Balendra tells Japanese companies SL seeing economic revival; time to be part of next growth wave

Speaking at SL Business Forum in Tokyo explains why Sri Lanka is once again open and ready for business Says time is right for Japanese investors to be part of shaping Sri Lanka's next growth chapter Stresses SL is ideal gateway to South Asia and beyond and uniquely positioned to leverage India's rapid growth Lists opportunities in apparel, agri-exports, renewable energy, logistics, and IT services, where Sri Lanka's strengths align with Japan's expertise and global networks

- BY NISTHAR CASSIM IN TOKYO

CEYLON Chamber of Commerce Chairman Krishan Balendra this week told Japanese investors that Sri Lanka is seeing economic revival and it is the right moment to be part of shaping the South Asian hub's next growth chapter.

He made this observation at the Sri Lanka Business Forum in Tokyo as part of a public-private sector initiative to woo Japanese investor interest in tandem with President Anura Kumara Disanayake's State visit.

"Sri Lanka is on a clear path of economic revival. After a period of great difficulty, we are seeing steady and broad-based growth, with renewed momentum in exports, tourism, remittances, and investment. Fiscal consolidation, completion of debt restructuring, inflation control, and macroeconomic reforms have helped lay the groundwork for rebuilding confidence," said Balendra who led a 20-member delegation organised by the Sri Lanka Japan Business Council )SLJBC) under the aegis of the Ceylon Chamber.

"The former IMF First Deputy Managing Director Gita Gopinath recently labelled Sri Lanka's recovery as a stand out experience and remarkable progress within a short-term period of time. The World Bank in their latest Sri Lanka Public Finance Review stated that the scale and speed of the fiscal adjustment standout by historical and international standards. We are seeing this on the ground with economic activity at around 5% GDP," Balendra said.

"For investors, this means Sri Lanka is once again open and ready for business," he added at the seminar attended by President Disanayake and Japanese Economy, Trade and Industry State Minister Dr. Ogushi Masaki.

The well-attended forum was organised by the JETRO, Ministry of Economy, Trade and Industry (METI), Sri Lanka Embassy in Japan, the Japan-Sri Lanka Business Cooperation Committee, and the Board of Investment (BOI). It was supported by the Japan International Cooperation. Agency (JICA).