Lanka on world map for investments

Sri Lanka is a preferred destination for investment following the liberation of the country from the clutches of terrorism, said Deputy Director General for Investment Promotion, BOI, A.M.C. Kulasekera.

A factory under construction

He was addressing a seminar on ‘New Business Opportunities in Sri Lanka’ organised by Asian Alliance PLC and ART TV on Tuesday.

He said peace and political stability are key factors to promote investment vital to fast track development in the country.

There is a marked increase in local and foreign investment as the entire country is open for investments.

Sri Lanka has a distinct advantage to enhance foreign investments since the country is strategically connected to major shipping and air routes in the world.

“The completion of the first phase of the Hambantota port and the expansion of the Colombo South Harbour, the Oluvil and Galle ports will help place Sri Lanka on the world map for investments and tourism”, Kulasekera said.

He said tourism has recorded an unprecedented growth with the battle against terrorism coming to a complete end last year. Tourist arrivals is expected to surpass 600,000 this year and the country is geared to attract over two million visitors by 2016.

Kulasekera said steps have been taken to increase the number of hotel rooms and set up tourism development zones in Kalpitiya, Kuchchaweli and Pasikuda to promote tourism.

Sri Lanka currently has around 14,000 hotel rooms which is inadequate to cater to the increase in the number of tourists to the country. The country would need around 40,000 rooms to meet the demand.

“The Ministry of Tourism in collaboration with the private sector has planned to increase the number of rooms in hotels across the country”, he said.

“The promotion of the knowledge, telecommunication, energy, ports and commercial hub concept would help accelerate growth and achieve the economic goals envisaged in the development plan of the government”, Kulasekera said.

Deputy Director, Securities and Exchange Commission of Sri Lanka (SEC), Malik Cader said the Colombo Stock Exchange (CSE) is performing extremely well and recorded a turnover close to Rs. 6 billion on Monday.

“Investors should make good use of the investment climate in the country and make informed investment decisions”, he said.

The primary aim of the SEC is to create and maintain an orderly and fair capital market and protect the interest of the investors.

The recent 10 percent price ban was imposed to protect investors and create a stable capital market.

Cader said the SEC was authorised to issue directives to listed companies in 2009. An insider dealer is liable to a fine of not less than Rs. 1 million after a summery trial by a magistrate court. LF