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President Ranil Wickremesinghe last week agreed in principle to a proposal by the Indian CEO Forum President T. S. Prakash for an exclusive manufacturing zone in Sri Lanka for investors from the giant neighbour for re-export.
“We are of the strong belief that Sri Lanka should take maximum advantage of close proximity, size and huge demand from India. It would be worth considering to establish duty free export promotion zone mainly to manufacture and make ancillary items for India,” Prakash told the annual
Indian CEO Forum’s annual fellowship banquet at the Taj Samudra, Colombo.
“The entire transaction can be in INR so that more and more Indian investments can be attracted to Sri Lanka which may create huge employment opportunities and up to a certain extent, brain drain can be arrested by creating the job avenues for the local professionals,” he added.
In response President Wickremesinghe who was the Chief Guest, in his speech inquired from Prakash “how many acres you want and where” for the exclusive zone, amidst applause from the audience. Thereafter, the President said, the Government will look around for a place whether in the north, west or Trincomalee in the east.
In response to the use of Indian Rupee, the President said the Sri Lankan Government would want to see the Indian rupee used as much as the dollar. “It makes no difference to us if India becomes a common currency. We’ll have to figure out how to go about it,” Wickremesinghe added.
Prakash in his address noted that given the challenges faced by people of Sri Lanka as a result of the economic crisis, ICF believes that it is essential for the private sector to identify and attract investment from India into key selective sectors in Sri Lanka. ICF has membership of 62 companies of 35 Indian investments which have secured employment for a larger segment either directly or indirectly.
He said the initiative will focus on bringing sustainable investment that will create employment opportunities, skill development and investment to improve livelihoods and greater economic activities. “ICF is committed to bring equitable investment to geographic areas where benefits can be acquired to the wider communities in Sri Lanka,” said Prakash.
Furthermore ICF aims to leverage the forum’s resources to promote and attract investment from India to improve foreign exchange earnings and rebound the tourism sector in Sri Lanka.
Prakash told the event that ICF has formulated the project initiative SHINE Lanka in collaboration with the Board of Investment, KPMG , High Commission of India in Sri Lanka, and High Commission of Sri Lanka in India. “Due to various reasons the project was on hold. Now we are in the process of resuming the operation and we are going to focus on three key sections - Information technology, Education and Tourism,” he added.
ICF as it reaches its remarkable 10th year, marking a decade of growth, accomplishments, and unwavering dedication.
Set up in 2013, the Indian CEO Forum marks its 10th anniversary this year. ICF’s primary objective has been towards contributing to the economic growth of Sri Lanka through Indian investments while nurturing and strengthening bilateral business relationships.
“We strive to foster new economic ties between India and Sri Lanka. The objectives of the Indian CEO Forum are to promote and contribute to the economic growth of Sri Lanka through Indian investments, safeguard and strengthen economic corporations and foster new economic ties between Sri Lanka and India,” Prakash said.
ICF engages Indian companies to invest in various sectors in SL and can play a significant role in assisting and guiding these companies to be successful in Sri Lanka from their own experience.
Prakash said during the last 5 decades, Indian investments have played a very pivotal role in supporting the economy and creating more and more employment opportunities towards the local youths of Sri Lanka.
The ICF President in his address also underscored that under President Ranil Wickremesinghe’s visionary leadership and unwavering commitment to progress, Sri Lanka has witnessed significant strides toward prosperity, inclusivity, and social development. “The dedication of the President to serving the people and driving positive change has been an inspiration to us all,” Prakash added.
