At the business interactive session on 25 April, High Commissioner Chitranganee Wagiswara welcomed the members of the BRICS Chamber of Commerce & Industry and highlighted the recent economic developments in the country and outlined the initiatives of the Sri Lanka government to create an economy, firmly based on foreign and domestic private investment.
She emphasized on the New Trade Policy, which was approved by the Cabinet in July 2017, and made reference to the progressive steps taken by the government to facilitate, protect and promote the trade and liberal investment climate in Sri Lanka, by enacting the Inland Revenue Act, the Foreign Exchange Act and moving forward on the Anti-Dumping Bill.
While referring to the strategic location of the island as a gateway to the Indian sub-continent, the High Commissioner stated that through trading agreements, Sri Lanka could integrate deeper with the regional and global economy, particularly through cross-regional global value chains. She encouraged the Indian industry members to take advantage of these untapped trade and investment opportunities in the island.
It was pointed out that, against the backdrop of the long standing trade and economic relations between Sri Lanka and India, the direct engagement between the business partners of the two countries offers a significant opportunity to facilitate the long-term business collaboration. The High Commissioner invited a delegation from the BRICS Chamber of Commerce & Industry to participate in the Sri Lanka Investment and Business Conclave to be held from 19-21 June 2018 in Colombo and to engage directly with future business or investment partners to explore opportunities in Sri Lanka.
Speaking on behalf of the BRICS Chamber of Commerce & Industry, Secretary General Dr B.B.L. Madhukar reiterated the importance of exploring business potential in Sri Lanka due to its unparalleled strategic location underpinned with conducive business climate and the fast developing infrastructure. He invited the Chamber members to explore the vast business potential under the Indo-Sri Lanka Free Trade Agreement.
Minister Commercial of the High Commission made a presentation on investment potential in key target sectors, market access tools and factor cost. In addition, she elaborated on the incentives offered by granting reduced tax rates (for specific sectors) and enhanced capital allowances based on capital investments made by the investors under the Inland Revenue Act No. 24 of 2017. Video clippings on BOI and Sri Lanka Tourism were screened, followed by a question and answer session.Over 50 participants representing the industry and media attended the business interactive session. Corporate leaders from prominent companies such as Gazprombank, Impresario Entertainment & Hospitality (Pvt) Ltd and Fine Jewellery (Pvt.) Ltd. were among the participants.
