Sri Lankan government recommences discussions with investors to restart stalled projects
Sri Lanka’s Ministry of Industrial Export and Investment Promotion has recommenced initial discussions with potential investors to restart the country’s economy.
While Sri Lanka’s is in the process of returning to normalcy under strict health guidelines, industries are requested to rethink their production process and look at potential markets to cater to in a post-Covid-19 pandemic world.
“President Gotabaya Rajapaksa discussed at length about how Sri Lanka’s export industries will have to reinvent to cater to the new market opportunities that are created. While a strategic plan is devised for future projects, in the meantime, we are looking at restarting any projects that have been stalled,” Sri Lanka’s Industrial Export and Investment Promotion Minister Prasanna Ranatunga has told The Morning newspaper.
The Ministry has already issued directives to the Board of Investment (BOI) to look into the projects that are to recommence and over the past few days, the Ministry has also looked at any agreements that needed to be cleared to commence work on the next phases.
“Out of the 286 factories in our 12 processing zones, work has commenced in 249 factories with one-third of the staff required to return to work as per health guidelines. I have in the meantime instructed all these factories to ensure that no employee is laid off work. We are hopeful that soon, the rest of the workforce too can return to the factories to work,” Ranatunga has added.
The Ministry along with its affiliated boards such as the BOI and the Export Development Board (EDB) are at present looking at avenues to improve export products to cater to international markets, whilst looking at opportunities to attract foreign investors.
OSL take:
Sri Lanka’s stalled development programme has now been reactivated opening up a host of business/investment opportunities for potential investors. Sri Lanka is now restarting from where all activities were halted following the global Covid 19 pandemic. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country made it a business hub in the South Asian region. Sri Lanka also has a proven track record of showing fast recovery from adverse economic conditions. Foreign businesses/investors now looking for lucrative business/investment opportunities could explore opportunities in Sri Lanka.
| Article Code : | VBS/AT/20052020/Z_5 |