development,” he said.The local business entrepreneurs had an opportunity to express their thoughts and exchange views with top business leaders from Commonwealth nations and with many other business leaders from outside the Commonwealth.

The international business community recognised Sri Lanka as an economic and a logistical hub in Asia which will be a conduit to enter the immense market in India and neighbouring countries by using our trade agreements.

All the speakers touched on the skilled work force, and the recourse available to locate businesses in Sri Lanka, Samaraweera said.

Ambassador of Sri Lanka to Israel, Sarath Wijesinghe said that Israel though a non-Commonwealth country has tremendous interest in Sri Lanka which was emerging as a trade and investment hub. Israelis are keen to explore business opportunities in Sri Lanka and expand trade. Israel has a well developed agriculture, IT and tourism industry and it is a super power in the Middle East. Sri Lanka has much to gain from Israel by sharing expertise.