The China International Chamber of Commerce for the private sector visited the BOI to focus on win-win cooperation and innovation in collaboration with the government of Sri Lanka.  The longstanding relationship with China, not only with diplomacy but also a longstanding trade and commerce relationship, was revisited in this high-level business delegation meeting by the BOI officials. Further, the delegations represented diverse commercial cities such as Shanghai, Beijing, Shandong, Nanjing, Guangdong, and Chengdu in China.

The China International Chamber of Commerce for the Private Sector (“CICCPS”) is the only chamber of commerce in China dedicated to assisting private enterprises with international endeavors and facilitating economic cooperation and exchanges, and officials of the chamber are poised to work with the BOI and its role as apex organization to facilitate the FDI to the country.

 At the Colombo World Trade Center, officials of the Board of Investment of Sri Lanka and this group of investors held extensive discussions on investment opportunities in the country. The discussions were held under the patronage of Director General Renuka Weerakoon on behalf of the Board of Investment of Sri Lanka and Deputy Secretary General of the China International Chamber of Commerce for the private sector ( CICCPS), Mr. Yan Gaoming, on behalf of the Chinese delegation

Mr.  Gaoming (CICCPS) emphasized on behalf of the Chinese delegation why Sri Lanka is important, citing its newfound business ecosystem that brings much-needed transparency to conducting business in Sri Lanka and further explained why the International Chamber of Private Sector in China will work with the BOI to facilitate its 500 strong members with the goal of “serving private enterprises to go abroad,” and by Chinese laws, regulations, and policies, CICCPS conducts activities to promote economic and trade cooperation between Chinese private enterprises and various regions worldwide. It focuses on the needs of these enterprises, safeguards their rights and interests, and fosters their development in the context of participating in economic globalization. Additionally, CICCPS reports on the situation and offers reasonable suggestions to government departments regarding the economic and trade affairs of relevant industries and regions.

CICCPS has nearly 500 members, with a diverse range of business objectives, primarily comprising leading private sector enterprises from various industries in China, as well as private enterprises of varying sizes that have expanded overseas or are in the process. In line with its functions of “theoretical research, cultural exchange, holding conferences, editing books and periodicals, legal rights protection, business training, exhibition, international cooperation, advisory services, trade, and investment promotion” as entrusted by the government, CICCPS has established close cooperative relationships with several United Nations agencies in China, foreign embassies and consulates, chambers of commerce in China, chambers of commerce and industry in countries along the “Belt and Road,” and has engaged in multi-level extensive foreign exchanges and cooperation.

CICCPS has also reached a consensus and collaborated with Chinese government departments, investment promotion institutions, research institutes, leading enterprises, financial institutions, think tanks, and other stakeholders to create a platform for international development, facilitating enhanced foreign trade and investment cooperation, and promoting the high-quality and sustainable development of the global economy for Chinese private enterprises.

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During the discussion, the participants explored investment opportunities in the country’s manufacturing, renewable energy, tourism, education, agriculture, mineral, and pharmaceutical sectors at length.

During the Q&A session, the government policy on digitization, the BOI Zone operations, and a new organizational transformation of the BOI with technology and increasing business efficiency were further explained by the BOI officials.  

Chinese investors stated that many attendees were visiting Sri Lanka for the first time, and the country’s investment-friendly environment had piqued their interest in investing. Chinese investors appreciated the programs that the Sri Lankan Investment Board has put in place to facilitate investment. Investors who are already operating projects in other countries said that they expect to start their next investment in Sri Lanka.

Ms. Renuka Weerakone, Director General of the Board of Investment of Sri Lanka, stated that all officers of the Board of Investment of Sri Lanka are committed to providing the necessary support and facilities to every investor to start their project with ease.