Indian companies seek investment opportunities in SL

The Board of Investment of Sri Lanka recently hosted a 14-strong delegation from the IMC (Chamber of Commerce and Industry). The IMC has around 2700 direct members and includes diverse section of public and private limited companies and over 220 trade and industry associations.

It is one of India’s leading Chamber of Commerce and Industry with a 110-year history that reaches around 200,000 businesses in India, covering a wide range of industries including Apparel/Textiles/Fashion accessories, Food products, Pharmaceuticals, Steel, Metal, Engineering Goods, Construction and Building material, Electricals & Electronics, Health and Beauty products, Machinery/Mechanical appliances, IT, Plastic & Rubber products, Automobiles/Auto components, Energy & Power, Security & Protection, Gifts & Crafts, Leather products, Consumer durables and many others.

The delegation visiting Sri Lanka was on a mission to look at opportunities for investment in the island. Its leader was
Dr. Lalit Kanodia, President of the IMC and Chairman of the Datamatics Global Services Ltd Knowledge Centre in Mumbai. Dr Kanodia expressed his confidence in Sri Lanka, stating he saw many opportunities for economic interaction between India and Sri Lanka.

The IMC delegation consisted of representatives from Podar Enterprise (education, skill development, sports education), Eudora Enterprise LLP (cosmetics and skin care products), Packam Controls Private Limited (aluminum products), Business Opportunities Club (builders and property development), Coverstro (India) Private Limited (polymer products manufacturer), Ivory Soap Works Ltd (personal care products), Hindustan Electric Motors (various types of motors), Hyva India Pvt Ltd (hydraulic products, cranes), MIT World Peace University (private education) and Sirocco Partners (investment banking and financial expertise).

Currently, Sri Lanka is actively promoting the Manufacturing sector, with the view to produce more technologically-advanced products to diversify the country’s export base. Furthermore, benefiting from Free Trade Agreements with India, Pakistan and more recently Singapore – with the future likelihood of a Free Trade Agreement with China – in addition to the EU GSP+ facility, Sri Lanka is well-poised to emerge as a hub for trade and investment.

With a cumulative Indian FDI of US$ 990 million in the 2005-2016 period, India is Sri Lanka’s 5th-ranked investment-generating country after Malaysia, Hong Kong, China and the UK. Indian investments to Sri Lanka are varied, ranging from hotel chains to IT and manufacturing, the release concluded.