President of David Pieris Group of Companies and veteran racer, David Pieris, Rohana Dissanayake, Group Chairman & Managing Director, Nalaka Madugalle, Director & Chief Operating Officer, David Pieris Motor Company (Private) Limited, Lakmal de Silva, Chief Officer – Vehicle Sales, Sajeev Kumar Sukhija, Country Head – Sales, Bajaj Auto Limited, India, and Vijaysingh S Shekhawat, Country Head – Service, BAL, pictured with the newly launched KTM Adventure 390.

… asks for transparency, predictability and level playing field

Vice-Minister for International Affairs of the Ministry of Economy, Trade and Industry (METI) of Japan Takehiko Matsuo has emphasised three key priorities for further strengthening bilateral relations between Japan and Sri Lanka.

The advice was given at the Intergovernmental Economic Policy Dialogue reconvened on Monday (16) for the first time in 10 years since July 2016. The Dialogue was co-chaired by Matsuo and K. A. Vimalenthirarajah, Secretary to the Ministry of Trade, Commerce, Food Security and Co-operative Development of Sri Lanka.

Matsuo as the first point highlighted the economic development potential of Sri Lanka, particularly through the “Conceptual Roadmap on Building an Export-Oriented Industrial Corridor,” which was announced as a proposal by METI and the Japan External Trade Organisation (JETRO) during the visit of President Dissanayaka. In this context, he emphasised the importance of promoting intra-regional trade by leveraging the vast South Asian market, as well as facilitating Sri Lanka’s integration into global supply chains.

Matsuo stressed the importance of enhancing preparedness and response capabilities in times of crisis as the second point. He noted that strengthening financial resilience requires reducing overreliance on tourism, remittances from migrant workers, and tea exports, and advancing economic diversification.

The Japanese Vice Minister emphasised the need to promote positive success stories as the third most important point. In order to attract investment and encourage market entry into Sri Lanka, it is essential to further improve the business environment by addressing challenges faced by Japanese companies operating in the country, he said.

A large-scale business delegation, composed of around 40 business leaders and led by Fumihiko KOBAYASHI, Chairman of the Japan–Sri Lanka Business Co-operation Committee and Executive Vice President and Chief Administrative Officer of ITOCHU Corporation, also participated in the Dialogue.

Referring to the importance of addressing concrete issues Japanese companies operating in Sri Lanka are facing, Ambassador Akio Isomata expressed appreciation for the cooperation of the BOI and other relevant agencies of the GoSL in establishing the Japan-Sri Lanka Committee on Business Environment last August and for having been convening working-level meetings since then.

In that regard, the Ambassador emphasised the three fundamental elements of a sound business environment, namely, “transparency”, “predictability” and “non-discriminatory treatment (level playing field).”

The Ambassador also asked for an early realization and effective implementation of a single window system for investment approval procedures to facilitate future investment. He also said that Japan would like to see, as a way forward, to invite investors to Sri Lanka, an economic development strategy, including policies on the diversification of export products and markets that will lead the country to a sustainable growth. He mentioned further that Japan would also like to see sector-wise industrial promotion roadmaps in a clear-cut manner so that foreign investors can understand potential investment opportunities in Sri Lanka.

The Cabinet of Ministers approved the resolution furnished by the President in his capacity as the Minister of Finance, Planning and Economic Development to appoint Mrs. A.M.S. Malkanthi, a special grade officer in Sri Lanka Accountants’ Service currently serving in a post of Additional Director General at the Department of Public Finance to the post of Director General of the Department of Treasury Operations with immediate effect.