Sri Lanka’s presence and engagement in Davos a major step forward: Mark Dangel

Mark Dangel

Mark Dangel, who runs the wealth management firm Dangel Asset Management, was the livewire in Switzerland in making Sri Lanka’s participation in Davos a success. According to Mark, who is also the Chairman of the Sri Lanka Chapter of the Swiss Asian Chamber of Commerce, Sri Lanka’s presence and engagement in Davos was a major step forward.

Mark’s association with Sri Lanka goes back well over a decade. He first visited Sri Lanka soon after the country was devastated by the 2004 tsunami. He, his wife and friend visited Sri Lanka in January 2005 after a business trip to India. “From the time I set foot, I fell in love with Sri Lanka,” recalls Mark.

Mark expanded his interest in Sri Lanka thanks to his Swiss friend Peter Zuellig, who had business interest in the pharmaceutical industry. Together they were part of a pioneering team to set up the Sri Lanka Chapter under the Swiss Asian Chamber of Commerce (SACC) which also has chapters in Singapore, Malaysia, Thailand, Pakistan, Indonesia, Korea, Brunei, Cambodia, Laos, Mongolia, Myanmar, Philippines, Taiwan and Timor-Leste and Vietnam.  

With his extensive career in financial services industry, Mark, via his fund management business, also looked at Sri Lanka as a good opportunity for listed equity investments. Subsequently, Mark met with Sri Lankan entrepreneur and sports personality Suresh Subramaniam, who he identifies as a great close friend.

Mark’s network of friends and business associates, who love Sri Lanka or wanted to promote Sri Lanka, resulted in a like-minded group exploring how foreign direct investment could be increased to Sri Lanka.

Due to his zeal, probable Sri Lanka participation at the 2015 World Economic Forum in Davos was conceptualised but with the country bracing for key elections in that year plans fell apart.

In October last year, the group revisited the idea, eyeing 2016 Davos. That was the start of several months of planning and coordination with arrangements made for the World Economic Forum to extend an invitation to Prime Minister Ranil Wickremesinghe.  

Timing was considered perfect with Sri Lanka opening up to the world, especially the West, following a landmark change in Government following the 8 January 2015 Presidential and 17 August 2015 Parliamentary Elections. 

“We saw increasing interest in Sri Lanka following political change and reforms ushering good governance, democracy and rule of law as well as the unveiling of new economic policies,” emphasised Mark.

Several stakeholders were involved, including Sri Lanka’s Ambassador to UN in Geneva, Switzerland Ravinatha Aryasinha, the Swiss-Asian Chamber of Commerce and the Ceylon Chamber of Commerce.

Mark noted that making an impact in Davos during the WEF is always challenging and expensive. For an emerging country such as Sri Lanka the task is more daunting. “Given the time constraints and other issues, we were looking at how to be cost-effective whilst seizing the Davos 2016 opportunity for Sri Lanka,” he said.

As side events in Davos, an investor forum was held on 20 January evening followed by a reception with over 160 European, Asian and Japanese investors at Morosani Posthotel. The Forum saw Prime Minister Ranil Wickremesinghe making a presentation as well as involved in a panel discussion. Central Bank Governor Arjuna Mahendran outlining Sri Lanka’s Policy Outlook for Sri Lanka: Economic Overview and Investment Opportunities. Camso-Loadstar, Belgium Chairman Pierre Pringiers provided an incisive testimonial on an investor’s perspective on foreign direct investment in Sri Lanka.

The push on Sri Lanka was followed up with a luncheon forum entitled ‘How to Invest in Sri Lanka’ the next day (21 January) at the charming Swiss chalet ‘Fuxägufer’.  The speakers at this event were CSE Chairman Vajira Kulatilaka, who tackled the subject of investments in Sri Lanka’s public debt and equity market in a segment entitled ‘Portfolio Investments – The Easiest Way’, whilst an active Swiss private investor in the Colombo stock market, Patrick Schegg, highlighted prospects for private equity and venture capital. 

Meanwhile, Edward Fernando, the CEO of Greenkeepers Ltd., a textile recycling venture in Sri Lanka, highlighted ‘A Local Entrepreneur’s Approach to Combine Business and Resource Efficiency’ and Beat Sutter – Swiss-owned beach properties and sustainable tourism and Naveen Anandakumar BDP, a London-based real estate developer in City of Colombo spoke on the ‘Importance of Early Stage Capital; Real Estate Developments – The Safe Way.’ ‘Sri Lanka Manufacturing Hub: Private Sector FDI – The Corporate Way’ was a topic dissected by Philippe Richart, CEO of LaFargeHolcim Sri Lanka and Pierre Pringiers, Chairman of Camso Loadstar Ltd., Belgium.

Mark acknowledged the supportive role played by the Government, including Ambassador Aryasinha, Ambassador Kumararatne, the Ceylon Chamber of Commerce with its prominent business delegation and the Swiss Asian Chamber of Commerce as well as a few patriotic Sri Lankans, who all contributed to make the entire effort a success.

“Davos is an ideal platform for Sri Lanka and hopefully with the success and lessons learnt in the 2016 event, we can improve at future engagements,” said Mark. He also said that follow-up work on the initial success and networking made at the 2016 WEF in Davos was key.

Through his own fund management firm and the support of various stakeholders and friends, both Swiss and Sri Lankan, Mark says he will continue to champion Sri Lanka as he is convinced the country is an attractive investment destination.  

Mark set up Dangel Asset Management in 2005 after having focused on private client activities at a small private bank in Zurich.

Back in 1998 through the acquisition of Yamaichi Bank (Switzerland), he co-founded A&A Actienbank, a Swiss merchant bank. In different senior management positions he specialised in private client business and funding responsibilities of asset management and real estate investment companies.

Before that he worked in different positions, among them as CFO in his family’s construction business and in the hedge fund industry as a partner of the independent asset manager Dr. G. Landert in 1992. He started his career at JP Morgan in Zurich and New York and later as a portfolio manager at a large commodity company. Mark graduated from the University of St. Gall in 1985, majoring in Finance and Accounting.