Business & Money | Wednesday 13 April, 2016 4:17 am |

The second day of the Annual Investment Meeting (AIM 2016) held under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, Ruler of Dubai at the Dubai International Convention and Exhibition Centre, had lengthily discussions on the opportunities and potential of Foreign Direct Investment (FDI) in viable industries. 

 

Dawood Al Shezawi, CEO, AIM’s Organizing Committee said: “The meeting succeeded in enabling knowledge exchange among experts, professionals, academics, consultants and others more than 140 countries.”

 

On the second day, there was a discussion on flow of FDI into developed and developing markets, with the participants agreeing that higher level of FDI was flowing into developing countries, is sharp contrast to the late 90s when it was in favour of developed countries.

 

AIM 2016 is helping provide deep insights into new FDI trends through presentations from economic experts, senior officials and decision makers participating in the workshops at the sidelines of the event.

 

AIM 2016 is an ideal event to enrich discussions on the efficacy of policies pertaining to investments and shed light on challenges facing the investment industry in the world as well as highlighting potentials, monitoring development and enhancing the role of UAE as a real partner in the development of investment policies.

 

The 6th edition of AIM 2016 is an enriching experience for all participants through open discussions as well as live demonstrations and comprehensive insights. 

 

At the sidelines of the second day, Hon. Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka said that The Annual Investment Meeting creates a significant platform for global leaders to meet and discuss diversified investment opportunity in different destinations.  

 

He added that Sri Lanka has given priority for Annual Investment Meeting in Dubai. He added: “I am glad to mention that I have been participating in the event for last five years as it gives more exposure for Sri Lanka to highlight the investment potential that could be offered to foreign investors. In addition, it provides me an opportunity to meet Head of States, Government Ministers and high ranking government officials and corporate Leaders to interact and network with them and to persuade the potential parties to visit Sri Lanka and seeing in believing for various investment opportunities available in the country.”

 

He said that the UAE is certainly a successful model to be followed. “UAE has taken numerous initiatives in embracing innovation and knowledge to achieve sustainability. I totally agree that the visions of the UAE leadership for innovation and knowledge to achieve sustainability will definitely go long way and produce long lasting outcome for future generations.”    

 

The UAE is the major trading partner for Sri Lanka in GCC and the two way trade has reached USD 1.35 billion in 2015. With a number of Sri Lankan companies are interested to venture into UAE market, I focus that 2016 will produce better results with improvement of two way trade between Sri Lanka and UAE.

 

“UAE is the largest investor in Sri Lanka in the GCC. UAE invested in Automobile, telecom, manufacturing, hotel industry, tourism etc in the recent past. My Ministry will provide the necessary guidance and assistance to potential investors who are interested to invest in Sri Lanka from UAE,” said Hon. Rishad Bathiudeen.  “Sri Lanka was able to attract in the range of USD 1 billion as FDI in 2015 and expects more FDI flow in 2016.” 

 

“Sri Lanka is one of the safest countries in the world for FDI and there are number of mechanism in place to protect investors. Sri Lanka’s constitution guarantees the safety of investment of foreigners in the country. The permanent peace achieved and the political stability prevails in the country has created more opportunities for investment in the Island and an array of investment opportunities are available in the field of tourism, manufacturing, service sector, IT sector, agriculture etc. We have received a numerous inquiries from interested parties from UAE in the tourism sector and we do encourage more investment proposals from UAE and my Ministry will facilitate their interests,” he said.

 

“Sri Lanka has been one of the strongest supporters of UAE for hosting Expo 2020. We will organize one of the largest pavilions in Expo 2020 to promote Sri Lanka’s trade, investment and tourism taking the advantage of the strategic location of Dubai and to reach out the world,” he emphasised. 

 

Sri Lanka’s economy has performed with satisfactory level in the recent past and registered nearly 6% growth in 2015. Despite of the economic situation in the global market, Sri Lankan economy has achieved satisfactory growth in the sectors of exports and the tourism. The migrant workers’ remittance has also contributed immensely for Sri Lanka’s overall economic growth. “We expect more FDI flow to Sri Lanka which would generate more employment opportunities and the manufacturing sector to perform better than the previous years,” he said.

 

On the impact of huge decline in oil prices in the global markets and the decline in the euro on the Sri Lankian economy, he said: “The turbulence in the global market will affect small economies like Sri Lanka. With the declining of oil price, we also face some difficulties in exporting our major export commodity of tea to the Middle Eastern market and Russia. These are short term disturbances but I don’t think it will last long so that the major economies will bounce back enabling countries like Sri Lanka to be benefited from the fast recoveries in the global economy,” he concluded.