Short-term investment opportunities in resurgent Sri Lanka, says Minister

Monday, 14 August 2023 02:28 - - {{hitsCtrl.values.hits}}

Sri Lanka State Minister of Finance Shehan Semasinghe at the Invest Sri Lanka Investor Forum India in Chennai organised by the CII – Pic by Bijoy Ghosh

Shehan Semasinghe says the country is back in business

The Hindu Business Line: Noting that the worst is over and the country is back in business, Sri Lankan State Minister of Finance Shehan Semasinghe said on Wednesday that tourism, logistics and renewable energy were attractive short term investment-worthy sectors in the island country.

The Minister, who stressed that “now is the ideal time to invest in Sri Lanka”, repeatedly said the country had learned from its mistakes and would never repeat them.

Speaking at an Investor Forum India, a meeting organised by the Confederation of Indian Industry (CII), Semasinghe detailed the reforms undertaken by Sri Lanka, and how they were helping the country recover from last year’s economic crisis.

He said that the Sri Lankan government had announced that the Indian rupee to be a “designated currency,” meaning transactions in Sri Lanka could be done in the rupee.

Central Bank of Sri Lanka Research Director P.K.G. Harishchandra made a detailed presentation on how the economy was recovering. The presentation showed inflation coming under control improving tax collections, increase in tourist arrivals, (which reflected in) services PMI being above 50 (indicating expansion), pick up in private sector credit, declining trade deficit and increasing in remittance from overseas Sri Lankans.

Colombo Stock Exchange Chairman Dilshan Wirasekara emphasised that the exchange was attractive to list on, with zero capital gains tax and stamp duty.