Webinar on creating a compelling investment climate in Sri Lanka

Board of Investment of Sri Lanka Director General Sanjaya Mohottala

ISAS Senior Research Fellow and Research Lead (Trade and Economics) Dr. Amitendu Palit

Board of Investment Director General Sanjaya Mohottala recently highlighted two notable changes made by President Gotabaya Rajapaksa with regard to the BOI to boost foreign direct investments and Sri Lanka’s competitiveness.

Mohottala said that the two changes are (i) Elevating the BOI as an entity that provides direction to the national economy directly under the purview of the President and (ii) Creating a Cabinet Sub-

Committee to address policy decisions needed to facilitate investments.

He made this observation when he spoke on Sri Lanka’s Economic Imperatives to an eminent group of participants at a webinar jointly organised by the Pathfinder Foundation and the Institute of South Asian Studies, of the National University of Singapore recently.

Among the participants were Sri Lanka’s High Commissioner to Singapore Shashikala Premaratne and High Commissioner of Singapore to Sri Lanka S. Chandradas.

Mohottala provided an overview of where Sri Lanka is as an economy, challenges it is facing, steps taken by the BOI and the Government to remove impediments in doing business, so as to create a conducive investment climate, and highlighted the sectors that are being prioritised to bring about inclusive growth to the country. He further clarified that the overall objective of the Government was to achieve 6% - 7% GDP growth in the next 10 years while managing the balance of payments issue that the country is currently facing and also making certain that the growth achieved would be inclusive.

ISAS Senior Research Fellow and Research Lead (Trade and Economics) Dr. Amitendu Palit moderated the discussion and highlighted the impact that COVID-19 was having on Sri Lanka and the countries in the region. The Question and Answer session included the sharp negative forecasts made by agencies such as the ADB and IMF on South Asian economies, particularly that of India, the Maldives and Sri Lanka; Sri Lanka’s exemplary handling of the pandemic but possibly at the cost of its economy; specific plans of Sri Lankan institutions to attract major Indian IT companies; Sri Lanka’s Ease of Doing Business ranking and the reorganizing of supply chains in the region and the opportunity it creates for Sri Lanka.

This is the second of the series of joint webinars organised by the two organisations, which kicked off in late September where Foreign Secretary Admiral Prof. Jayanath Colombage addressed a distinguished group of participants.

The presentation and discussion can be viewed at: https://www.facebook.com/instituteofsouthasianstudies/videos/1068576073597694.