Commonwealth Biz Forum raises $3 mln
View(s):The stage is set for the Commonwealth Business forum (CBF) at Cinnamon grand hotel in Colombo on Tuesday with over 1200 local and foreign business delegates confirmed participation, Commonwealth Business Council (CBC) officials said.
It will increase to around 1400 delegates with last minute arrivals, Nilrusha Pieris, CBC Country Director told the Business Times.
He said the cost of holding the CBF will be borne from the money raised through sponsorship, fee levied from participants and assistance from the CBC but he declined to comment on the expenditure stating that it will be announced after the conference. He added that the Sri Lankan government will not have to bear the cost of the CBF.
However according to informed sources, sponsorship revenue is in the region of US$ 900,000, participants’ fee at $2.2 million and the total collection at $3.1million.
Principal sponsors of CBF are Airtel, Bank of Ceylon, John Keells, Standard Chartered Bank, Sri Lanka Ports Authority and Sri Lanka Tea Board.
A senior government official said the government is only meeting all expenses of three officials from each member nation – the Head of Government, Foreign Minister and Foreign Secretary while the others in the official delegations, as well as participants for Commonwealth Business Forum and other events, will have to pay for hotel accommodation, fees, etc.
Sri Lanka’s tourism sector will be able to earn Rs.7 to 8 billion from room revenue, the official revealed. Each hotel room night will be at $450 per night during the 10 days of CHOGM, he added.
The government has already pre-booked in excess of 4,000 rooms within the city limits of Colombo from 7 to 17 November,
Confirmed speakers include heads of state such as Pakistan’s Prime Minister Nawaz Sharif and Ugandan President Yoweri Museveni. Prominent business leaders who have confirmed their participation at the Commonwealth Business Forum include Co-Founder and Vice Chairman of Infosys Senapathy Gopalakrishnan, Chairman of Bajaj Auto Rahul Bajaj and Australian business magnate James Packer.
Mr. Peiris said the forum will feature “a project portfolio of investment proposals that are looking for funding, equity or business partners and the Business Matching Centre will be a meeting place for potential investors, investment bankers and potential knowledge partners to present their projects”.