SL must put special emphasis on retaining Japanese investments: SLJBC

10 September 2022 04:50 am Views - {{hitsCtrl.values.hits}} 4 Bookmark

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Sri Lanka must step up efforts to keep Japanese investments in the country, newly-elected Sri Lanka-Japan Business Council (SLJBC) President Mahen Kariyawasam said, so that bilateral trade within the two nations can be maintained and boosted.

Mahen Kariyawasam
Pic by Kithsiri de Mel

As Sri Lanka’s economy is in a juncture where it needs all the support it can get to not only revive but look towards achieving growth, Kariyawasam said the need of the hour is to put “special emphasis” on retaining Japanese investments.

The first step in this regard has been initiated with the SLJBC having kicked off dialogue with the Japan Chamber of Commerce and Industry in Sri Lanka.

“We look forward to facilitating this on an urgent basis,” said Kariyawasam, at the recently held Annual General Meeting of the council.

Currently, with Japanese investments, there are 80 enterprises in operation, under the purview of the Board of Investment. Japanese investments in Sri Lanka are in the fields such as manufacturing semiconductors, printed circuit boards, safety sensors, ceramic items, cement, apparel, building and repairing ships, fabrication and installation of integrated buildings, power sector, tourism sector, infrastructure and logistics.

As of 2020, Japan has invested about US $ 399 million, providing about 12,000 employment opportunities for the Sri Lankan community.

Comments - 4

Rasindu Abe Saturday, 10 September 2022 09:56 AM

There are a lot of BOI project with foreign investments, but they also have long tax holidays, decades when they pay no tax. How many of the 12,000 employed actually pay any income tax. How many of the BOI companies will ever pay tax. We can't go on giving tax free holidays for BOI forever. The tax losses are not worth the investment gain, nor employment opportunities. It's that kind of desperate mentality that has got us into this situation.

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Nihal S Saturday, 10 September 2022 12:01 PM

Sad to note that Gotabaya accepted the wrong advice by Lalithasiri Gunaruwan (Prof.) that led to the cancellation of the Japanese funded light railway. There need to be a professional body to advice on such matters rather than a responsible leadership accepting advice from an individual with possible personal interest.

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vithura Saturday, 10 September 2022 02:41 PM

Unlike the inferior low end technology of the Chinese, Japanese do bring advanced technology and higher ethical industrial standards with their investments and impart knowledge and know how to the employees of the host country. Japanese and German investments must be accorded the top most priority and preference.

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DPerera Saturday, 10 September 2022 05:21 PM

@Nihal S, It was GR who decided to abandon the LRT project and he prearranged Prof. Gunaruwan to say that LRT project is not viable. So Prof Gunaruwan parroted what the leader wanted him to say in a meeting and then GR abolished the project.

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