BOC says Commonwealth Business Forum paving way for new investments to the country
Thursday, 21 November 2013 00:11
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The Commonwealth Business forum (CBF) 2013 was concluded on 14 November with a positive note on the investments coming into the country.
The event was an opportunity for trade and investments between Sri Lanka and Commonwealth countries. Investors who came in search of profitable investment opportunities were pleased with a positive stance on major infrastructure development projects in the country.
Bank of Ceylon session
Principal sponsor of the Commonwealth Business Forum 2013, Bank of Ceylon was privileged to conduct the final session on ‘Strengthening National Economies through Global Business and Trade’ on the last day of CBF 2013.
Bank of Ceylon Chairman President’s Counsel Razik Zarook chaired this session and the eminent panel consisted of Minister of Economic Development Basil Rajapaksa, Deputy Minister of Finance and Planning Dr. Sarath Amunugama, De La Rue UK CEO Tim Cobbold and UK Prime Minister’s Trade Envoy Lord Marland of Odstock.
This session was focused on advantages to be gained by global economic and business trends and challenges of the countries trying to extract full benefit of these conditions, and emphasised on Commonwealth cooperation through looking beyond their borders to tap and leverage on strengths as an effective approach.
Dr. Amunugama stated that Government’s key emphasis is to encourage foreign investors to invest in the country while preserving the Sri Lankan identity and to bring about a win-win partnership for both the country and the investor. CEO De La Rue Tim Cobbold and the UK Prime Minister’s Trade Envoy Lord Marland of Odstock shared their experience on global trade and business.
Challenges
The BOC Chairman further stated that there are corresponding challenges of lack of complete access to product markets caused by both trade barriers and hefty subsidies in developed countries on commodities of interest to agricultural producers, limited access to financial resources, and for some countries high conditionality attached to concessional resources, the constraints on acquiring technology in terms of resources, both human and financial and inadequate infrastructure.
The era we live in also brings about a closer degree of financial and economic integration between countries in an environment where shocks have become more global in nature. A crisis in one country can easily affect others. Commonwealth cooperation that provides opportunity to countries to look beyond their borders to tap and leverage other’s strengths could be an effective approach in this endeavour.
Investment opportunities
Most of the investors visited the Bank of Ceylon Service Centre which was located at the Cinnamon Grand Hotel to obtain information on investment opportunities in Sri Lanka and to discuss on opportunities available in their respective countries.
The business delegates especially from Seychelles took a great interest on the bank’s expansion in overseas markets where Bank of Ceylon is the only Sri Lankan bank with international presence in London, Male, Chennai and shortly in Seychelles.
