Sri Lanka should create fair, transparent, open, stable environment for FDI attractions- Chinese envoy

By Kelum Bandara

Chinese Ambassador Qi Zhenhong emphasised that Sri Lanka should think about creating a fair, transparent, open, and stable environment for the attraction of foreign investment.  

Making his remarks during an interactive dialogue with media and think-tanks last Friday, he said Sri Lanka should also develop the industry sector for growth.  

“Regarding attracting foreign investment, Sri Lanka has to think about how to create a business environment that is fair, transparent, open, and stable because foreign investors have to deal with all sectors in a specific country that he is going to invest in,” he said.  

Referring to the performance of Sri Lanka’s economy, he said it is making progress while maintaining stability. He said revenue from tourism and remittances are in the rise while the interest rate and inflation remain at single digits.  

He said there are also some deep-rooted problems that affect Sri Lanka’s economic development, and to address these issues, it takes time.  

Referring to the Chinese saying ‘nothing is stable if you don’t work hard’, he said Sri Lanka has to move towards self-improvement, achieve prosperity, and develop the industry.  

“I believe that developing the agricultural industry is not enough, “he said.  

Referring to the Chinese experience, he said that it is very important to set up a one-stop service platform for investors to complete all their procedures in a very high, efficient way.  

“I think the Sri Lankan government has also noticed the importance of setting up this kind of one-stop- one-window service. But it still takes time. I’ll give you an example. In Shanghai, we already have this kind of one-stop service system. The foreign investors do not have to come to China. (12:43) They can finish all these transactions online before coming to China,” he said.   In addition to increasing transparency, he said Sri Lanka has to think about how to enhance the efficiency of getting things approved.  

“The approval procedures have to be more efficient,” he said.