JEDDAH, 22 May — Sri Lanka, where a new investment climate is emerging after signing a cease-fire deal with its rebels, has invited a high level team of Saudi investors to explore its business potential.
This was indicated at a meeting of a 10-member delegation from the Indian Ocean island state, led by Ambassador Ibrahim Sahib Ansar at the Jeddah Chamber of Commerce & Industry (JCCI) on Saturday.
“We had a fruitful discussion with JCCI Secretary-General Dr. Majed A. Al-Kasabi and Mohammed A. Al-Sharif, assistant secretary general for commercial and industrial affairs at the chamber,” Ansar told Arab News.
“We briefed them about the emergence of peace in the island after the government signed a cease-fire deal with the LTTE (Liberation Tigers of Tamil Eelam). We also identified areas that are potentially rich for Saudi investors,” he said.
“The government and the LTTE are expected to commence talks in Thailand next month aimed at finding a political solution to the 19-year-old minority ethnic crisis. We’re confident of the talks to succeed and dawn of a lasting peace in the trouble-torn state,” the ambassador said in reply to a question at a reception for the delegation hosted at the residence of Consul General A.C.M. Ibrahim.
The ambassador said that a Sri Lankan high level delegation, led by Minister of Commerce & Consumer Affairs Ravi Krunanayika would tour the Kingdom later this year as a follow-up operation.
Ansar said his country was focusing on infrastructure development as the first priority for investment. Its Colombo port ranked 21st in the world according to the Lloyds of London, he said, adding that the port was among the most modern in terms of equipment and facilities and had become a major hub in Southeast Asia.
Aside from traditional export items like tea, the island’s rubber and rubber-based industries and ceramics had been attracting attention of overseas investors.
The delegation includes officials from the Board of Investment of Sri Lanka, which is structured to function as a central facilitation point for investors, providing advice and assistance at every stage of the investment process. “It’s the only organization an investor needs to contact,” A.W.M. Faizal, manager (promotion) of the board, said.
“Wide ranging incentives are also offered to both foreign and domestic investors, provided the investment is undertaken through a company incorporated in the island,” A.M.C. Kulasekera, the board’s executive director — investment, said. Irwin Weerasinghe, chairman and managing director of Nets N Sea Ltd., discussed the scope of exporting nylon-fishing nets to this part of the world. The Indo-Sri Lanka joint venture claims to be the first Sri Lankan exporter of nylon fishing nets.
Joint venture projects currently undertaken in the island with Saudi investors are in sectors like terry towels and bed linen, prawn culture, software consultancy, and juice and fresh grapes.
