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Investors in 85 countries well acquainted with strategic benefits of a Sri Lanka presence

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The 2021 Invest Sri Lanka Forum held through June 7-9 provided potential investors with comprehensive coverage of policy topics and deep dive sessions on sectoral opportunities for investments as well as details on the enabling business environment in Sri Lanka.

The forum was enriched by a broad spectrum of investor testimonials from across FDI and portfolio spheres, and contributions from a galaxy of international speakers.

Further, investment opportunities and concessions in various economic sectors as well as the favorable climate for Sri Lankan capital markets, in particular equities, were examined over several sessions.

The forum had been organised by the Board of Investment, The Ceylon Chamber of Commerce and the Colombo Stock Exchange.

This Asia’s first ever virtual investment forum was held with foreign participation of 2,200 from 85 countries and 2,500 local participants.

The conference consisted of 118 insightful sessions with 108 local and foreign dignitaries, leading entrepreneurs and global experts joining to share information on foreign investment opportunities in Sri Lanka.

The forum was inaugurated by President Gotabaya Rajapaksa, who shared his vision for the spawning of a decade of growth culminating in the doubling of the economy.

The President pointed to the pivotal role local and foreign investors could play in the rapid transformation of the economy to reach a per capita income of US $ 8,000 within the current decade.

In inviting global investors to participate in Sri Lanka’s decade of growth, President Rajapaksa encouraged investors to seize the window of opportunity to leverage on Sri Lanka’s strategic location as the gateway to South Asia, high quality human resources, unique tourism potential, progressive policy environment and inherent political stability, among other factors.

Prime Minister Mahinda Rajapaksa inaugurating Day 2 of the forum stated that Sri Lanka has embarked on a wide range of development initiatives to encourage investment and has created a conducive business environment.

Day 3 was inaugurated by Ajith Nivard Cabraal, State Minister for Money and Capital Markets and State Enterprise Reform.

Country specific sessions designed for investors from China, Japan, India, South Korea, United Kingdom, European Union and United States were also held during the forum.

SLIF 2021 was supported by the following partners and sponsors: International Finance Corporation (Knowledge Partner), Boston Consulting Group ( Strategic Partner), Port City Sri Lanka (Flagship Project Partner), Microsoft (Technology Partner), HSBC (Banking Partner), Asia Securities (Platinum Sponsor), Shangri-La (Hospitability Partner), SLASSCOM (IT-BPM Sector Partner), FairFirst Insurance (Insurance Partner), Dialog ( Communication partner), Citibank (Gold Sponsor), CAL (Gold Sponsor), NSB Fund Management (Silver Sponsor), CT CLSA (Silver Sponsor), NDBIB (Silver Sponsor), Melstacorp (Bronze Sponsor), Softlogic Stockbrokers (Bronze Sponsor), CIMA (Skills Development Partner) and CFA Sri Lanka (Investment Professionals Partner).

Forum sessions can be accessed via www.invest-srilanka.lk in replay mode.

 

 



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U.S. confident SL would ensure required facilitation for U.S. investors

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Sri Lankan government has pledged to address the pending policy issues and I am confident that once the pandemic subsides, concrete efforts will begin to improve ease of doing business and ensure the required facilitation for US investors, Martin Kelly, Charge d’ Affairs of the Embassy of the United States of America in Sri Lanka said recently speaking at the Sri Lanka Invest Forum 2021 held virtually through June 7-9, 2021

“Sri Lanka was among the first countries in the region to open its economy and offers the highest standards of living among other advanced indicators in South Asia. Over the last seventeen years, the country continued to transition from an agriculture commodity based economy to become world leader in textile and apparel, a major exporter of IT and communication related services and of course a world class destination for international tourists,” he said.

“Promoting trade and investment opportunities is one of the embassy’s top priorities, and a vital component of our efforts to encourage private sector led development and toward stronger ties between the two countries,” he said.

Kelly said that the government of Sri Lanka has promoted pro-business policies including tax benefits, to attract the U.S. and other foreign direct investments.

 

 

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ComBank donates ICU beds to Kegalle Teaching Hospital

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Commercial Bank Chairman Justice K. Sripavan and Managing Director S. Renganathan with representatives of the Bank and the Kegalle Hospital

The Commercial Bank of Ceylon has donated three Intensive Care Unit (ICU) beds to the Teaching Hospital Kegalle, which receives over 80,000 admissions and 350,000 clinic visits, annually. The donation was made following a request from the hospital and will help it to provide seamless healthcare services to prevent non-pandemic related morbidities and mortalities while also treating patients who are COVID-19 positive.

The CSR Trust of the Bank has already gifted medical equipment and gear including Personal Protection Equipment (PPE) kits, face masks, surgical masks, hand sanitisers, Slit lamps, pulse oximeters, multipara monitors and oxygen concentrators to over 16 government hospitals. Commercial Bank also made a monetary donation to the National COVID-19 Healthcare and Social Security Fund set up by the government last year.

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Trading activity gets slower among retail investors

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Lankem Ceylon Rights Issue undersubscribed.

By Hiran H.Senewiratne 

Stock trading at the Colombo Stock Exchange (CSE) was marginally positive yesterday and the number of retail investor participation was lower compared to previous trading days. Index heavy LOLC group which accounted for more than 30 percent of the turnover, contributed 20 points to the All Share Price Index, stock market analysts said.

Both indices moved upwards. All Share Price Index was up by 35.75 points and S&P SL20 up by 2.01 points. Turnover stood at Rs 1.74 billion sans a single crossing. In the retail market top six companies that mainly contributed to the turnover were LOLC Rs 510 million (1.28 million shares traded), Expolanka Holdings Rs 197 million (4.1 million shares traded), Melstacorp Rs 137 million (2.6 million shares traded), Browns Investments Rs 71.5 million (11.3 million shares traded), Windforce Rs 68.2 million (3.5 million shares traded) and Hayleys Holdings Rs 54.8 million (730,000 shares traded).

Index heavy LOLC, which contributed 20 points to the All Share Price Index, appreciated its share price by Rs 18.75 or 4.85 percent. Its share price started trading at Rs 386.25 and at the end of the day it moved up to Rs 405.

A pioneer in renewable energy, Vidullanka PLC has successfully completed raising additional capital of Rs. 253 million to fuel its expansion drive in the solar power sphere.

Lankem Ceylon Plc, Rs. 677 million worth Rights Issue has been undersubscribed. When the issue closed the Company managed to draw only subscriptions for 17.6 million shares worth Rs. 352.3 million. The original plan was to issue 33.85 million shares at Rs. 20 each aiming at raising Rs. 677 million. The basis was one new ordinary share for every one share held. Funds were to be raised to augment working capital requirements.

During the day 67.9 million share volumes changed hands in 17564 share transactions.

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