Private sector-led China International Chamber of Commerce seeks opportunities in Sri Lanka
Daily FT: The China International Chamber of Commerce for the Private Sector (CICCPS) recently visited the Board of Investment (BOI) to focus on win-win cooperation and innovation in collaboration with Sri Lanka.
The longstanding relationship with China, not only with diplomacy but also a longstanding trade and commerce relationship, was revisited in this high-level business delegation meeting by the BOI officials. Further, the delegations represented diverse commercial cities such as Shanghai, Beijing, Shandong, Nanjing, Guangdong, and Chengdu in China.
The China International Chamber of Commerce for the Private Sector (CICCPS) is the only chamber of commerce in China dedicated to assisting private enterprises with international endeavours and facilitating economic cooperation and exchanges, and officials of the chamber are poised to work with the BOI and its role as apex organisation to facilitate the FDI to the country.
At the Colombo World Trade Centre, officials of the BOI and this group of investors held extensive discussions on investment opportunities in the country.
The discussions were held under the patronage of BOI Director General Renuka Weerakone and the China International Chamber of Commerce for the private sector (CICCPS) Deputy Secretary General Yan Gaoming, on behalf of the Chinese delegation.
Gaoming emphasised on behalf of the Chinese delegation why Sri Lanka is important, citing its newfound business ecosystem that brings much-needed transparency to conducting business in Sri Lanka and further explained why the International Chamber of Private Sector in China will work with the BOI to facilitate its 500 strong members with the goal of “serving private enterprises to go abroad,” and by Chinese laws, regulations, and policies, CICCPS conducts activities to promote economic and trade cooperation between Chinese private enterprises and various regions worldwide. It focuses on the needs of these enterprises, safeguards their rights and interests, and fosters their development in the context of participating in economic globalisation. Additionally, CICCPS reports on the situation and offers reasonable suggestions to government departments regarding the economic and trade affairs of relevant industries and regions.
CICCPS has nearly 500 members, with a diverse range of business objectives, primarily comprising leading private sector enterprises from various industries in China, as well as private enterprises of varying sizes that have expanded overseas or are in the process. In line with its functions of “theoretical research, cultural exchange, holding conferences, editing books and periodicals, legal rights protection, business training, exhibition, international cooperation, advisory services, trade, and investment promotion” as entrusted by the Government, CICCPS has established close cooperative relationships with several United Nations agencies in China, foreign embassies and consulates, chambers of commerce in China, chambers of commerce and industry in countries along the “Belt and Road,” and has engaged in multi-level extensive foreign exchanges and cooperation.
CICCPS has also reached a consensus and collaborated with Chinese government departments, investment promotion institutions, research institutes, leading enterprises, financial institutions, think tanks, and other stakeholders to create a platform for international development, facilitating enhanced foreign trade and investment cooperation, and promoting the high-quality and sustainable development of the global economy for Chinese private enterprises.
During the discussion, the participants explored investment opportunities in the country’s manufacturing, renewable energy, tourism, education, agriculture, mineral, and pharmaceutical sectors at length.
OSL take:
The resilience and overall expansion recorded by Sri Lanka’s economy and the expanding business/investment opportunities in key economic sectors have all attracted foreign businesses/investors to the lucrative ventures in the country. The many promotional campaigns carried out by local authorities in foreign markets, the improving ease of doing business environment in the country and the incentives offered to foreign businesses/investors have added to Sri Lanka’s attraction as an emerging business destination in the region. In addition, Sri Lanka’s strategic positioning in the Indian Ocean, the strong trade ties enjoyed with many countries and the country’s target of becoming a hub in the South Asian region have further added to the list of attractions. The interest shown by businesses in foreign countries with strong economies like China, India, etc indicate the increasing growth and business potential in Sri Lanka. The strength, growth and expansion recorded by local private sector businesses and the growth and profits recorded by foreign businesses operating in Sri Lanka have further boosted the confidence among many foreign businesses/investors to explore the business/investment opportunities in the country.
| Article Code : | VBS/AT/20250605Z_7 |