Sri Lanka has pressed ahead with extensive plans and tax holidays to attract foreign investors, said Dr. Palitha Kohona, Permanent Representative of Sri Lanka to the United Nations at a meeting with the Vice President of the AT & T Mr. Eric H. Loeb, a global leading developer and innovator of advanced wireless technologies and data solutions, held at Rockefeller Center, New York.

The main purpose of the meeting being to explore the possibility of setting up businesses in Sri Lanka.

Dr. Kohona stated that Sri Lanka’s economic growth has accelerated at the end of the 26-year conflict spurred reconstruction projects and increased consumer demand. Sri Lanka was able to maintain a 6.8 per cent economic growth rate even during the conflict. Sri Lanka is maximizing the region’s potential for trade and development through strengthening and developing Free Trade Agreements. Indo- Lanka Free Trade Agreement is an example for strengthening inter-regional economic cooperation and the development of the national economies of South Asia.

He went on to state that since Sri Lanka is strategically located at the cross roads of both east and west sea routes, it serves as a major Global Logistics Hub in the South Asian region and its highly literate and cost competitive labour force provides investor friendly mechanisms. Government has already allocated certain facilities and incentives such as duty free imports and tax holidays up to 15 years. Bilateral investment agreements supported by a constitutional guarantee, provides strong protection for foreign investment in Sri Lanka.

Mr. Eric H. Loeb noted that AT & T continues to focus on building relationships as a multinational customer base and to bring about awareness for companies in Sri Lanka to engage as working partner/vendor. He expressed a desire to positively engage themselves in extending innovative and new technologies to the region with Sri Lanka as a commercial hub.