Sri Lanka to host ADB’s annual meeting in May 2022
Sri Lanka and the Asian Development Bank (ADB) have signed a memorandum of understanding (MoU) to hold the 2022 annual meeting of the ADB in Colombo. The ADB’s annual meeting is scheduled for May next year and the event is expected to boost Sri Lanka’s international profile as well as the country’s Meetings, Incentives, Conventions and Exhibitions (MICE) tourism segment.
Sri Lanka’s Finance Minister Basil Rajapaksa had witnessed the MoU being signed by ADB South Asia Department Director General Kenchi Yokoyama and Finance Ministry Secretary Sajith Attygalle in Colombo.
According to the MoU, the 55th Annual Meeting of the ADB will be held from 2-5 May 2022 in Colombo. Sri Lanka is also the current Chair of the ADB.
Sri Lanka was previously scheduled to host the ADB Annual Meeting in 2020, but was held virtually due to the Covid-19 pandemic. The 2021 Annual Meeting was also held virtually.
Minister Rajapaksa has reportedly said that Sri Lanka would be the second country in South Asia to host an ADB annual meeting, with India being the first in 2006.
He has also thanked the ADB for the opportunity given to host the meeting.
According to the Finance Ministry, the ADB’s Annual Meetings attract around 3,000-5,000 delegates, including finance ministers, heads of central banks, and representatives of international financial institutions.
OSL take:
The holding of ADB’s 2022 annual meeting in Sri Lanka is indicative of the growth of the island as a MICE destination in the region. The ADB annual meeting will bring in a large number of foreign dignitaries to Sri Lanka, which will also boost Sri Lanka’s posturing as an emerging business destination in the South Asian region. The event will also put under the spotlight the expanding business/investment opportunities in Sri Lanka. Sri Lanka’s aggressive development programme, strong trade ties and the continuously improving ease of doing business environment in the country will help woo foreign businesses/investors to the country. Given the growth of Sri Lanka even amidst the Covid 19 pandemic, foreign businesses/investors could explore the growing opportunities in the island nation.
| Article Code : | VBS/AT/08102021/Z_1 |