Jaffna business chamber notes business potential in Sri Lanka’s northern peninsula
A senior official of a regional business chamber has stated that Sri Lanka’s northern Jaffna peninsula has untapped potential for food processing, tourism and an active private sector.
“The contribution of private sector is high in the economic development of the North,” V K Vignesh, Chairman of Chamber of Commerce and Industries of Yarlpanam has told the media in Colombo.
“We need machinery and equipment’s to enhance the production specially in food processing, fishery, agriculture, tourism and arts and crafts.”
Vignesh has made these observations at an event held to announce the Jaffna International Trade Fair, which would be held from January 24 to 26 at Muttrawel in Jaffna.
“Investors and entrepreneurs are really struggling in Jaffna. They are totally helpless,” Vignesh has said.
“They are not getting any support from our local political leaders or even from the financial institutions that are functioning in that region.”
According to analysts, Sri Lanka has seen monetary instability since 2015, with the liquidity injections and currency collapses triggering two busts in a row.
“In every year the government implementing good schemes for agriculture, fisheries and dairy sectors through the budget – especially for SMEs. But the real question is how the Northern Province access to that. Weather they are implementing them or not.”
He has added that financial institutions were promoting their own schemes in addition to the concessionary programmes introduced by the Sri Lankan government.
OSL take:
Sri Lanka’s Northern Jaffna peninsula is fast emerging as a business/investment destination in the island. The opening of the Jaffna International Airport and the flights being operated between Sri Lanka and India have further increased the business potential in the province. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region.
| Article Code : | VBS/AT/09122019/Z_3 |