Bahraini Investors to Visit Sri Lanka Following the Agreement Signed between the Two Countries

26th JUne 2011, www.thebottomline.lk, By Srian Obeyesekere

A high level team of foreign investors will visit Sri Lanka shortly to explore the possibilities of investing in Sri Lanka following an agreement signed between the governments of Sri Lanka and Bahrain at the Finance Ministry in Colombo on Friday.

The agreement, which was signed between Sri Lanka’s Senior Minister for Finance, Dr Sarath Amunugama and the Prime Minister of Bahrain, Ahmed Bin Mohamed Kalitja is expected to make a significant contribution in boosting Sri Lanka’s economy, the minister said.

The agreement between the two countries also covers tax relief covering investors under which the hitherto 20 per cent tax levy on foreign investors has been cut down to 10 per cent applying to both countries, Minister Amunugama announced.

“While the 10 per cent tax reduction in respect of investors from Bahrain to Sri Lanka or vice versa will promote foreign investments, Sri Lanka’s economy will also be boosted with Bahrain opening the doors to Sri Lankan specialised in the fields of technology, teaching, finance and banking, tourism, IT and airlines for whom there is a big demand in Bahrain,” Minister Amunugama said addressing journalists soon after holding discussions with the Bahrain prime minister and stressed that this would add to the foreign exchange revenue impetus from the Middle East amounting to Rs. 6 billion annually.

“Today, a round Rs. 6 billion is remitted annually from an estimated one million Sri Lankan expatriate workers in the Middle East and I must say this has raised the living standards of the villagers who largely benefit by way of starting their own businesses, buying vehicles and building houses,” Minister Amunugama added.

He commented that the demand from Bahrain for Sri Lankan experts was a vindication of Sri Lanka being what he described as ‘the biggest country with people holding diplomas in accounting, ICMA and finance.’

He said that the people of Sri Lanka were so advanced that today, the 21 million population had an equal number of mobile phones.
“There are 21 million mobile phone users in our country which is equal to the population in the country.

Related Info :

• Gulf Air Flies to Sri Lanka after 8 Years

• Malaysian - Bahraini Joint Venture for a US$ 230mn Waste to Energy Plant in Sri Lanka

• Bahrain Prime Minister arrives in Sri Lanka

Gulf Air Flies to Sri Lanka after 8 Years

06th October 2010, www.dailynews.lk

Gulf Air, the national carrier of Bahrain and the carrier with the largest Middle East international network, re-commenced its services to Colombo yesterday.

The inaugural flight took off from the Bahrain International Airport carrying Gulf Air Chief Executive Officer Samer Majali and a team of officials and journalists, seen off by senior officials from Bahrain Civil Aviation Authority, Bahrain Airport Company and Gulf Air executives.

Gulf Air Chief Executive Officer Samer Majali said "Gulf Air has also been a key link for hundreds of Sri Lankan businessmen exporting goods ranging from tea, coffee, coconuts, rubber to cinnamon to Bahrain and beyond in the Middle East region."

Majali said, "With Bahrain's "business friendly" economic policies and its strategic location at the door-step of Saudi Arabia offering a multi-million dollar business market, the re-commencement of service to Colombo will be a great news for the Sri Lankan business community as they now have a direct and non-stop service to Bahrain."

Gulf Air operates ten weekly flights between Bahrain and Colombo.

Image: Cutting the ribbon for the inaugural flight to Colombo at the Bahrain International Airport.

Malaysian - Bahraini Joint Venture for a US$ 230mn Waste to Energy Plant in Sri Lanka

25th March 2010, www.dailynews.lk

The BOI signed an agreement worth US$ 230 million with the Malaysian-Bahraini joint venture Orizon Renewable Energy Private Ltd to build a waste to energy plant. The plant will be built on a 20-acre land at Kahatamedawelyaya, Muthurajawela, in the Gampaha District.

The project agreement was signed by BOI Board Members Channa Palansuriya and Upali Samaraweera, Environmental Affairs and Natural Resources Ministry Secretary Jayathilake and Octogon Consolidated Berhad Executive Director and Orizon Renewable Energy Private Limited Siti Fatima Mohamed Shariff.

The project involves several phases. It will first engage in the rehabilitation of the existing Bloemendhal dumpsite.

In addition the project also involves the construction and operation of a new landfill for fresh water wastes from Colombo and the Western Province.

The most important phase is the construction of a waste to energy plant that will completely destroy up to 1,300 tonnes a day of solid waste. Also important is that it will generate 56 Megawatts of power, and export about 45 MW to the net power grid.

The main attraction to the public and to the country is that the wastes will be completely destroyed without causing pollution or gas emissions. It will also ensure that no more lands will be allocated to landfills.

Another dimension is the reduction of health risks as many diseases, such as dengue, have spread as a result of mosquitoes breeding in landfills and other areas where waste is deposited.

The BOI is keen to have promoted this project since in addition to the abovementioned benefits to the country, it has created many opportunities for the training of skilled local workers. Since this is a new area that has not existed in Sri Lanka, it will result in a certain quantum of technology transfers to local communities.

BOI Deputy Director General A.M.C. Kulasekera said that the BOI has taken the lead role in establishing this project but the stakeholder agencies such as the Environment and Natural Resources Ministry, the Sustainable Energy Authority, the Public Utilities Commission and the Land Reclamation Authority also contributed immensely towards its implementation. "The key to success is team work involving all stakeholder agencies," he said.

Orizon Renewable Energy Chairman Siti Fatima Mohamed Shariff, said that the project was very significant as it will add 55 MW to the National Grid.