Port City Colombo backs “Invest Sri Lanka – Retire Sri Lanka” event in Singapore
Daily FT: “Invest Sri Lanka – Retire Sri Lanka” – an event focused on attracting investment to Sri Lanka was held in Singapore, recently. The event served as the backdrop for the signing of a Memorandum of Understanding (MoU), between Port City Colombo and the Singapore Sri Lanka Business Association.
“Invest Sri Lanka – Retire Sri Lanka” was organized by the Singapore Sri Lanka Business Association (SLBA) with the support of the High Commission of Sri Lanka in Singapore. This event provided a platform for in-depth discussions on investment opportunities in Sri Lanka, particularly in burgeoning sectors such as technology, real estate, healthcare, sustainable agriculture, and manufacturing. It also addressed the critical questions and concerns of those considering Sri Lanka as a destination for travel, investment, or retirement.
The event featured distinguished speakers, including the Governor of the Central Bank of Sri Lanka, Dr Nandalal Weerasinghe and the High Commission of Sri Lanka in Singapore, Acting High Commissioner, Ahamed Razee, who played key roles in presenting valuable insights and perspectives. Port City Colombo, Deputy Managing Director, Thulci Aluwihare, presented the investment opportunities within the Port City Colombo Special Economic Zone (SEZ) with special focus on thrust sectors such as the information technology and business process outsourcing (IT/BPO) sector. Together, their insights shed light on the opportunities awaiting investors in Sri Lanka’s high-growth sectors.
At the official signing of the MoU, representing the SLBA were, its president Lakshanthi Fernando, secretary, Sharlyn Stafford, past presidents Senaka Tiranagama, and Angelo Perera. Port City Colombo was represented by Deputy Managing Director, Thulci Aluwihare, Director Investment Promotions and Marketing, Radika Obeyesekere, General Manager, Investment Promotions and Marketing, Stan Li,; and Executive Director, Investment Promotions and Marketing, Shalaka Wijeratne.
Port City Colombo’s cosmopolitan lifestyle, world-class infrastructure and sustainable living environment were also showcased under the forum’s “Retire in Sri Lanka” segment with heightened interest expressed by the Sri Lankan diaspora. Presenting the Cinnamon Life proposition was the Property Group of JKH Head, Nayana Mawilmada.
Port City Colombo’s next phase of development is driven by a five-year plan aimed at revitalizing Sri Lanka’s economy through FDIs. This plan calls for a substantial $5.6 billion in FDI, a move that would position Sri Lanka as a leader in the global service export market. The SEZ also aims to contribute a staggering $13.8 billion to Sri Lanka’s annual GDP and generate over 140,000 direct job opportunities. During the construction phase, a projected fiscal revenue of $1.7 billion is expected, with an annual recurring revenue of about $700 million during the operational phase.
OSL take:
Sri Lanka’s ongoing economic activities have opened up new business/investment opportunities. Colombo Port City project is one of the key development projects in Sri Lanka aimed at taking the country to the next level of development. The overall development programmers in Sri Lanka have presented many business opportunities. With Sri Lanka working towards becoming an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and the strong trade ties enjoyed with many countries, the business/investment opportunities presented by Sri Lanka would see a growth. The economic resilience shown by Sri Lanka and the performance of key economic sectors including the banking sector serve to boost investor confidence in the country. Given the growth and business potential in Sri Lanka, foreign businesses/investors could explore the lucrative opportunities in the country. Foreign businesses could also look at setting up base in Sri Lanka to engage with other countries in the region using the preferential treatment enjoyed by Sri Lanka with many countries in the South Asian region.
| Article Code : | VBS/AT/20231121/Z_2 |