Around 100 Japanese firms and investors yesterday (9) got a thorough update on post-conflict Sri Lanka’s rebound and unprecedented opportunities at an Investment Forum organized in Tokyo by New World Securities.

The well-attended Sri Lanka Investment Forum highlighted the immediate dividends following the end of terrorism as well as vast opportunities for trade, investments and tourism for Japanese companies, reported DailyFT.

Sri Lanka’s Ambassador in Japan Retd. Admiral Wasantha Karannagoda was the Chief Guest, who gave an overview of strong Sri Lanka Japan bilateral ties as well as the defeat of terrorism in Sri Lanka two years ago and the country’s rapid progress since then, along with future plans to develop socioeconomic infrastructure.

Nearly 10 companies made short presentations on recent progress and future plans enticing Japanese firms and high net worth individuals to consider the companies and Sri Lanka as an attractive investment proposition.

Ambassador Karannagoda noted that though Sri Lanka and Japan would be celebrating 60 years of diplomatic ties in 2012, links between the two could be traced to the early 18th century, starting with religious visits.
“Strong affection between Sri Lanka and Japan was inspired by Buddhism and today ties have encompassed politics, culture, humanity and economy of both countries,” Admiral Karannagoda added.

Sri Lanka’s recent economic success especially since the end of terrorism was emphasized by the Ambassador. Among key pointers shared by him were that Sri Lanka was now one of the safest places in the world for investments, business and tourism, a vibrant and stable democracy, 8% economic growth, home to one of Asia’s best performing stock markets, rise in Ease of Doing Business Index and World Competitiveness Ranking and fast emerging as the most voted holiday destination.

For the latter, he cited Sri Lanka being picked by New York Times, National Geography and more recently its Traveller Magazine.

Keen interest by global hotel brands such as Shangri La, Sheraton and Four Seasons was also highlighted, along with the growing number of Japanese tourists to Sri Lanka.

Focusing on specific experiences of existing Japanese investors, the Lankan Ambassador said Noritake, which was one of the pioneering Japanese firms, had expanded to two plants, whilst plans were afoot to set up another whilst it had scaled down or closed manufacturing plants in Indonesia and Malaysia.

“This shows the confidence Japanese companies have in Sri Lanka,” he said, adding that sound macroeconomic fundamentals, skilled labour, quality craftsmanship and trust were hallmarks of Sri Lanka vis-à-vis other locations in South Asia.

He also touched on new vistas in the maritime and shipping sector with the development of the Hambantota Port and expansion of the Colombo Port whereby Sri Lanka was further harnessing its strategic location midst busy sea lanes.

Japanese investor Takashi Igarashi, who together with his associates own 80% of New World Securities, gave a passionate recount of his own positive experience on investing in Sri Lanka as well as the country’s inherent potential. He identified financial services, tourism, IT and manufacturing with a focus on large South Asian markets as high growth sectors with ample opportunities.