Israel attracted to investments in Sri Lanka

More countries should become aware of the ‘new chapter’ enjoyed by Sri Lanka since the end of the war to increase investment, Minister of Economic Development Basil Rajapaksa said, calling on embassies to spread the word. Making the address to the largest-ever Israel business delegation to Sri Lanka, he spoke of the “new brand” being forged for Sri Lanka and its gradual spread to the rest of the world.

Economic Development Minister Basil Rajapaksa made this observation when he met a largest- ever business delegation from the Israel at the Ministry office recently. The Israel business delegation led by Bernestln Reich, who is the Chairperson of the Israel - Sri Lanka Chamber of commerce.

"Now this is the right time for Israeli investments in Sri Lanka. Our macro fundamentals are sound. Our interest rates are moderating and we have a stable banking environment. We have come a long way in Doing Business Ranking, currently at 81. The President Rajapaksa is very keen to see it moving up and now we have set a goal of Rank 30 by 2016." Said Sri Lanka Ambassador in Israel Sarath Wijesinghe.

"Relations between Israel and Sri Lanka have never been better. There is strong potential for economic and business relations," said a beaming Yahel Vilan, the Deputy Head of the Israeli Mission in New Delhi said.

According to BoI, currently four Israeli investment projects are in operation in Sri Lanka, of which two are non-BoI. The projects being Harishet (BoI), Alankara SKR (BOI),  Pelemix Lanka (non-BoI), and Kenglobe Constructions(non-BOI). Their cumulative investment value stands at $ 1.543 m (Rs. 205 m).

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