Launch of Japan-Sri Lanka Committee on Business Environment

On 14^th August, the kick-of meeting to launch “Japan-Sri Lanka Committee on Business Environment” was held at the Auditorium of the Board of Investment (BOI). The kick-off meeting was attended by Hon. Dr. Anil Jayantha, Minister of Labour/ Deputy Minister of Economic Development and H.E. Ambassador Akio ISOMATA, followed by the 1^st committee meeting.

The Embassy of Japan, Japan External Trade Organization (JETRO), Japan International Cooperation Agency (JICA), Japanese Chamber of Commerce and Industry (JCCI) and the relevant Japanese companies operating in Sri Lanka on the Japanese side, and the relevant Sri Lankan authorities including BOI on the Sri Lankan side attended this first meeting of the “Japan-Sri Lanka Committee on Business Environment”, which aims to address issues that Japanese companies in Sri Lanka are facing through an in-depth discussion at the working level.
 
To the same end, we have already an existing forum called “Japan-Sri Lanka Government-Private Joint Forum”, co-organized by The Embassy of Japan, JCCI and BOI and other relevant Sri Lanka authorities including BOI. This annual Joint Forum has not been held since October in 2019 due to the COVID-19 pandemic and economic situations. The committee meeting is intended to address the relevant issues in a timely manner in between the above-mentioned Joint Forum meetings.

At the kick-off meeting, Ambassador ISOMATA, while thanking the relevant government and other agencies of Sri Lanka, including the BOI, for cooperating in convening this meeting, reiterated the three (3) basic elements for a good business environment: transparency; predictability; and non-discriminatory treatment. “Transparency means the relevant laws, regulations and policies are very clear without leaving room for any misunderstanding or ambiguous interpretation. Predictability means any changes to these laws, regulations and policies should be announced well in advance so that the business operators can make timely adjustments. Non-discriminatory treatment means all the companies and individuals are treated equally so that fair competition is fostered. All of these will help investors make decisions on new and renewed investment. I sincerely hope that this newly-established committee will be held on a quarterly basis to find genuine solutions to concrete problems that the Japanese investors are facing in Sri Lanka.”
 
In his speech, Hon. Minister Dr. Jayantha emphasized the importance of new investments in energizing the production process and improving the business environment, and echoed three important elements pointed out by Ambassador ISOMATA for a good business environment and reaffirmed the strong commitment of the Sri Lankan government to attract foreign investments and to further develop our bilateral relationship.