'Sri Lanka has good business environment'

Sri Lanka has great potential to attract Japanese investments as it has a good business environment, Japanese State Minister for Economy, Trade and Industry, Kasuyoshi Akaba told the seventh Government-Private Joint Forum in Colombo recently.

Sri Lanka has the potential for economic growth and is one of the fastest growing economies in Asia and will have the fastest growing economy in South Asia next year, he said.

Sri Lanka's main strength according to the Japanese Minister was the country's excellent connection to the Asian region and the Middle East, Africa, Australasia which favoured investment in the island.

He said that most Japanese companies which invest locally strongly believe that Sri Lanka has a good business environment.

Minister of Investment Promotion, Lakshman Yapa Abeywardana briefed Minister Akaba on Sri Lanka's potential for investment. He expressed confidence that Japanese FDI will grow over the next few years.

He said that Japanese investments would increase productivity in the country and also result in significant technology transfers.

Representatives of Japanese companies which are members of JCCISL based in Sri Lanka and operating under the BOI, leading State agencies such as Finance Ministry, Power and Energy, Immigration, Inland Revenue, Customs and the Japanese Embassy staff, and representatives of other Japanese agencies such as JETRO and JICA were also present.

A wide range of subjects of interest to Japanese investors in Sri Lanka such as labour relations, taxes, electricity tariffs, immigration issues, BOI approvals and government information, were discussed.

Many of these matters were discussed in detail to resolve problems. State agencies extended their co-operation to conduct this forum.