(CT) SL – Economic and Investment Conclave Showcasing Lanka as Window to the World
By Ravi Ladduwahetty
RANDOM BUSINESS AND ECONOMIC NOTES
The Sri Lanka Economic and Investment Conclave (SEIC 2017), a groundbreaking initiative held in Colombo on 28 and 29 November can be described as an unprecedented success. It more than realized its key goals of highlighting what Sri Lanka has to offer as an investment destination, encouraging investors to think positively of Sri Lanka when making investment decisions, creating a better understanding of Sri Lanka’s investment opportunities, including its enormous natural and human potential, and fostering closer relations between the Sri Lankan business community and its counterparts overseas.
The many contacts, such as those that were fostered at SEIC 2017, will bring benefits to foreign investors and to Sri Lanka in the long run, especially as it seeks to climb up the competitive ladder of development. Some of the delegates from overseas attending the Conclave went on sightseeing tours after being at the Conclave venue, Kingsbury, and had the opportunity to see the possibilities that Sri Lanka has to offer first hand.
First of a series
sEIC 2017 was intended to be the first of a series of Conclaves to highlight Sri Lanka’s abundant potential as an investment destination, especially its location in the middle of the Indian Ocean, adjacent to one of the busiest global marine routes and sitting in the hub of China’s visionary One Belt One Road initiative. Foreign investors have other investment possibilities in the wider region in which to place their investments, but the goal of the Conclave was to methodically and in detail explain what Sri Lanka has to offer, over and above the others.
Sri Lanka could be described as being unfairly endowed by nature. From its miles of unpolluted beaches, luscious and verdant country-side, misty tea- covered mountains, awe inspiring archaeological sites those bear eloquent testimony to a rich and glorious past, the diversity of wildlife, including the biggest animal on earth, the elephant, and by far the biggest in the ocean, the blue whale, the rich trove of minerals, including the rarerest of gems, to its well-educated, easily trained and smiling people to whom hospitality is second nature, this country is a visitor’s dream. An investor’s ideal. The country enjoys a comprehensive State funded free education system that has resulted in first world standard of literacy and a birth to death State funded free health care system which has given the population a largely disease free existence and a first world life expectancy. It is also a democracy that has survived many challenges.
Dr. Palitha Kohona, the Chairman of the SEIC 2017 organizing committee, warmly welcomed the participants, many of whom were from overseas. President Maithripala Sirisena, sent a message from South Korea where he was on a State visit. The Conclave was addressed by the Governor of Sri Lanka’s Central Bank, Dr. Indrajit Coomaraswamy, Minister for Megapolis and Western Development, Champika Ranawaka, Deputy Minister of Policy Planning and Economic Development, Dr. Harsha de Silva, Acting CEO of the PPP unit of The Ministry of Finance, Tilan Wijesinghe, CEO of the Colombo Stock Exchange, Rajeeva Bandaranaike, Chairman of the Galle Face Hotels Group, Sanjeev Gardiner and a range of speakers from Wall Street, NY, Amsterdam and London, Xiong Meng, Secretary General of the China Federation of Industrial Economics, Pan Liang, Chairman of the Hairong Group, Chandrakanth Salunke, President, SME Chamber of Commerce of India, among others. Nirj Devaditya, Member of the European Parliament, highlighted Sri Lanka’s attractions in a short speech relayed by video. There was one clear message from the speakers – Sri Lanka was an excellent place in which to invest.
Ultimate goal
to benefit Sri Lanka
The ultimate goal of this pioneering endeavour was to benefit the people of Sri Lanka, a land that has attracted waves of traders, businesses and monks seeking the sublime teachings of the Buddha over the centuries, from far afield as ancient Rome on the one side and Khan Balik on the other, not to mention rapacious invaders. While traders from distant lands sought mutual prosperity, invaders sought and succeeded in grabbing the country’s wealth and stunting the development of the people.
Ibn Batuta, the Moor from Tangiers, was only wrong by a few kilo-metres when he said that this country was the most beautiful island on earth and was only 40 leagues from paradise. That paradise, which has not been lost yet, despite the race to modernize, is what SEIC 2017 was seeking to achieve – a higher level of prosperity for the people of the country as they seek to climb up the ladder of development and empowerment.
The copious writings of the fifth century AD Scholar Monk Fa Hsein from China who spent six years in the ancient capital, Anuradhapura, Alexandrian Cartographer Ptolemy’s Royal City of Anurogrammam Regia which discloses a tale of bygone prosperity and complex international trading relations and the map of the world of Ptolemy who had such an exaggerated impression of the Island, Taprobane, that he made it look much bigger than India, illustrates the acclaim Sri Lanka enjoyed in distant lands. Today an impression of this lucky island is being recreated that is positive for the benefit of its people.
A significant number of the participants at the Conclave came from overseas, especially from China. Approximately 40 large Chinese businesses were represented. Others came from Wall Street, London, Geneva, Dubai, India, Hong Kong, Singapore and Amsterdam. The expectation is that these captains of business will return to Sri Lanka with positive offers of investments and would also bring with them advanced technology, higher skills and modern management techniques. Investments unaccompanied by these attributes will not do much to help advancing the country economically.
Vision 2025
featured prominently
Sri Lanka’s Vision 2025 which provides the development blueprint of the country for the next seven years, which featured prominently in the discussions, sets the framework for the country’s development in the short term. Where Sri Lanka needs assistance from outside, an appropriate environment to attract such assistance must be created. China’s visionary One Belt One Road (OBOR) initiative which will have a massively transformative impact on the economies of the vast Asian and African regions will also be a closely related factor as the country seeks to realize the goals of Vision 2025. The OBOR, an ambitious and outward focused initiative for achieving prosperity together, backed by China’s substantial economic clout, including the Asian Infrastructure Investment Bank (AIIB), will create significant opportunities for the entire region, especially for Sri Lanka. Sri Lanka is a member of the AIIB along with over 50 other countries. Already the countries of the region, especially in Africa, are reaping the benefits of China’s investments. African economies are prospering. It is likely that this trend will accelerate as China also learns from experience and responds more to the aspirations of the people of the region. The OBOR concept while raising some concerns, can be used by all the countries of the Indian Ocean region and beyond to enhance their mutual prosperity without being constrained by fears and suspicions inculcated by the colonial past.
Underlining the region-wide interest, SEIC 2017 was organized with the endorsement of the Federation of Industry and Commerce of China, the Colombo Chamber of Commerce and the Indian SME Chamber of Commerce. Like the Chinese businesses represented here today, other business communities from elsewhere must also grab the opportunities that emerge.
Analytical presentations
The Conclave contained a range of in-depth analytical presentations on topics of immediate and future relevance to Sri Lanka’s economy as well as to the region. Sri Lanka’s Vision 2025 featured prominently. China’s OBOR initiative was also highlighted and the opportunities created will be discussed. Underlining the region-wide interest, SEIC 2017 was being organized with the endorsement of the Federation of Industry and Commerce of China, the Ceylon Chamber of Commerce and the Indian Chamber of Commerce and the participants hailed from NY, London, Geneva, Dubai, India, Russia and China.
The hosts were HAIRONG Investments International, TRIVE International and Opportunity Sri Lanka.
The opening ceremony was compered by Lindsay Ashby, former Chief of Staff of the World Energy Forum. The opening remarks and welcome was delivered by the host, veteran Sri Lankan Diplomat and Sri Lanka’s former Ambassador/ Permanent Representative to the United Nations and Secretary to the Ministry of Foreign Affairs, Dr. Palitha Kohona.
A range of exciting topics engaged the audience at SEIC 2017. The first segment of the Conclave focused on the World Economic Outlook and Implications for Sri Lanka and Economic and Opportunities in Sri Lanka. The key address in this segment was delivered by the Governor of the Central Bank, Dr. Indrajit Coomaraswamy. The other presenters included Xiong Meng of the Federation of Industry and Commerce of China who participated explained the importance of China’s the OBOR initiative to the region, and Sri Lanka in particular. Thilan Wijesingha and Dr. Asanga Gunawansa explored the economic attractions and opportunities of Sri Lanka.
The presentations on Day 2, included Sri Lanka’s investment outlook, opportunities, challenges and risk mitigation: Which sectors of Sri Lanka’s markets have delivered in 2017 and the outlook for 2018? It also focused on the key ingredients to real value-creation. Vision 2025, the seven-year plan, were also featured in the discussion.
The speakers included, Alex Lovell (former Chairman and now Director Union Bank), Ravana Wijeratne ( Chairman, Sinhaputra Finance) and Dr. Harshana Uduwana (Dealogic, New York), ably guided by former Member of the Commons and the current Member of the European Parliament , Niranjan Devaditya.
The next presentation was on private Investments in Sri Lanka: Challenges and Opportunities, moderated by Rohantha Athukorala, Group CEO, Coral plc. The speakers included Dulith Herath, Kapruka Chairman, Moneyworkz and Technologies Founder/CEO Jayamin Pelpola and Stock King Capital (New York) President Roshan Perera.
The next presentation was on Sri Lanka’s hot sectors and specific investment opportunities, which included the Megapolis, Port City, Tourism, Hambantota, light rail, real estate etc, and Public-Private Sector Partnerships. These items was covered by Prof. Daniel Khan (London), Mervyn Fernandopulle (Airwing Tours) Roman Scott (Calamander Group), Jason Plucinak (GWG Holdings, New York), and Pan Liong (Hairong Holdings).
A highly interesting segment to all participants was ‘Gateway to India’ explored by the President SME Chamber of India, Chandrakant Salunkhe , Dr. Harsha de Silva, Deputy Minister of Policy Planning and Economic Development and Eran Wickremaratne, State Minister of Finance.
The Regulatory Framework Applicable to Foreign Investors was covered by Wang Ming, President Zhonglehui Celebrity Club, Dr. Rajan Amarasuriya, Senior Lecturer, Renu Wijegunawardena, Exchange Controller, Chandana Ranasingha, UDA, and Arjuna Obeysekara. This segment also covered PPPs, State Owned Enterprises, repatriation of profits, dividends, wages etc,
The final presentations were on Sustainable Investment: Challenges and Opportunities; led by Christine Kampinga – formerly of J. P. Morgan, Netherlands, and assisted by Brandix CEO Ashroff Omar, CEO Abraj Capital, Nissanka Wijesekara and Sanjeev Gardiner of the Gardiner Group a and Capital Maharaja Group Director, Niro Cooke.
SEIC 2017 sought to introduce this land of possibly endless opportunity, the land that gave the English language the word serendipity, to the world and hope that mutually beneficial prosperity will follow.
Source: Ceylon Today
Image Courtesy: twitter.com/DynamicAVonline
