Business Forum in Brisbane – “Resilient and Rising: Leveraging Sri Lanka’s Potential”
Daily FT: At a time when Sri Lanka is exploring the means to support economic diversification, business innovation and promote inclusive and sustainable growth, Sri Lanka-Australia Chamber of Commerce and the Chartered Accountant Association of Sri Lanka (Australia Chapter Inc) with the collaboration of High Commission of Sri Lanka in Canberra organised a Business Forum “Resilient and Rising: Leveraging Sri Lanka’s Potential” on 6 June 2024 in Brisbane.
The event aimed to bring together Australian business leaders, entrepreneurs and investors to explore and capitalise opportunities in Sri Lanka, focusing on economic resilience, investment prospects and strategic growth initiatives.
While welcoming the guests, Sri Lanka Australia Chamber of Commerce President Kalum De Silva spoke about knowledge industries and sustainable manufacturing industries in Sri Lanka. He also highlighted the importance of geographical location and the investment climate of Sri Lanka.
The High Commissioner of Sri Lanka in Australia Chitranganee Wagiswara highlighted in her remarks that the current economic status in Sri Lanka is stable and moving forward. She briefed on the assistance of the IMF and other bilateral partners and the conducive business potential which makes Sri Lanka an attractive destination for entrepreneurs.
Institute of Chartered Accountants of Sri Lanka President Heshan Kuruppu in his speech spoke of the business friendly regulations in place which facilitates and encourages investors and businesses.
The address by Queensland Advanced Manufacturing Growth Centre and Manufacturing Chairman Paul Cooper was of interest as he shared his experiences and benefits gained in Sri Lanka having established a company in the manufacturing sector.
Ceylon Chamber of Commerce Chairman Duminda Hulangamuwa also addressed the gathering virtually from Sri Lanka and Association of CA Sri Lanka Australia Chapter Chair Lalanka Amarasiri moderated and expressed views on the potential and opportunities in Sri Lanka.
The panel discussion provided the attendees with an opportunity to clarity and raise questions in relation to the business environment in Sri Lanka.
OSL take:
Sri Lanka’s economy has shown great resilience to external and internal economic challenges through the years and is once again on the growth path after facing a challenging period in the past few years. The country is also working towards achieving the target of becoming a regional hub. It is with this target in mind that the local authorities are carrying out overseas promotional campaigns to attract foreign investments in to the country to explore the growing business/investment opportunities covering all key economic sectors. The ongoing economic activities in the country along with the growing business potential all present Sri Lanka as the best emerging business destination in the South Asian region. Given the growing interest shown in Sri Lanka by foreign businesses/investors as well as the prominence given to Sri Lanka in China’s Belt and Road Initiative (BRI) all point to the fast growing business/investment potential in Sri Lanka. Foreign businesses/investors could therefore confidently explore the expanding opportunities in Sri Lanka while also looking at forming partnerships or joint ventures with local businesses with the aim of further expansion.