Britain forms largest foreign business delegation at CBF
Britain forms the largest foreign business delegation among the 450 business delegates of 65 countries attending the upcoming Commonwealth Business Forum (CBF) to be held at the Cinnamon Grand hotel in Colombo from 12 to 14 November, Deputy Minister of Freign Affairs Neomal Perera told a media conference on Tuesday.
India’s Rahul Bajaj, renowned Chairman of Bajaj Auto Ltd who is also a politician and philanthropist, Tim Cobbold, CEO De la Rue, UK and Louis Farrugia, Chairman – Simonds Farsons Cisk Plc, Malta will be among top business leaders attending the forum, he disclosed.
Thirty international business leaders will be among the key speakers of the forum.
Around 1000 local and foreign business delegates are expected to attend the forum, the biggest-ever business gathering in Sri Lanka, he said adding that it will provide opportunity for them to establish contacts through one to one meetings.
India, China and Japan will send the next largest delegations for the forum aimed to generate around US$2 billion in direct foreign investment in the coming years following the commonwealth summit, he revealed. However he noted that this was a rough estimate and it all depends on the successful negotiations between foreign and local businessmen in the aftermath of CBF.
A large number of businessmen/investors from non commonwealth countries including Argentina, Belgium, Brazil, China, Czech Republic, France, Japan, Israel, Switzerland, Iraq, Saudi Arabia, Peru and the US will attend the CBF in Colombo. These business delegations will be given an opportunity to set up their headquarters in Colombo and make use of the free trade agreements (FTAs) Sri Lanka has with India and Pakistan. The country will also enter into FTAs with China, Russia, Bangladesh and several other countries covering a population of more than 3 billion.
In addition Sri Lanka’s service sector including engineers, doctors and lawyers will get an opportunity to find lucrative employment in several African countries which are experiencing a boom in construction and renewable energy sectors, he said adding that employment avenues for Sri Lankans will be opened both here and abroad specially in the African continent as an indirect benefit of the summit.
The forum will feature a project portfolio of investment proposals that are looking for funding, equity and business partners, he added.
John Keells Holdings Deputy Chairman and CBF Co-Chair Ajith Gunawardena said a business-matching centre will be established in Colombo to enable participants to conduct one-to-one meetings with potential investors, investment bankers and potential knowledge partners to present their proposals.
He added that this is an opportunity to establish strong partnerships and explore investment avenues in key sectors such as ICT, financial services, tourism infrastructure, agricultures, manufacturing and environment.
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