Malaysian companies in talks to invest in Sri Lanka

KUALA LUMPUR: Sri Lanka, via its Board of Investment (BoI), is currently in discussions with several local companies concerning their interest to invest in diverse fields.

Sri Lankan High Commissioner to Malaysia, Dr Don Dandayanda Ranasinghe, said the companies, which included Sunway, YTL, Genting and Berjaya, showed interest in sectors like tourism, infrastructure, education and financial services.       

“Discussions are still ongoing and progressing very smoothly,” he told reporters after a seminar on Business and Investment Opportunities in Sri Lanka, organised by Malaysian Investment Development Authority and Sri Lanka here yesterday.

Among the major Malaysian companies having operations in Sri Lanka are Axiata Group Bhd in cellular mobile phone network, Merbok Hilir Bhd in medium density fibreboard, Lagenda Sentissa Sdn Bhd in public payphone system, Felda Marketing Services Sdn Bhd in cultivating oil seeds and hydrogenated edible oil, and Pembinaan Wincon Sdn Bhd in housing development.

Malaysia is expected to remain as one of the main investors in Sri Lanka in next five to 10 years, according to Ranasinghe.

He said the Sri Lankan government was calling on the Malaysian business community to invest in various sectors promoted by BoI Sri Lanka as the country was now in a new phase of economic development.

Among the sectors are infrastructure, tourism, education, logistical services, agriculture, manufacturing, rubber industry, business process outsourcing and software industry as well as gems and jewellery. — Bernama

Ranasinghe said Sri Lanka aimed to attract US$1bil in foreign direct investments this year from last year’s US$889mil as foreign investments would play a major role in economic development.       

“Sri Lanka, which has gone through a difficult and turbulent period of over three decades due to internal conflict, is now at a turning point in our history, both politically and economically,” he said. — Bernama

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