Japanese small and medium sector businesses are to set up their ventures in Sri Lanka in the near future.DPJ Japan Sri Lanka Friendship Parliamentarian League Chairman Hirano Hirofumi said the Japanese Government has expressed its consent to establish Japanese small and medium enterprises in Sri Lanka generating more employment opportunities for youth.
He was addressing the media at the hosting of a Japanese Parliamentary delegation by Deputy Economic Development Minister Lakshman Yapa Abeywardana in Colombo yesterday.The delegation of the Democratic Party of Japan (DPJ), Japan -Sri Lanka Friendship Parliamentarian League visited Sri Lanka to strengthen and bolster mutual ties between Sri Lanka and Japan.
The delegation was led by Japan-Sri Lanka Friendship Parliamentarian League Chairman Hirano Hirofumi.
He requested assistance from the Sri Lankan Government and the Board of Investment to increase Japanese investments in Sri Lanka.
He appreciated the Government’s efforts to develop infrastructure facilities in the Northern and Eastern parts of the country.
BOI Deputy Director General A M C Kulasekera said measures are being taken to increase foreign direct investments.
Sri Lanka targets USD $ two billion Foreign Direct Investments by 2013. It is planned to achieve US $ 1 billion and US $ 1.5 billion FDIs by 2011 and 2012 respectively to achieve an eight to ten percent economic growth in the country.
He stated that cumulative Japanese investments in Sri Lanka is US $ 300 million and so far 60 Japanese companies are operating in the country with BOI approval.
In addition, 26 Japanese companies operate in Sri Lanka. These Japanese companies have managed to create over 12,000 employment opportunities in Sri Lanka while rendering financial support to the ongoing mega development projects.
He said there are ample opportunities in the thrust areas such as electric component manufacturing, fishery, tourism, agricultural, education and skills development areas for Japanese investors to invest in Sri Lanka.
The Sri Lankan Government has also provided incentives to Japanese companies situated in the country. Japanese companies in Sri Lanka will be entitled to export their products to India and Pakistan duty free.
Deputy Economic Development Minister Lakshman Yapa Abeywardana said Japan has been rendering assistance to the country and Sri Lanka expects further assistance and future investments to enhance tourism and industrial development sectors in Sri Lanka.
Japan has also lifted the travel advisories to the Northern and Eastern areas on a request made by the Sri Lankan Government.
Image: Deputy Economic Development Minister Lakshman Yapa Abeywardana and DPJ Japan Sri Lanka Friendship Parliamentarian League Chairman Hirano Hirofumi exchanging a token of appreciation at the media briefing. Picture by Rukmal Gamage.
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