Investment tab on regional economic development initiative goes live

By Shanuka Tissera

In an attempt to match entrepreneurs and investors, International Alert, Ceylon Chamber of Commerce (CCC) and Youth Business Sri Lanka launched an investment tab on regional enterprise development initiative at Cinnamon Grand on 10 July.

The purpose is to integrate regions and increase contributions from all over the island. Currently, the Western Province provides over 50% towards the Sri Lankan economy and all other areas together piece together the rest. The new aim is to now change these percentages around. This is a service to help regions help themselves so that they can deliver programs to the region.

The focus of the Ceylon Chamber of Commerce who was represented by CCC CEO/Secretary General Harin Malwatte announced, “We will do everything we can to not slip back into how the country used to be.”

The regional blog will help investors both domestic and foreign to find investment opportunities that would have never reached their ears. It is almost acting as a vehicle with the rest of the world and is a brilliant idea and step forward in the direction Sri Lanka must take to keep this excitement growing.

Chief Guest British High Commission – Head of Trade and Investment Michael Helpin said that the launch of this investment tab is very important for two reasons. Firstly the partner organisations are long standing; they have earned a solid reputation and understand what a country needs to grow. Secondly, it will bring real benefits to the young Sri Lankan entrepreneurs and the Sri Lankan economy.

The trade relationship between Sri Lanka and the UK are already very strong. There are similarities in the legal aspect as well as sense of family with over 100 Sri Lankan companies in the UK with the likes of M&S, Tescos, GSK and numerous financial services. Exports to UK now total an estimated Pounds 815 billion and imports from UK has also increased to a value of Pounds 154 billion. The marriage of the London Stock Exchange and Millennium IT is a golden example of how two companies, oceans apart can function in unison thanks to this new age in technology. “This is an opportunity to turn ideas into reality and bring together specialists to help small and medium business, which is a vital benchmark to the pounds progress of any economy. Sri Lanka is on the up and we must maintain this.”

UNP Badulla District MP Harin Fernando shared a true sense of excitement with the latest launch of the investment tab. “It is convenience for bringing unexplored economies together, it is a talent finder and with the guidance of the Ceylon Chamber of Commerce, by implementing initiative such as this, we as a country can refuel and maintain this full steam effort underway.”

In terms of business, coming up with a unique idea requires the ‘eureka’ moment, but it is intelligent financial planning that will truly keep the light on. Business is always about calculated risk and this is a very safe idea for any entrepreneur in any field.

An individual would only need to sign up onto the website and register a copy of their business plan noting key information such as product information and requirements expected from the investor.

Then partial information of the idea will be uploaded onto the website after confirmation is given by the CCC. An inspirational story shared by the MP for the Badulla District was an example of how helping to discover talent is the holy grail of business. “Where I live, it is a large paddy sector with very little luxuries. Recently, there were three people who had won the first, second and fourth place prize in an all island competition for young software designers. The icing on the cake was that none of the three students had internet at home, everything was done in their relative school and institutions.”

One must take their own calculated risk when uploading a business plan online, but the CCC has assured the people that it will handle this information as highly confidential and finites such as intellectual property rights would be handled with care. The launch of the investment tab is a good step in the how use of technology can help develop Sri Lanka and more importantly act as cement to a wall.