Indian biz delegation explores investment opportunities | Sunday Observer

Indian biz delegation explores investment opportunities

BOI officials in discussion with members of the IMC delegation
BOI officials in discussion with members of the IMC delegation

The Board of Investment of Sri Lanka recently hosted a 14-strong delegation from the IMC (Chamber of Commerce and Industry). The IMC has around 2,700 direct members and includes diverse public and private limited companies and over 220 trade and industry associations.

It is one of India’s leading Chamber of Commerce and Industry with a 110-year history and it reaches around 200,000 businesses in India, covering a wide range of industries including apparel, textiles, fashion accessories, food products, pharmaceuticals, steel, metal, engineering goods, construction and building material, electric and electronics, health and beauty products, machinery/mechanical appliance, IT, plastic and rubber products, automobiles/auto components, energy and power, security and protection, gifts and crafts, leather products, consumer durables and many others.

The delegation visiting Sri Lanka was on a mission to look at opportunities for investment in the Island. Its leader was Dr. Lalit Kanodia, President of the IMC and Chairman of the Datamatics Global Services Ltd Knowledge Centre in Mumbai. Dr. Kanodia expressed his confidence in Sri Lanka and saw many opportunities for economic interaction between India and Sri Lanka.

The IMC delegation consisted of representatives from Podar Enterprise (Education, skill development, sports education), Eudora Enterprise LLP (Cosmetics and skin care products), Packam Controls Private Limited (Aluminium Products) Business Opportunities Club (Builders and property development), Coverstro (India) Private Limited (Polymer products manufacture), Ivory Soap Works Ltd (personal care products), Hindustan Electric Motors (Various type of Motors) Hyva India Pvt Ltd., (Hydraulic Products, Cranes), MIT World Peace University (Private Education) and Sirocco Partners (Investment Banking and Financial expertise).

The BOI team comprising Director, Promotion, Ms Nilupul de Silva, Director, Media and Publicity, Dilip Samarasinghe and Deputy Director, Promotion, Manilal Ranasinghe briefed the Indian delegation on the opportunities that are available in Sri Lanka and the country’s target sectors for investment.

Sri Lanka is actively promoting the manufacturing sector to produce technologically more advanced products and diversify the country’s export base.

With a cumulative Indian FDI of US$ 990 million from 2005–2016, India is Sri Lanka’s fifth ranked investment generating country after Malaysia, Hong Kong, China and the UK. Indian investments to Sri Lanka are varied ranging from hotel chains to IT and manufacturing.