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Finance Minister Ravi Karunanayake assured current and future Indian investors a favourable climate, addressing the second AGM of the Indian CEO Forum (ICF) recently at the Taj Samudra Hotel
Karunanayake was Chief Guest at the event while High Commissioner of India Y.K. Sinha was the Guest of Honour. A large number of invitees including senior Government officials, bankers and diplomats were present.
While acknowledging the fact that recently some companies were adversely impacted, the current Government will ensure that by July 2015 the environment for investment will improve dramatically,” he asserted.
The ICF was formed in July 2013 in recognition of the significant growth of Indian private sector investments in Sri Lanka. ICF is a registered body and its membership is constituted by Indian investors in Sri Lanka, Indian heads of MNCs and Sri Lankan companies.
The objectives of the Indian CEO Forum is to promote and contribute to the economic growth in Sri Lanka through Indian investment, safeguard and strengthen existing economic cooperation, foster new economic ties between India and Sri Lanka, provide an open forum for the business leaders of Indian origin employed with Indian multinationals and Sri Lankan business/commercial organisations in Sri Lanka. Indian CEO Forum endeavours to showcase investment opportunities in Sri Lanka to potential new investors from India.
President Sanjay Tiwari who was re-elected highlighted that ICF membership represents diverse industries such as energy, infrastructure, packaging, banking, pharmaceuticals, FMCG, media, logistics, etc., and have made significant impact and support to the Sri Lankan economy by way of bringing huge investments into the country, exports earnings, employment generation for local people, contribution to Treasury through direct and indirect taxes and above all brand building of the country.
“It had been an eventful year for both nations we all witnessed a major political shift in power and governance. The relationship further got cemented with the mutual visit of Premiers of both the countries. We at the business front foresee opening of a plethora of opportunities for both nations,” said Tiwari.
Tiwari outlined the ICF focus areas for the next financial year 2015-16 in his communique which includes: Facilitating a greater number of tourist arrival from India specifically Gujarat in association with the Sri Lanka Tourist Board; general healthcare with focus on diabetes care; supporting Government in helping the presentations to investors and showcasing the case studies of successful Indian ventures in attracting more investments into the country.
The existing ICF Board consists of Sanjay Tiwari, Managing Director and CEO – Piramal Glass Ceylon Plc; Kiran Redkar, CEO – Ultra Tech Cement; Umesh Gautam, CEO – Lanka Ashok Leyland; Subodh Dakwale, Managing Director – Lanka IOC; Kishore Reddy, CEO – Platinum Realty Investments; T.S. Prakash , CEO – Revlon Lanka; Biju Jacob, Country Head – ICICI Bank Sri Lanka got re-elected for the year 2015-16.
Sinha in his remarks outlined the massive progress made in trade and cultural relations actively partnering with ICF to further strengthen the economic relations of the two countries by encouraging more Indian companies to invest in various sectors in Sri Lanka and likewise guide Sri Lankan entrepreneurs willing to do business in India or invest in India. The two countries will benefit by enhancing the existing synergies.
Many of the Indian CEOs have adopted Sri Lanka as their second home. Together with their economic and commercial operations, they are also at the front in promoting people-to-people contact.
The Indian CEO Forum would serve as a symbiotic link that binds the two countries and will further enhance economic engagement in terms of mutually-beneficial trade and investment, thereby creating a win-win situation for both countries.
India and Sri Lanka enjoy a vibrant and growing economic and commercial partnership, with both trade and investment expanding greatly in recent years. The cornerstone of this relationship has been the India Sri Lanka Free Trade Agreement which was signed in 1998 and was implemented with effect from March 01, 2000. The FTA has led to the emergence of a genuinely vibrant economic relationship and made for a quantum leap in trade, investment and economic cooperation between India and Sri Lanka.
On the investment front, top Indian companies have displayed great interest in Sri Lanka, investing in the country across sectors such as infrastructure, manufacturing, services, and construction. Sinha however cautioned that Sri Lanka is no longer the largest trading partner amongst neighbouring countries for India as Bangladesh has now taken that position and Sri Lanka needed to remove impediments and regain the position.
Karunanayake at the outset conveyed his gratitude to ICF for inviting him and conveyed that India Sri Lanka cooperation would reach commanding heights under present Government.
Karunanayake said that just as his Government would give place of pride to Indian investors in Sri Lanka, he was confident that reciprocity would be maintained by the Indian Government in the case of Sri Lankan investments in India.
