Sri Lanka invites more Chinese investors
Sri Lanka has invited more Chinese to capitalize on the emerging investment opportunities on the island, a minister said Wednesday.
Minister of Industry and Commerce Rishad Bathiudeen said the government has introduced attractive concessions for foreign investors and Chinese.
"With the end of a long drawn conflict just two years back, Sri Lanka is the new, emerging and promising frontier for cross border investors," Bathiudeen said.
"Among the key advantages for international investors are various tax reliefs and very nominal tax rates, geographic location of an emerging hub, skilled and educated workforce, as well as continuously developing logistics infrastructure," the minister said.
He also said that Sri Lanka is in the process of organizing an international exhibition and business forum in 2012 which will give foreign investors the opportunity to meet with the Sri Lankan business community.
"I wish to invite the Chinese businesses and investors to take part in this important event," Bathiudeen said.
Sri Lankan government data had reported last year that China was the island's largest aid donor with 1.2 billion U.S. dollars.
Chinese companies have invested in electronics, infrastructure and garment manufacturing, as well as ports and state of the art buildings.
Bathiudeen said that having recorded an impressive 8.1 percent economic growth during the first quarter this year, Sri Lanka is expected to grow at an even higher rate of 9 percent in 2012 and 2013.
"What is important to note is, that we have witnessed these improvements in our economy, across almost all the sectors. With these macro-economic developments, Sri Lanka is now seen, as a fast growing economy in Asia," he said.
Sri Lanka is experiencing an economic boom following a 30 year bitter conflict which ended two years ago with the defeat of the Tamil Tiger rebels.