Affairs Minister promotes business as a bridge between Australia and Sri Lanka

Hon. Minister Professor G.L. Peiris stated that currently Sri Lanka’s main strength is her political stability, which has led to greater investor confidence. In addition, the island’s strategic location in the Indian Ocean is an important consideration today, just as it was in ancient times. He affirmed that Sri Lanka’s Free Trade Agreements with India and Pakistan have made the country as the gateway to South Asia for investors.  Further he added that Australian entrepreneurs, who would invest in Sri Lanka, would be able to export their goods duty free to the rapidly growing Indian consumer market as well as that of Pakistan.

Minister Peiris stressed that Sri Lanka’s human resources are one of the country’s major assets. With a literacy rate of 97%, Sri Lankan workers are easily adaptable to assignments from investors. The current emphasis of the government is to develop the country’s infrastructure, such as its road and rail networks, as well as harbours, airports and power stations. This is particularly true with the southern city of Hambantota, which now has an international airport and also a major harbour. Minister Peiris added that Sri Lanka has a very liberal business environment, which is reflected by foreigners being permitted to fully own their company without the need of a local partner. Furthermore, foreign investors in Sri Lanka are free to repatriate their profits. Minister Peiris took the occasion as an opportunity to invite Australian business leaders to the Commonwealth Business Forum to be held in November this year in Colombo, in conjunction with the Commonwealth Heads of Government Meeting. In that light, he brought attention to the fact that Sri Lanka has developed, and is publicising, a number of interesting public and private sector structured projects for which Australian investment is most welcome.