Monday Nov 25, 2024
Monday Nov 25, 2024
Thursday, 21 November 2013 00:01 - - {{hitsCtrl.values.hits}}
From 12-14 November, Sri Lanka hosted the Commonwealth Business Forum (CBF), which was Sri Lanka’s largest-ever business conference.
This forum, which was organised jointly by the Government of Sri Lanka, notably the Board of Investment of Sri Lanka and the Commonwealth Business Council (CBC) in London, attracted a large number of influential and key businessmen and leaders from around the world. This was a great milestone in the history of Sri Lanka which has made a significant impact on the nation’s economic growth for the reasons indicated below.
A conference to transform Sri Lanka into an investment hub with far- reaching benefits
The Commonwealth Heads of Government Meeting and the Commonwealth Business forum are two very important events for Sri Lanka. Firstly, the CBF placed Sri Lanka on the international global radar by attracting to Sri Lanka a total of 655 foreign business delegates from Commonwealth and non-Commonwealth countries.
The delegates visited Sri Lanka to listen to the distinguished speakers at the event and to participate in the discussions which covered many of the most important global issues relating to the world economy as well as daunting social issues.
In addition, it created a unique opportunity for the foreign delegates to meet the 740 local participants, all leading members of the private sector, to discuss and evaluate possibilities of entering into joint ventures. In addition Sri Lanka was transformed as an investment hub in the Indian Ocean by converting the business forum as an internal platform for various foreign business leaders and Heads of State to meet their counterparts from other countries to meet, discuss and promote investment opportunities.
It would be correct to say that the CBF was a resounding success due to its heavy foreign participation.
The largest international groups were from the UK (139 delegates), China (85), India (77), Pakistan (34), Bangladesh (31), Australia (25), Nigeria (22), Ghana (17) and USA (16). In addition there were 14 from other North American countries, six from Latin America, 78 other Africans, 41 other Europeans, 64 from other Asian countries and seven from other Australasian countries.
CBF brought eminent world leaders to Colombo raising country’s international profile
Another major reason why the Commonwealth Business Forum was successful was that it was a high profile event that brought together the leaders in all disciplines to discuss the challenges faced by the Commonwealth countries in particular as well as other issues with far-reaching consequences to humanity.
The participants came to listen to what those leaders had to say on a series of very interesting and challenging topics.
The presentations in question covered subjects such as the Indian Ocean region, SAARC, sustainable and shared economic growth, manufacturing, innovation, wealth creation, energy issues, the 21st century’s challenges, digital growth, capital markets, south-south cooperation, employment-related issues, the role of women, the future of the tourism industry and natural resources to name just a few.
The speakers or panellists included several presidents of Commonwealth member states, prime ministers, senior ministers, leading entrepreneurs, central bank governors, senior public officials and academics.
The CBF was more than a ‘talk shop’ since it brought together individuals of a very high calibre who were able to share their views and even look at taking forward their meetings. The CBF will generate new business opportunities and the sharing of knowledge.
CBF shaped the way the world will perceive Sri Lanka in the future
A number of eminent personalities expressed their views on the CBF. These are quoted below:
“We expected 600 delegates but there were 1,600 delegates. Four months ago there was an uncertainty regarding the CBF mainly over the attendance of some heads of states at the CHOGM, however the Government was keen to make the event a success and finally we held a successful business forum. This will help promote the country as a destination for Investment. There are a lot of investment opportunities here” – Mohan Kaul, Chairman, CBC.
“The CBF was a successful event. We are looking for investment opportunities here and in other Commonwealth countries. The CBF provided a platform to meet business delegates from most of the member countries. Sri Lanka has used the opportunity to promote the country in the international arena” – Bill Twigg, Apprenticeship Director of SEMAT, a UK company engaged in vocational educational training.
“The CBF was a platform for business delegates of the two countries to interact. We held discussions with our Sri Lankan counterparts and attended many events organised by the CBF. We decided to form a joint consortium of Sri Lanka, Pakistan, India and Bangladesh investors to facilitate regional investments. CBF was a successful and well-organised event” – Sabur Khan, President of the Dhaka Chamber of Commerce and Industries of Bangladesh.
“We were surprised by the changes that have taken place in Colombo. I often visit Sri Lanka and we have business here and hope to invest further” – Nasim Beg, Chairman, Arif Habib Group, Pakistan.
“This is my first visit to Sri Lanka and I am impressed with the beauty of the country and the well-organised CBF” – Ladi Dariya, Head of Communications of Madrinha trust of UK.
“We are impressed with hospitality we received. We think Sri Lanka is an ideal example on how to emerge after years of terrorism. CBF was well organised and everything was perfect” – Kemar Saffrey, Director of the Barbados Charity.
CBF was a unique opportunity for BOI to promote Sri Lanka as a destination for investment
The Board of Investment of Sri Lanka, which was one of the main sponsors of the CBC, used the Commonwealth Business Forum as a unique venue to promote Sri Lanka as a destination for investment, since the forum was an area where many potential investors could be found. During this period Sri Lanka became an international business platform for the region.
Many steps were taken to facilitate investment into Sri Lanka. Even before the event, the delegates who were to attend the forum were connected through an online system which permitted delegates to arrange one-to-one meetings with each other prior to their arrival in Sri Lanka.
For the duration of the forum, the BOI maintained a large and attractive pavilion at the Cinnamon Grand Hotel, which served as a business centre for potential investors to discuss prospects for investment with BOI officials.
This was also an opportunity for the BOI to promote 50 structured projects in the Government sector which are available for investors. These projects are in the sector of tourism, education, training, agriculture as well as port-related activities, hospitals, infrastructure development, transport, port development, aviation and manufacturing.
CBF was a catalyst for the signing of major investment projects
As a very high profile business event, the Commonwealth Business Forum saw the signing of a number of very high value investment projects, underscoring the economic benefits the CBF represented to the national economy and indirectly to the people of Sri Lanka. These projects will lead to revenue earnings for the country and employment opportunities for Sri Lana’s population.
The first was a memorandum of understanding between Airport and Aviation Services (Sri Lanka) Ltd. and China Harbour Engineering Corporation (CHEC) of China. This project has an estimated value of US$ 550 to 640 million.
This included the development of two resort projects at Mattala Rajapaksa International Airport and at Bandaranaike International Airport.
The project in Colombo will be a transit hotel at Bandaranaike International Airport with 200 rooms, parking space for 100 cars, entertainment facilities and a duty free shopping complex.
The second project covered under the MOU is for a 200 room hotel at Mattala International Airport which will have a golf course and duty free complex. This MOU was signed by Prasanna Wickramasuriya, Chairman of Airport and Aviation Services and Tang Qialing, Vice President of CHEC.
A number of additional projects were signed at the end of the Commonwealth Business Forum in Hambantota. This included the Chinese investment for US$ 1.3 billion to reclaim 233 hectares of land in Colombo surrounding the Colombo Port. This land will be used to develop a new commercial centre
Another important agreement that was signed at the CBF is the Australian investment for a mixed development project by Property Alliance Capital to develop 6 acres in Sir James Peiris Mawatha.
The land has been leased for 99 years from the Urban Development Authority. The value of this investment is US$ 450 million.
The third investment project to be signed during the CBF was the one between the BOI and the Hong Kong based AVIC International Engineering for a US$ 259 million mixed development project on free hold land owned by two partners in R.A. de Mel Mawatha.
In retrospect, the Commonwealth Business forum, Sri Lanka’s largest-ever business event since independence, has succeeded in raising the profile of the country, served as a unique platform to promote investment into the country and led to the signing of major investment projects which will lead to even more interest in the future.
