High Commission of Sri Lanka in Singapore facilitated the investment promotion forum “Invest Sri Lanka” organized by the Colombo Stock Exchange (CSE), Securities and Exchange Commission of Sri Lanka (SEC) at Hotel Ritz Carlton Millenia in Singapore on 21 May, 2019.
State Minister of Finance Eran Wickramaratne and Governor of the Central Bank of Sri Lanka (CBSL) Dr. Indrajith Coomaraswamy participated as Guest Sspeakers from Sri Lanka at this forum. Chairman of SEC Ranel T.Wijesinghe, Chairman of CSE Ray Abewardena, Managing Director of Lybnear Wealth Management Dr. Naveen Gunawardena made presentations highlighting the capital market investment opportunities and regulatory reforms in Sri Lanka. Acting High Commissioner of Sri Lanka to Singapore, O.L. Ameerajwad, and First Secretary/Commerce of the High Commission, Nalika Kodikara also participated at the forum.
Executives from many Sri Lankan listed companies, including John Keells Holdings PlC, Commercial Bank PlC, Hemas Holdings PlC, Sampath Bank PlC, NDB, Softlogic Holdings PlC, Peoples Leasing and Dialog attended the forum. Over 100 Singapore-based fund managers and investors also participated at the forum. The forum was a timely platform to present the current situation of the country as well as the way forward for Sri Lanka’s economy in the aftermath of ferocious terror attacks in Sri Lanka on Easter Sunday.
State Minister Eran Wickramaratne addressing the forum, conveyed that the Government has taken remedial action following the recent attacks in Sri Lanka, as short term measure, to compensate several affected industries, and in particular the country’s tourism sector. Further, he emphasized that the security risks were managed successfully and the Government has taken all possible efforts and continuing with various measures to get Sri Lanka’s economy to bounce back.
Central Bank Governor, Dr. Indrajith Coomaraswamy in his speech highlighted that Sri Lanka had shown remarkable progress in the recent past and that the external sector performances and Foreign Direct Investments were positive over last two years. He further elaborated that the Government had introduced sector-wise performances and proposals in the annual budget to narrow down the trade deficit. The Governor hoped that Sri Lanka’s economy has the capacity and resilience to bounce back and also stressed that the Central Bank would introduce regulations to allow the moratorium on loans and interest payments for severely affected sectors following the Easter Sunday terror attack.
The Sri Lankan companies that attended the forum also had several one-on-one meetings with a number of leading international and Asian institutional frontier market focused funds and other investors, who were keen on discussing investment opportunities available in their companies.
The forum also featured a panel discussion involving Minister Wickramaratne, Governor Dr. Coomaraswamy, Chief Executive of CSE Rajeeva Bandaranaike and SEC Director General Vajira Wijegunawardane. The panel highlighted that Sri Lanka remains focused and committed to stabilizing and re-orienting the economy towards meaningful and sustainable growth, restoring confidence among investors.
The Sri Lanka delegation also held media interviews with Bloomberg and the Channel News Asia (CAN), which were organized by the Sri Lanka High Commission in Singapore.
(LNW)