Sri Lanka and Saudi sign MOU for cooperation in promoting direct investment
Newswire: Sri Lanka’s Cabinet of Ministers has been briefed on the Memorandum of Understanding (MOU) signed between Sri Lanka and Saudi Arabia for cooperation in promoting direct investment between the two nations.
Sri Lanka and Saudi Arabia reached an agreement to enter into a MOU to attract direct investment to the country and improve the investment environment of the two countries through policy and legal reforms, provision of advanced and integrated infrastructure facilities, process redesign, etc.
Accordingly, the President briefed the Cabinet on the said MOU, informing that the Minister of Foreign Affairs had signed the said MOU during the special meeting of the World Economic Forum held in Riyadh, Saudi Arabia on the 28th and 29th of April 2024.
OSL take:
Sri Lankan authorities are engaged in a programme to attract investments to the country and to achieve this, have formulated incentive schemes as well as work on improving the ease of doing business environment in the country. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed with other countries have all helped present Sri Lanka as an emerging business destination in the South Asian region. The strength, resilience and growth of Sri Lanka’s private sector amidst challenging economic conditions and the overall economic resilience have also added to the business confidence of foreign businesses/investors. The ongoing economic expansion and the expansion in the business/investment opportunities in Sri Lanka have presented a host of lucrative opportunities for foreign businesses/investors. It is these reasons that have resulted in agreements on investments between Sri Lanka and Saudi Arabia. Given Sri Lanka’s growth and business potential, foreign businesses/investors could confidently explore the expanding opportunities in the country.