Keen interest in Lanka’s energy sector at first Swiss-SL Investment Forum

The first-ever Swiss-Sri Lanka Business & Investment Forum held in Geneva concluded successfully on 11 June.

“The theme of the Geneva event ‘A land of a thousand and one opportunities’ appears to have successfully captured the outlook of Sri Lanka’s new growth phase.

I congratulate the Sri Lankan delegation, our Swiss Embassy in Germany and Ambassador of Sri Lanka to Switzerland Sarath Kongahage, as well as the Swiss based Holcim (Lanka) and also Credit Suisse on the overwhelming success of this first such outreach in Switzerland,” said Minister of Industry and Commerce Rishad Bathiudeen yesterday.

He was praising the success of Sri Lanka’s landmark, first-ever Swiss-Sri Lanka Business & Investment Forum held in Geneva on 11 and 12 June.

Dr. Yousuf Marraikkar, Executive Director of the Export Development Board which functions under Minister Bathiudeen, promoted the manufacturing sector in Sri Lanka at the event, and made a presentation on the ‘Potential of Sri Lanka as a Manufacturing Hub of South Asia’.

According to Dr. Marraikkar, the energy sector in Sri Lanka’s new phase received attention during the session. “The innovativeness of the exports sector, growing real estate market and renewable energy options drew investor interest,” he added.

The forums, which saw overwhelming participation by Swiss investment and business community as well as investors from neighbouring countries, were organised in coordination with SACC (Swiss Asian Chamber of Commerce in Switzerland) and International Trade Centre in Switzerland and held at the Fondation Baur, Musée des Arts d’Extrême-Orient, in Geneva and concluded on 12 June. It was an initiative to showcase Sri Lanka’s investment and trade potentials to Swiss-based industrialists, financial houses and businessmen.

Among the participants were Founding Partner and President of SACA Swiss Alternative Capital AG and moderator of the event Mark Dangel, Ambassador of Sri Lanka to Switzerland Sarath Kongahage, Consul General, Frankfurt, Germany Pradip Jayawardena, Holcim (Lanka) Ltd. Chief Executive Officer Stefan Huber and Central Bank of Sri Lanka Assistant Governor K.D. Ranasinghe, who made a presentation on ‘Monetary Policy Challenges for Sri Lanka’. The 11 June event ended with a networking dinner buffet.

“SACC appears to believe that Sri Lanka is suited to Swiss companies and the Swiss way of doing business. This was a top reason for their interest. The program focused on what the Government of Sri Lanka has done so far in view of its development goals, what its future plans and its expectation from the foreign investors in achieving its development target,” revealed Dr. Marraikkar.

“Most of the participants of these forums were financial house specialists, investors, industrialists and businessmen based in Switzerland and nearby countries. My mission was to promote bilateral trade, investment and tourism together with achieving objectives of the delegation. Other than the forum activities, I had several rounds of negotiations with officials of the ITC and handed over EDB proposals for their consideration.”

Ambassador Kongahage welcomed all participants, gave an outline of the context and emphasised that the relationship between Sri Lanka and Switzerland had been long, very cordial and productive over the years.

“Some of the leading commercial establishments and companies with more than 100 years of history in Sri Lanka have their origins in Switzerland. As Sri Lanka enters into a new economic era with stability, growth and development today, the forums of this nature would be the gateway to explore the means to enhance our relationship, so that both countries could benefit by the new and timely opportunities created,” he said, inviting Swiss investors and businesses to partner with Sri Lanka in its new growth phase.

Sri Lanka-Switzerland bilateral relations were established in 1956. The top Lankan business conglomerate A Baur & Co was established by a Swiss, Alfed Baur in 1897. Nestlé, the Swiss-based multinational brand, is a household name in Sri Lanka. More than 45,000 Sri Lankans have settled down in Switzerland.