SLHC in Singapore hosts webinar on ‘Sri Lanka as a Potential Alternative Manufacturing Hub’

Source:Ft

A webinar on ‘Sri Lanka as a Potential Alternative Manufacturing Hub’ was organised by the Commercial Section of the Sri Lanka High Commission in Singapore together with the Singapore Manufacturing Federation and the Singapore-Sri Lanka Business Association with the support of the Sri Lanka Export Development Board and the Board of Investment to create awareness on Sri Lanka as a potential manufacturing hub and as a potential investment destination for export-oriented manufacturing. Over 120 participants attended the event from Singapore.

State Minister of Regional Cooperation Tharaka Balasuriya delivering the keynote address highlighted the initiatives undertaken by the Government under the national policy framework ‘Vistas of Prosperity and Splendour’ and explained how these policies and initiatives were being implemented with a specific focus on creating a conducive environment to attract investments into the country particularly in the area of export -oriented manufacturing industries.

Singapore Manufacturing Federation President Douglas Foo in his remarks shared that Singapore has put up a vision ‘Manufacturing 2030’ to grow manufacturing by 50%. He reiterated that Singapore and Sri Lanka have more potential to strengthen trade and investment ties which should be explored.

The High Commissioner of Sri Lanka to Singapore Sashikala Premawardhane in her opening remarks requested those participating to focus on opportunities that are emerging in the IT/BPM, pharmaceutical and boat and shipbuilding sectors. 

Board of Investment Chairman Sanjaya Mohottala made a presentation on investment incentives and sector specific zones identified for manufacturing-based investments. Hayley PLC Group Freight Management Director Chrisso De Mel representing the private sector at the webinar stressed that businesses faced many challenges due to COVID 19 pandemic situation and having alternative locations would definitely be beneficial for countries to avert disruption of supply chains. He invited investors to consider Sri Lanka in view of its strategic location.

The webinar was moderated by President of the Singapore-Sri Lanka Business Association Lakshanthi Fernando and concluded with a lively panel discussion with panellists responding to questions posed virtually.