Sri Lankan authorities organize Invest Sri Lanka Forum targeting investors in Singapore
Authorities in Sri Lanka, the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission of Sri Lanka (SEC) have reportedly organized an Invest Sri Lanka Forum targeting portfolio and direct investors in Singapore.
The move is viewed as a proactive attempt to reassure foreign investors following last month’s Easter Sunday attacks.
According to the local media, the forum has drawn an encouraging response from investors, who were offered an assessment of the investment climate and expectations for the short-medium term following last month’s incidents.
The event was reportedly organized in association with the Sri Lankan High Commission in Singapore and supported by the Singapore Business Federation in the capacity of promotional partner.
Asia Securities had been the Exclusive Platinum Sponsor of the event, while SriLankan Airlines was the Official Travel Partner.
Reports state that investors had also attended a number of one-to-one and group meetings with Sri Lankan listed companies that travelled to Singapore for the Invest Sri Lanka Initiative, which included Chairmen, Chief Executives and Senior Management representatives of John Keells Holdings PLC, Commercial Bank of Ceylon PLC, Dialog Axiata PLC, Hemas Holdings PLC, Sampath Bank PLC, People’s Leasing and Finance PLC, National Development Bank PLC, Softlogic Holdings PLC, Softlogic Life Insurance PLC and Sunshine Holdings PLC.
The event was also supported by the Sri Lankan stock brokering community and respective partners based in Singapore, with eight Sri Lankan firms present at the event, report further state.
The Sri Lankan officials who had addressed the forum included State Minister of Finance Eran Wickramaratne, Central Bank Governor Dr. Indrajit Coomaraswamy, SEC Chairman Ranel T. Wijesinha, CSE Chairman Ray Abeywardena, and LYNEAR Wealth Management Managing Director Dr. Naveen Gunawardane. CSE CEO Rajeeva Bandaranaike and SEC Director General Vajira Wijegunawardane had joined in as panellists during the discussion segment.
Sri Lankan State Minister Wickramaratne, speaking at the event, had acknowledged that the events on 21 April were a setback, but noted that all possible steps to ensure national security have been implemented during the past month, including apprehending elements that were responsible for the attacks.
The State Minister had further observed that Sri Lanka has witnessed overwhelming support internationally from foreign governments, institutions and the international community at-large, who have expressed solidarity with Sri Lanka during recovery and response efforts.
He had commended the resilience of the Sri Lankan people, stating that the effort to restore normalcy during the past month has been solidified by the drive and unity of the Sri Lankan people.
According to the State Minister, the Government of Sri Lanka will remain committed to fiscal consolidation despite the setback but will endeavour to support businesses and industries that were severely affected.
OSL take:
The government of Sri Lanka is currently engaged in an aggressive promotional campaign to woo foreign investors to the country while boosting their confidence in Sri Lanka’s economy following the setback suffered last month due to the Easter Sunday bombings. The investment forum in Singapore organised by the Sri Lankan authorities and attended by a vast number of investors indicates investors are still interested in Sri Lanka. Given the swift action taken by the government of Sri Lanka, the country’s economy is expected to see a quick recovery. The country’s geographical positioning would give a further impetus to Sri Lanka’s economy. Foreign businesses/investors could confidently explore business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/24052019/Z_4 |