SL willing to go the extra mile for Japanese business

Sri Lanka is willing to go the extra mile and set up dedicated export processing zones (EPZs) for Japanese firms to conduct business activities with access to the South Asian region and beyond, said Minister of Development Strategies and International Trade Malik Samarawickrama.

Referring to Sri Lanka’s plans to set up three new industrial zones this year, Samarawickrama invited and encouraged Japanese firms to invest in such zones, further adding that there was no better place than Sri Lanka to springboard to South Asia and beyond.

He was speaking at a meeting held on 25 January with a delegation from the Japanese Chamber of Commerce and Industry at the President’s official residence.

The Prime Minister earlier this year said that, apart from Hambantota, the Government will steer the development drive in Trincomalee, assisted by India, Japan and Singapore. He also noted that negotiations are underway regarding an FTA with Japan, while two new industrial zones will be set up in Elementwatta and Kamburupitiya.
The minister was keen to announce the need for Japan’s cooperation in many other sectors of the Sri Lankan economy.
“We are also seeking Japanese investors in sectors like medical devices, automotive parts, mineral-based products, and logistics and hub operations.”

He said it was imperative that Japanese firms entered Sri Lanka to share Japanese know-how and technology and work closely with the private sector.

“We have great admiration for the impressive technological advancements that Japan has, and would like Sri Lanka to benefit from that expertise,” he said, further noting that this was a part of the ‘National Export Strategy’ that will be launched next month.

Highlighting President Maithripala Sirisena’s planned visit to Japan in March this year, he said an Investment Forum will be also conducted in Tokyo to attract more investment to Sri Lanka.
Samarawickrema said early this year that the Government planned to develop the Trincomalee Port with investment from Indian and Japanese companies.

In August last year, the Japanese Ambassador to Sri Lanka Kenichi Suganuma exchanged views on economic and social development in the Eastern Province in a meeting with the Eastern Province Governor Rohitha Bogollagama .
Bogollagam noted that Japan was interested in development of an Industrial Development Zone in the District.
In April 2017 last year, Sri Lanka and Japanese Governments signed agreements for three development projects amounting to approximately Rs 61.3 billion. This included the Kalu Ganga Water Supply Expansion Project with a loan worth roughly Rs 43 billion; the Rural Infrastructure Development Project in Emerging Regions of Sri Lanka, which was provided a loan of Rs 17 billion; and the Trincomalee Port Development Programme, which was given a loan of roughly Rs 1.3 billion.

In 2016, Japan accounted for 3.8% of Sri Lanka’s total trade and absorbed 1.9% of Sri Lanka’s total exports. In 2016, Sri Lanka’s exports to Japan dominated by apparel (22%), tea (20%), fish (7%), coir textile fiber (7%), insulated cables (3%), table and kitchenware (3%). In 2016, total bilateral trade was US$ 1,150.6 billion over US$ 1,602.9 in 2015, which was a 6.3% decline in growth. (ZG)

The minister was keen to announce the need for Japan’s cooperation in many other sectors of the Sri Lankan economy.
“We are also seeking Japanese investors in sectors like medical devices, automotive parts, mineral-based products, and logistics and hub operations.”

He said it was imperative that Japanese firms entered Sri Lanka to share Japanese know-how and technology and work closely with the private sector.
“We have great admiration for the impressive technological advancements that Japan has, and would like Sri Lanka to benefit from that expertise,” he said, further noting that this was a part of the ‘National Export Strategy’ that will be launched next month.

Highlighting President Maithripala Sirisena’s planned visit to Japan in March this year, he said an Investment Forum will be also conducted in Tokyo to attract more investment to Sri Lanka.
Samarawickrema said early this year that the Government planned to develop the Trincomalee Port with investment from Indian and Japanese companies.

In August last year, the Japanese Ambassador to Sri Lanka Kenichi Suganuma exchanged views on economic and social development in the Eastern Province in a meeting with the Eastern Province Governor Rohitha Bogollagama .
Bogollagam noted that Japan was interested in development of an Industrial Development Zone in the District.
In April 2017, Sri Lanka and Japanese Governments signed agreements for three development projects amounting to approximately Rs 61.3 billion. This included the Kalu Ganga Water Supply Expansion Project with a loan worth roughly Rs 43 billion; the Rural Infrastructure Development Project in Emerging Regions of Sri Lanka, which was provided a loan of Rs 17 billion; and the Trincomalee Port Development Programme, which was given a loan of roughly Rs 1.3 billion.

In 2016, Japan accounted for 3.8% of Sri Lanka’s total trade and absorbed 1.9% of Sri Lanka’s total exports. In 2016, Sri Lanka’s exports to Japan dominated by apparel (22%), tea (20%), fish (7%), coir textile fiber (7%), insulated cables (3%), table and kitchenware (3%). In 2016, total bilateral trade was US$ 1,150.6 billion over US$ 1,602.9 in 2015, which was a 6.3% decline in growth. (ZG)