Many countries interested in investing in Sri Lanka – ITC Director
After two days of intense and continuous discussion on potential business opportunities available globally, many countries have shown interest and enthusiasm in investing in Sri Lanka, says Arancha Gonzalez, Executive Director for International Trade Centre (ITC). She was speaking to the media at the conclusion of the two day World Export Development Forum 2016 held at the BMICH in Colombo on Thursday. “Many countries have shown interest in Sri Lankan products within just two days of this forum. With much anticipation and enthusiasm I would say that business has already begun.” Some of the potential businesses that have emerged in the past two days are – Australia is interested in Sri Lankan apparels, France is interested in organic spices, hotel investors from Thailand and Switzerland are interested in investing in Sri Lanka, Pakistanis are interested in buying coconut spices, Indian IT companies are interested in outsourcing business operations to Sri Lanka, she noted.
She also mentioned that a survey conducted by the ITC reveals that 56 per cent of Sri Lankan companies that were not part of international trade back in 2010, are doing international trade today. State Minister for International Trade, Sujeewa Senasinghe said, “Forums like this create the awareness and foundation for new local markets and industries to open up globally. Over the past 10 years exports drastically dropped from 34 to 14 per cent to that of the Sri Lankan GDP ratio and from 0.09 to 0.04 per cent to that of the World GDP ratio.” To gauge the outcome of the forum it would take about six months to one year, he added. “By the end of 2017 our target is to increase export earnings from US$ 11 billion to $ 16 billion. Also by the end of 2018 and 2019 to increase it further up to $ 20 billion and $ 30 billion, respectively.”
Mr. Senasinghe noted that Sri Lanka has won pledges worth $ 3 billion from China for various projects over the next three years and there are several other countries interested as well. We would see a significant increase in investment at the end of next year. These are very ambitious moves.” “We are planning to create 2000 new exporters in Sri Lanka. The FTAs Sri Lanka is negotiating with India, China, Singapore, Malaysia, Thailand extending to Bangladesh, Pakistan and Vietnam will have a huge market and it will create many opportunities for Sri Lankan potential businesses.” He also stressed on a couple of investments planned in Hambantota. “An oil refinery with $ 1 billion, a gas refinery with $ 2 billion, a sugar refinery and two 500 Megawatt liquid natural gas power plant will be set up in the south of Sri Lanka in Hambantota.”