Rishad meets KPMG India

To boost Sri Lanka’s investment appeal, the country is resourcing international level consultancy support. Sri Lanka is looking at consultancy support from KPMG India, among others, to compile a detailed report on the country’s investment regime.

KPMG India’s annual turnover exceeds $ 100 Mn. Its parent group, KPMG, recorded $ 20.63 Bn turnover in 2010 and is an internationally reputed business auditor for large and small companies offering expertise in audit, tax, and advisory. KPMG, with Price Waters House Cooper, Deloitte, and Ernst & Young, make up the ‘big four’ auditing companies in the world.

Minister of Industry and Commerce Rishad Bathiudeen on 11 January met with Narayan Ramasawamy, Partner, KPMG Consultants in India, as a follow-up to the discussions he held in Colombo with a CII-led delegation last December. Minister Bathiudeen is currently attending the ‘Partnership Summit 2012’ in Hyderabad at the invitation of the Indian Minister of Commerce, Industry and Textiles.

The 10 January discussions focused on how to proceed in compiling a comprehensive document that can provide detailed information on Sri Lanka’s investment regime and, at the same time, specific project proposals for the purpose of attracting foreign investors. The Minister suggested the KPMG Consultants to focus at the initial stage on a few thrust industry sectors such as tourism and submit a brief proposal on the subject together with a roadmap with specific timelines. The consultant stated that he would explore the possibility of undertaking an early visit to Sri Lanka in order to meet with senior decision makers for further discussions.

Minister Bathiudeen also visited the Platinum rated Green Business Centre, owned and managed by the Confederation of Indian Industry (CII). The centre is housed in a green building, which received the prestigious LEED (Leadership in Energy and Environmental Design) Platinum rating in 2003. This was the first Platinum rated green building outside the United States and the third in the world.

The Minister met the Center Director S. Raghupathy and other senior officials during this visit. Raghupathy, who gave a detailed account of the facility, invited the Minister plant to plant a tree to mark the occasion. Following the discussions, the Minister stated that he would explore the possibility of sharing the CII GBC experience with Sri Lankan entrepreneurs.

Yesterday, Sri Lanka held two fresh bilateral trade sessions in Hyderabad – one with India and the other with the United Arab Emirates. The talks were held at Andra Pradesh Hyderabad International Convention Centre, in Hyderabad. Minister Bathiudeen led the Sri Lanka team at both meetings.

In these negotiations, Minister Bathiudeen held discussions with Anand Sharma, Indian Minister of Commerce and Industry (for India), followed by Sheikha Lubna bint Khalid Al Qasimi, UAE Minister of Foreign Trade (for UAE), in separate afternoon sessions. “The latest rounds of talks are aimed at trade promotion between Sri Lanka and these two countries,” said P.D. Fernando, Director General of Commerce of Department of Commerce of Sri Lanka. Minister Bathiudeen also extended the official Sri Lankan invitation for ‘Sri Lanka Expo 2012’ to India during the meeting with his Indian counterpart.

According to Confederation of Indian Industry (CII), the organisers of the ‘Partnership Summit 2012,’ the sessions will focus on tourism and investment opportunities in the state of Andra Pradesh, along with high-level business networking among the participating countries. About 1,500 delegates from 30 countries will take part in this three-day partnership summit at the Hyderabad International Convention Centre. Among the participating countries are Bangladesh, China, the Czech Republic, Ghana, Israel, Italy, Malaysia, Pakistan, Russia, Singapore, Sri Lanka, the United Arab Emirates, the United Kingdom, USA, Zambia, Zimbabwe, New Zealand, Turkey, Ukraine, Saudi Arabia, Abu Dhabi, Kuwait, Myanmar, Afghanistan and Mali. Minister Bathiudeen also addressed the inaugural session of the ‘Partnership Summit’.