Banking delegation in Qatar to attract investments

Doha: A high-profile banking delegation is currently on a three-day tour in the oil-rich country of Qatar to market Sri Lanka’s impressive post-war economic growth and attract more foreign investments to the country.

The 11-member delegation, led by the Governor of the Central Bank of Sri Lanka, Ajith Nivard Cabraal, is seeking investments in in infrastructure, tourism and banking sectors on the basis of anticipated economic growth of 8 percent this year.

The Governor of Central Bank has told Qatar media that Sri Lanka’s impressive economic growth averaging 8% over the last two years will help the nation attract more foreign investments in various sectors.

The delegation, comprising representatives from three private sector banks, and two state sector banks, will be meeting with the officials of the Qatar Investment Authority (QIA) in the next few days and present investment proposals to them.

“We are seeking investments mainly in tourism and infrastructure, though opportunities exist in the other sectors as well,” Cabraal has told the Qatar Tribune, on Monday.

Highlighting the investment opportunities Sri Lanka presents after the end of the 30-year conflict in 2009, the Governor has said that there has been a lot of interest in Sri Lanka from foreign entrepreneurs and Qatar is on top of the list as a potential investment partner.

He has said that Sri Lanka has identified a few priority areas for investments and Qatar with its financial might can take advantage of the opportunities.

Commenting on Sri Lanka’s banking sector Cabraal has emphasized that country’s banks have strong financial fundamentals and excellent professional credentials to match world standards.

“Most of our banks have excellent credentials and track record and their capital adequacy is in a very good shape,” he has said adding that the banks have a capital adequacy of 14 percent, which is well above the 10 percent benchmark set by the Central Bank.

The Central Bank Governor has said that Sri Lanka is particularly interested in attracting investments in the hospitality sector as the country is expecting to attract at least 2.5 million tourists annually to the country by 2016.

He has pointed out that the considerable increase in tourist arrivals to the country has called for construction of many hotels and other infrastructure facilities to accommodate the influx of tourists crating investment avenues in the hospitality industry.

Cabraal has noted that there are plans to develop Sri Lanka into a tourism hub.