Financial Times

The government last week assured the top corporate community of support of creating a more conducive environment to their businesses and urged them to invest and improve the economy.

Investment Promotion and Enterprise Development Minister Rohitha Bogollagama also told reporters he would leading an investment promotion delegation today to Chennai and Bangalore.

The business community voicing their concern over the worst fighting since the 2002 truce said it was delaying investment and disrupting day-to-day activities. “The foreign currency deposits are under threat and the outflow of hard currency by non residents is very steady. We are trying to retain the hard currency in the country,” Amitha Gunaratne, Managing Director, Commercial Bank pointed out.

He said the Commercial Bank was bullish about business in the north and the east and opened two branches in the first quarter of this year. “The north and east branches are severely disrupted,” he added. The minister, responding to concerns by some apparel buyers to visit the country, said that the Board of Investment (BOI) can provide escort services and the like for their safety. However, the apparel industry noted that under the present circumstances bringing in new buyers was tedious. “Some buyers surpassed us and went to China,” a businessman said. Many businessmen were raising concerns about the Trincomalee port which was facing a high risk in view of intense fighting and aerial attacks carried out by the Sri Lanka Airforce.