Annual General Meeting of the Sri Lanka–Japan Business Council

Mr. Mahen Dayananda, the President of the Sri Lanka–Japan Business Council, Executives, Secretaries, and Members of the Sri Lanka–Japan Business Council,
Ladies and gentlemen,
 

　Good evening.

　I would like to congratulate the successful convening of the 40th Annual General Meeting of the Sri Lanka–Japan Business Council, and it is my great honor to be here this evening.I would like to thank the SLJBC for its active role for promoting Japan-Sri Lanka business relations.
 
　First of all, I wish to express my deepest sorrow and the most profound grievance on the demise of Mr. Daya Wetthasinghe, former President of the Sri Lanka-Japan Business Council, on June 22^nd this year.  No words can ever express the shock of this great loss.  I convey my heartfelt condolence and sympathy to the members of his family, and offer my humble prayer for the peaceful repose of his soul.

　Daya san, as we call him, had been a driving force in shaping Japan-Sri Lanka relations for many years. He was a top businessman, a philanthropist, and above all else, our true friend with unparalleled passion and love for Japan, leaving behind indelible marks in the history of friendship between Japan and Sri Lanka.  Under his leadership, the Sri Lanka–Japan Business Council has been making valuable contribution to strengthening business relations between the two countries.  On behalf of the Government of Japan, I wish to express my deepest homage and appreciation to the late Mr. Daya Wetthasinghe.       
 
　Ladies and gentlemen,
 
　Sri Lanka has experienced difficult times since the terror attack on Easter Sunday. 
Although it had an impact on the Sri Lankan economy, especially tourism, Sri Lanka has shown strength and resilience to the world, since Sri Lanka has great potential for growth and provides ample business opportunities, with its geographical location as a hub of the east-west shipping route, its proximity to the rapidly growing Indian Subcontinent and neighboring regions, its people’s diligence and high educational level.  In addition, Sri Lanka has a lot to offer in tourism, including 8 world heritage sites. 　I firmly believe that Sri Lanka will continue to attract new foreign investors.
 
　Our economic and business relations have shown significant development in recent years.  The trade volume between the two countries increased by about 30% from 2014 to 2018.  An increasing number of Japanese companies recognize this country’s business opportunities and take keen interest in doing business in Sri Lanka.  Japanese investments have contributed to the Sri Lankan economy in a variety of areas, including manufacturing, tourism, and financial services.  The most recent examples of Japanese companies opening businesses here include a solar panel manufacturing factory in Katunayake and a luxury hotel in Galle and we understand that projects to build hotels or villas are being planned.
 
　As you see, Japan and Sri Lanka are already close trade and investment partners, but we are aware that there still remains untapped potential for further development of business relations between the two countries.  I believe that the Governments and business communities of both countries have to do more to tap this great potential.  I talked about this subject in detail when I was here last March for the interactive session, focusing on “Japan-Sri Lanka Investment Promotion Roadmap”.  I would like to give you some updates this evening.
 
　The Japan External Trade Organization (JETRO) has successfully held several business seminars in Japan for Japanese companies which are interested in trading with and investing in Sri Lanka.  On September 13^th, just two weeks ago, the Sri Lanka Investment Seminar was successfully held by the JETRO and the BOI (Board of Investment) in Tokyo with the participation of Hon. Malik Samarawickrama, Minister of Development Strategies and International Trade and Mr. Mangala Yapa, Chairman of the BOI.  More than 200 businesspersons participated in the seminar to learn investment opportunities as well as business environment in Sri Lanka. In this seminar, in addition to the Sri Lankan Government officials, representatives of Japanese companies which are already doing businesses in Sri Lanka shared their experiences with the participants.
 
 
　“Japan-Sri Lanka Government-Private Joint Forum” has been held annually to discuss issues on investment climate or business environment in this country.  In this Forum, Japanese businesspersons, represented by the Japanese Chamber of Commerce and Industry in Sri Lanka, and Sri Lankan Government officials from the BOI and other relevant ministries discuss a broad range of issues faced with by Japanese businesses in their day-to-day activities.  The next meeting of the Forum will be held later this year. Among the issues raised by Japanese businesspersons are revision of guidelines on government tender procedure, sudden changes in tax systems, and delay in tax refund.  I believe that this kind of bilateral dialogue is critical not only to solve issues facing Japanese companies but also to raise awareness of the Government of Sri Lanka of what is needed to improve to attract more foreign investment. If the Government of Sri Lanka addresses these issues in an expeditious and amicable manner, it will surely enhance the confidence of the Japanese private sector in the business environment of Sri Lanka, leading to more business linkages between our two countries.
 
　I should mention “the Economic Joint Committee” between this Council and its Japanese counterpart, “the Japan-Sri Lanka Business Cooperation Committee.” The Joint Committee has been very instrumental in furthering business relations between Japan and Sri Lanka. I understand that it would be your turn to visit for a meeting in Tokyo.  I look forward to another productive round of the Joint Committee soon.
 
　The Government of Japan and the Government of Sri Lanka agreed at the highest level to further deepen bilateral business relations. Our Embassy, together with the JETRO office, are here to help this Council strengthen ties between businesspersons of our two countries.  
 
　Let me conclude my remarks by wishing for continued success of the Sri Lanka–Japan Business Council for the year to come.
 
　Thank you very much for your attention.