Japanese Small and Medium Enterprises (SME) have shown interest in investing in Sri Lanka.
Last week a delegation from the World Business Society of Tokyo Small and Medium Enterprise Consultant Association (WBS) was in Colombo to explore investment opportunities and to find business counterparts to set up SMEs between the two countries.
The delegation also had discussions with BOI officials. Director, Media and Publicity, BOI, Dilip S. Samarasinghe made a presentation to the Japanese delegation on the potential of investing in Sri Lanka.
Sri Lanka is particularly keen on attracting investments with a high value addition, where skills can be imparted to the working population. Sectors such as high-tech manufacturing, the IT and BPO sector, logistics and tourism are examples of areas which the BOI is keen to promote with Japanese enterprises.
One factor which interested the delegation was the fact that Sri Lanka’s economy had maintained high levels of economic growth as a result of the country enjoying political stability and increased security since the end of the conflict in 2009, a BOI official said.
The visiting delegation consisted of representatives of 19 Japanese enterprises, who will act as consultants. They will disseminate information on the investment potential in Sri Lanka to Japanese SMEs.
The Japanese delegation expressed an interest in Sri Lanka since the country is now a middle income nation by World Bank classification and is committed to attracting Foreign Direct Investment.
Japan is a major partner of Sri Lanka, having participated significantly in developing the country’s airport, railways, power supply, water and sewerage sectors.
Japan is also interested in Sri Lanka’s knowledge industry and examining option for investment.
A central point of interest to Japanese enterprises is Sri Lanka’s geo political importance, notably the close proximity to the Indian subcontinent, and the potential of serving as a base to emerging trade between Africa and south East Asia.
The Japanese delegation consisted of a wide range of enterprises which could be defined as SMEs.
The BOI was represented by Executive Director, Promotion, Prasanjith Wijayathilake, Director, Media and Publicity, Dilip S. Samarasinghe, Director, Promotion, Nilupul de Silva, and Assistant Director, Promotion, Dhammika Basnayake, and JICA Advisor to the BOI, Hideo Horiguchi.
The Japanese delegation was led by Chairman of the World Business Associates, Jun Sugiura and who was assisted by Athula R. F. Edirisinghe and Nihal Seneviratne of JASTECA.