Spotlight on Sri Lanka as new era beckons

Oxford Business Group launches first-time country report :

'The Report: Sri Lanka 2016' produced by the global publishing research and consultancy firm, Oxford Business Group (OBG), has showcased Sri Lanka as a prolific investment location at a time the government is promoting foreign direct investments and exports through a raft of pro-business policies and incentives.

It was launched last week in Colombo. Ministers and high-profile representatives of the public and private sectors were present.

Chairman, Board of Investment, Upul Jayasuriya said it is a major initiative to promote the island as a potential investment, tourism and services hub in the eyes of the whole world.

"The response for this report is quite impressive. Already 127,000 copies of the report have been bought by investors and those interested in investing or doing business in Sri Lanka through their website," he said.

"What is important," Jayasuriya said is that, "The BOI did not have to spend a cent to bring out this publication which promotes investments."

Chairperson, Export Development Board, Indira Malwatte said the report has spoken very positively about some of the export sectors.

"On the other hand it has given a new dimension to areas I think we have to work on in the future. It gives a lot of positive ideas while showing the areas for improvement. I hope this would help create a positive image of Sri Lanka around the world, thereby helping us increasing our exports," she said.

FDI

Sri Lanka's hopes to boost foreign direct investment through a raft of pro-business policies and incentives are mapped out in this landmark report.

The Report: Sri Lanka 2016 looks in detail at the government's vision for boosting economic growth, which places tourism development high on the agenda and includes a target of attracting four million visitors by 2020.

The publication also charts the overhaul earmarked for Sri Lanka's transport infrastructure, which will enable the country to build on its status as a global shipping hub.

The launch included a lively debate on the theme 'Sri Lanka: Investment Opportunities 2016-2017', with keynote speeches made by Minister of Industry and Commerce, Rishad Bathiudeen and OBG's Managing Editor for Asia, Paulius Kuncinas.

The panellists comprised Chairman, Board of Investments (BOI), Upul Jayasuriya; Deputy Minister of Foreign Affairs, Dr. Harsha de Silva; CEO, First Capital Holdings, Dilshan Wirasekara; and CEO, Standard Chartered Sri Lanka, Jim McCabe.

While rubber, tea and spice exports remain a major contributor to Sri Lanka's economy, the government is keen to move towards a broader basket of higher-value goods as it looks for ways of narrowing the trade deficit.

OBG's report analyses the key role earmarked for the industrial and manufacturing sectors in helping to diversify exports. The Report: Sri Lanka 2016 also considers the challenges that the country faces in implementing structural reforms, which include both global economic headwinds and domestic barriers to growth.

The Report contains contributions from the President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe, with a detailed, sector-by-sector guide for investors.

International personalities, such as former Minister of State, UK Foreign and Commonwealth Office, Hugo Swire and Secretary-General, South Asian Association for Regional Cooperation, Arjun Bahadur Thapa, also give their views on Sri Lanka's development.

Location

Andrew Jeffreys, OBG's CEO and Editor-in-Chief, said that with stability returning to Sri Lanka and a new, economically liberal government in place, the country was well placed to harness its strengths. "Sri Lanka's strategic geographical location, which gives it proximity to several key markets, is a major draw for investors, while new trade agreements will support future growth," he said. "Our first economic report on this fascinating island nation points to a country ripe with opportunities that has begun the transition to globally integrated player."

Kuncinas agreed that while there will inevitably be challenges on the road to reform, it was clear from the Group's research, that Sri Lanka had already begun laying the foundations for change.

"The government has signalled its intention to create a transparent and inclusive system that will support economic expansion, backed up by an investor-friendly environment," he said. "I look forward to following the country's progress as it moves forward with its reforms and takes its place on the world stage."

The Report: Sri Lanka 2016 marks the culmination of more than six months of field research by a team of analysts from OBG. The publication assesses trends and developments across the economy, including macroeconomics, infrastructure, banking and other sectoral developments. The publication is available in print and online.

Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of the Asia, Middle East, Africa and Latin America and the Caribbean. Through its range of print and online products, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments, including banking, capital markets, insurance, energy, transport, industry and telecoms.

The critically acclaimed economic and business reports have become the leading source of business intelligence on developing countries in the regions they cover. OBG's online economic briefings provide up-to-date in-depth analysis on the issues that matter for tens of thousands of subscribers worldwide.