New report on Sri Lanka to chart reforms as FDI bid gains pace

Sri Lanka’s two-fold bid to build economic momentum and improve investor sentiment on the back of a $ 1.5 b funding pledge from the IMF will be analysed in a report by the global publishing firm Oxford Business Group (OBG).

The IMF expects Sri Lanka’s economy to expand by 5% in 2016, which would represent a three-year high. The Report: Sri Lanka 2017 highlights the economic sectors that are expected to generate new growth, including tourism, ICT and transport. The publication also shines a spotlight on Sri Lanka’s construction industry, which is poised for a period of heightened activity.

In addition, OBG’s report provides detailed coverage of the challenges Sri Lanka faces, led by the knock-on effects of a cooling in the Chinese economy, the slow pace of global recovery and pressure to keep fiscal reforms on track.

The OBG has signed a memorandum of understanding (MOU) with the Ceylon Chamber of Commerce, which will result in Chamber representatives once again partnering OBG to compile and produce The Report: Sri Lanka 2017.

Under the MOU, CCC, which is the premier business chamber in Sri Lanka, will act as an official research partner of the OBG, when compiling The Report: Sri Lanka 2017.

Ceylon Chamber of Commerce Chairman Samantha Ranatunga said that he expected the partnership to chart Sri Lanka’s plans for boosting both FDI and exports with added value.

“Sri Lanka is in the midst of transition, with major policy changes and new initiatives aimed at broadening the country’s economic base gathering momentum,” he said. “I look forward to partnering the Oxford Business Group once again to explore the new openings emerging for investors as Sri Lanka’s development progresses.” 

OBG’s Country Director for Sri Lanka Andrea Tsiachtsiri welcomed the opportunity to continue working with the chamber’s representatives, noting that the synergy resulting from the partnership had given the Group’s 2016 report an added dimension. 

“The Government’s targets include diversifying Sri Lanka’s trade relationships and tapping into its strategic location to build on years of impressive growth,” she said. “The Ceylon Chamber of Commerce has extensive representation across the sectors and is a key player in the national drive to transform Sri Lanka’s economy. I’m delighted that our team, and ultimately our readers, will once again benefit from the chamber’s input.” 

The Report: Sri Lanka 2017 will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. The publication will also contain contributions from leading representatives, including President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. It will be available online and in print.  

The Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of the Asia, Middle East, Africa and Latin America and the Caribbean. Through its range of print and online products, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments, including banking, capital markets, insurance, energy, transport, industry and telecoms. 

The Report: Sri Lanka 2017 will be produced with the Ceylon Chamber of Commerce. Contributions will also be made by the Board of Investment, Sri Lanka First Capital Holdings, Standard Chartered Bank and HSBC.

The critically acclaimed economic and business reports have become the leading source of business intelligence in developing countries in the regions they cover. OBG’s online economic briefings provide up-to-date in-depth analysis on the issues that matter for tens of thousands of subscribers worldwide. OBG’s consultancy arm offers tailor-made market intelligence and advice to firms currently operating in these markets and those looking to enter them.