Unlocking new opportunities for potential partnerships

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Updated 03 February 2016
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Unlocking new opportunities for potential partnerships

COLOMBO: The Sri Lanka Investment and Business Conclave 2016 is scheduled to take place from March 8 to 10 at the Cinnamon Grand Colombo.

The Ceylon Chamber of Commerce in association with the Ministry of Development Strategies and International Trade, Ministry of Foreign Affairs, Board of Investment of Sri Lanka, Department of Commerce, Sri Lanka Export Development Board, Sri Lanka Convention Bureau (SLCB) and the Commonwealth Businesswomen’s Network will be organizing the event.
The conclave offers the perfect blend of opportunities aimed at enriching institutional, corporate and individual investors and business houses with a comprehensive set of guidelines for their investment decisions, and act as a networking opportunity for introductions to potential overseas business partners with a view of establishing partnerships/investments in Sri Lanka.
The conclave will be promoted with the support of the Sri Lanka High Commissions/embassies located overseas and 120 Chambers of Commerce around the world.
The Sri Lanka Investment and Business Conclave 2016 will be inaugurated on March 8 followed by a strategic networking event, facilitating participants to directly network with senior ministers and officials attached to various Government Institutions in addition to participants from various other countries.
On March 9, there will be two high level panel discussions on Unlocking New Opportunities for Potential Partnerships and Strategies of Attracting Business Partnerships and Investments in Sri Lanka — followed by B2B and G2B business matchmaking sessions.
On March 10, organizers will facilitate overseas delegates to visit export processing zones, port of Colombo and the Colombo Stock Exchange etc. as per their interest.
Investments for the private sector including foreign companies is set to become easier in 2016 as the Board of Investment (BOI) plans a host of new methods including public — private partnerships for dozens of investment zones, reforms and liberalising land ownership.
The government of Sri Lanka is targeting 45 economic zones to be developed with private sector partnerships.
The BOI will provide land and the investors have to build infrastructure facilities, which will be done under a special joint venture project vehicle to attract investment.
The major sectors that received FDI in 2015 were manufacturing at $199 million, followed by tourism at $161 million, housing and property development with $116 million, telecommunications at $93 million and port development activities with $ 51 million.
Major FDI sourcing countries include Hong Kong $167 million, Mauritius $76 million, Netherlands $69 million and China $66 million as per the data received from the BOI.
Sri Lanka has invested heavily to develop infrastructure such as port, road network, additional airports and telecommunication facilities in recent times.
With the educated and adaptable workforce and fast developing Infrastructure, it has become a growing economic hub with favorable policies for investors around the world.
In addition, new urbanization initiatives with new opportunities for investment have open doors for potential investors to set up joint ventures in Sri Lanka.
It boasts for being one of the lowest corporate tax rates in the region including strong policies in place for protecting international investors and business partners ensuring high quality of life for foreign investors.
The recently announced Budget 2016 of the government of Sri Lanka, many attractive facilities will be provided to investors to setup joint ventures in Sri Lanka.
Changed policies and regulations will be announced and discussed at the panel discussions of the senior ministers of the government of Sri Lanka on the second day of the event on March 9.
Focus sectors for investment includes agriculture, apparel, education, export manufacturing, export services, infrastructure, knowledge services, tourism and leisure, power and energy, telecommunications and related services, ports development, distribution of petroleum related products such as LPG and LNG and recycling of waste etc.
Invest-srilanka.lk web site was launched recently to promote the event among foreign and local potential parties.
Further details available on Tel. +9411-5588818 or +9411-5588800

Fax. +94-112449352 or +9411-2381012
E-mail: [email protected]


Saudi Arabia ‘racing into the future’ with Formula E

Updated 15 December 2018
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Saudi Arabia ‘racing into the future’ with Formula E

  • A first for Saudi Arabia and the region, the event’s magnitude reflects the Kingdom’s goal of hosting major events and promoting them domestically and globally
  • “This is unprecedented and fabulous,” one concert-goer said. Another said: “I can’t believe I’m in Saudi Arabia.” 

RIYADH: Formula E is one for the books. Attracting fans from all over the world, the mega event — held in the historic Saudi town of Ad Diriyah, a UNESCO World Heritage Site — is set to revolutionize motorsports by using only electric race cars. 

Officially known as the ABB FIA Formula E Championship, the race expects to draw 40,000 attendees, with access not only to the race but also to the Kingdom’s largest ever festival for music, entertainment and cultural activities.

A first for Saudi Arabia and the region, the event’s magnitude reflects the Kingdom’s goal of hosting major events and promoting them domestically and globally.

A milestone was marked as Bandar Alesayi and Ahmed bin Khanen became the first Saudi I-Pace eTrophy racers, sponsored by the General Sports Authority (GSA). 

Both drivers predict increased grassroots support in the Kingdom for youths to train in carting and race-car driving.  

At 1.76 miles long with 21 corners, the track is somewhat tricky for first-time Formula E drivers.

“The system is like Mario Bros when they get the little star and go faster,” said Formula E founder and CEO Alejandro Agag. The new electric circuit in Saudi Arabia has been hailed as one of the best Formula E tracks.

The three-day event is hosting some of the world’s top singers, including Jason Derulo, Enrique Iglesias, Amr Diab, Black Eyed Peas, David Guetta and One Republic, along with DJ EJ. 

“This is unprecedented and fabulous,” one concert-goer said. Another said: “I can’t believe I’m in Saudi Arabia.” 

Outside the venue, Al-Bujairy, one of Ad Diriyah’s historic areas, hosts high-end restaurants, cafes and local designer outlets overlooking the historic district of At-Turaif, which was once home to the Saudi royal family and has newly opened for visitors.

Another area of interest is the Family Zone, with many events and activities to entertain all age groups. Men, women and children are given different driving experiences.

In Ad Diriyah’s Formula E, only one car is allowed per driver instead of two, making pit stops more crucial in terms of timing.  

“Attack mode” gives cars a temporary power boost from 200 to 225 kilowatts, equivalent to 268-302 horsepower. Drivers need to move to a certain area on the track to activate this mode.

“Saudi Arabia is racing into the future with Formula E, as we open the Kingdom to the world in a transformation that’s being supercharged by the Vision 2030 plan, driven forward by Crown Prince Mohammed bin Salman,” Prince Abdul Aziz bin Turki Al-Faisal Al-Saud, vice-chair of the Saudi Arabian General Sports Authority, told Arab News.