Akaba expresses confidence in SL’s potential for attracting Japanese investments

Thursday, 31 July 2014 01:09 - - {{hitsCtrl.values.hits}}

Top: At the head table second from left: Ambassador of Japan to Sri Lanka Nobuhito Hobo, State Minister of Economy, Trade and Industry of Japan Kasuyoshi Akaba, Minister of Investment Promotion of Sri Lanka Lakshman Yapa Abeywardena and Ambassador of Sri Lanka to Japan Adm. (Ret) Wasantha Karanandoda, bottom: Senior officials from Sri Lanka and Japan, members of Japanese Chamber of Commerce in Sri Lanka (JCCISL) at the seventh Government-Private Joint Forum

Minister of Investment Promotion Lakshman Yapa Abeywardana addressed the seventh Government-Private Joint Forum with Japan where the Chief Guest was Kasuyoshi Akaba State Minister of Economy, Trade and Industry of Japan. Present at the forum were all Japanese companies which are members of JCCISL based in Sri Lanka and operating under the BOI, leading State agencies such as Finance Ministry, Power & Energy, Immigration, Inland Revenue, Customs, the Japanese Embassy, and other Japanese agencies such as JETRO and JICA. At the forum, a wide range of subjects of interest to Japanese investors in Sri Lanka were discussed in the areas of labour relations, taxes, electricity tariffs, immigration issues, BOI approvals and government information available to investors. Many of these matters were discussed in detail and solutions were found to resolve such issues in a speedy manner. In this regard the Sri Lankan state agencies extended their co-operation to the maximum extent. The meeting was conducted in a cordial manner. The Japanese Minister expressed his deepest appreciation to Government of Sri Lanka for hosting him and his delegation. He agreed that there was a pressing need to develop avenues to enhance FDI inflows from Japan to Sri Lanka. Minister Akaba also stated that Sri Lanka has one of the fastest growing economies of Asia and will have the fastest growing economy in South Asia next year. Sri Lanka’s main strength according to the Japanese Minister was the country’s excellent connection to the Asian Region as well as Middle East, Africa, Australasia which was favoured investment into the island. He added that most Japanese companies which invest locally strongly believe that Sri Lanka has a very good business environment. Minister of Investment Promotion Lakshman Yapa Abeywardana briefed Minister Akaba on Sri Lanka’s considerable potential for investment, and also expressed confidence that Japanese FDI will grow over the next few years. He added that Japanese investment would increase productivity in the country and also result in significant technology transfers.