As a visiting top level French biz and construction delegation warmed up for Lanka entry, a global investment consulting giant declared that Sri Lanka ‘will be very fast growing’. Sri Lanka meanwhile stressed of the unprecedented levels of ownership and openness allowed for foreign investments here.
Accenture Consultant Kibboua was speaking with Rishad Bathiudeen, Sri Lankan Minister of Industry and Commerce as the spokesperson for the visiting top level French biz and construction investment delegation to Colombo. The visiting French business and construction investment delegation held an in-depth discussion session with Minister Bathiudeen and his top officials at the Ministry of Industry and Commerce.. Joining Minister Bathiudeen at the discussion were Anura Siriwardene, Industry and Commerce Ministry Secretar, and R D S Kumararatne, DG, Department of Commerce and officials of Department of Commerce and Ministry of External Affairs.
Delegates were representing French Firms - Accenture (Ireland headquartered global investment consultancy firm), Cardete & Huet (France’ biggest architecture firm), Atelier D’ Architecture JL Hesters and Barlatier (Architecture), Arkepolis (Architecture/Urban Development), Vinci Construction Grand Projects (Investment Consulting), and BNP Paribas and L’agence and Consulting (Investment Consulting).
According to the Department of Commerce , in 2013, bilateral trade with France stood at $320.78Mn growing by 8.25% from 2012’s $ 329.03 Mn.
“We thank Minister Bathiudeen and his officials for promptly making available the information we need” said Lotfi Kibboua (Consultant & Business Analyst, Accenture France, Paris), responding to Minister Bathiudeen, and added: “Accenture already works with Sri Lanka’s Brandix and therefore we know of your standards. What we’ve seen so far in Sri Lanka is very encouraging-with highly literate people at above 90%. In my firm too some of the best workers are Sri Lankans-in that, the proof of quality. Sri Lanka is such a good destination for BPOs that even ATM processing of an international bank is done here. Accenture believes that Sri Lanka will be very fast growing. This week hopefully we will be able to find out how and where exactly to invest here.”
Addressing the delegation, Minister Bathiudeen said: “Thanks to the vision President Mahinda Rajapaksa, we are expecting 7.5% GDP growth this year. Many international investors are now showing renewed interest on Sri Lanka. Last year we attracted over $ 1.4Bn FDI. However, FDI from France is not at satisfactory level, we therefore request the French companies present here to take the message of Sri Lanka’s conducive investment policies and environment to your business community to attract more investments into Sri Lanka in view of the potentials as a result of FTA’s with India, Pakistan and the forthcoming FTA with China.
One hundred percent of participation-ownership-is allowed by our government for the foreign investor on their valuable investments especially when they enter priority sectors such as tourism development. Foreign investments are given constitutional guarantees of safety with 100% profit repatriation. That is the kind of opportunity available for you here! As most of the of you here today are companies providing architectural services, investment consulting and construction related activities, I wish to highlight that tourism and tourism related infrastructure, urban development, mixed development projects, real estate and housing, apparel sector, rubber based industries, business outsourcing industries as areas of interest and strong potential for you. When it comes to our North and East provinces, we encourage you to consider water supply projects in the coming two years, since there is a great need for them. Also, I stress that business interaction between the business communities of both countries is not adequate at present. We therefore should explore means and avenues where we can enhance and strengthen our trade and investment relations.”
R D S
