SL firms should be more bullish to attract Japanese investment

• Ambassador encourages forging stronger ties, diversifying products as Japanese companies look west

 By Uditha Jayasinghe 

Local companies should make a stronger effort to reach out to Japanese companies to encourage investment in Sri Lanka, Japanese Ambassador Kenichi Suganuma said recently.

Addressing members at the National Chamber of Commerce (NCC) the ambassador touched on the long history of diplomatic relations between Japan and Sri Lanka but acknowledged that business relations could be improved. Having observed that investment between Japan and Sri Lanka had dipped last year he nonetheless insisted that the embassy was working to encourage Japanese investment in Sri Lanka.

He advised local companies to spend more time building relations, especially overcoming initial difficulties of language and cultural practices, to forge better connections with Japanese businesses. He also suggested that Sri Lankan companies focus on different products and services as needs to Japanese people and their aspirations would be different from typical markets. 

“Most people in Japan do not know about Sri Lanka or they may still remember the conflict. It can be difficult to break into the Japanese market but once you do I assure you it is very lucrative,” he said. 

“Only the Japanese Government does not have money,” he quipped. “Japan has an aging population. So there are plenty of people with lots of money seeking things that please them. Japan is not a market where you can go and sell cars and electronic appliances. But Japanese people would love to visit Sri Lanka and spend lavishly on exclusive hotels here. They want different experiences.”

Despite sluggish growth Japanese companies are bullish on expansion, seeking new markets for investment, the ambassador said. He pointed out that many emerging economies in Africa and Asia have attracted investment from Japanese companies and insisted Sri Lanka could do the same.    

Pic by Lasantha Kumara