Bringing back the SL investor

BPA announces BizPact, first major post-war investor conference from June 25-29

By Nizla Naizer

While the country stands on a brink of a drive for development, this June will witness a unique collaboration between businesses, investors and policy makers to develop the potential filled regions of the country through BizPact, an initiative by the Business for Peace Alliance (BPA).

To be held from June 25-29, the BizPact conference will aim at attracting both national and international investors with the intention of developing the country outside of Colombo. “Rebuilding Sri Lanka is not just about rebuilding Colombo,” BPA Secretary General/CEO Manique Mendis explained. “There are many dynamic individuals out there with great ideas but who lack the opportunity to take them further. This conference will give the investors, especially Sri Lankans domiciled abroad the opportunity to contribute to the development of these SMEs.”
The conference which will commence on June 25 at the BMICH will bring all the stakeholders together for an introductory session. This will be followed by three days of visits to the regions the investors are interested in so they can see first hand the proposals they are keen to contribute their funds to. Along with trips to the North-Central, Central, Sabaragamuwa, Southern and Eastern regions proposed, the organisers will also arrange for a trip to Jaffna for those investors keen to develop the North.
The Ministry of Foreign Affairs, Board of Investment, Sri Lanka Tourism, Peace Secretariat, Ceylon Chamber of Commerce, National Chamber of Exporters, American Chamber of Commerce and the European Chamber of Commerce in Sri Lanka will be partnering BPA in this Conference and will ensure the voice of the policy makers are heard and accessible. The final day of the conference (June 29) will bring representatives from the Government and Chambers together so the investors can bring up the issues they witnessed or encountered during their trip to the regions.

Bringing back the expats
“We have had a lot of interest from Sri Lankans living abroad who are keen to rebuild Sri Lanka,” Mendis informed. With close to a dozen investors already confirming their participation from countries such as Australia, USA, UK and Canada, she explained that many wanted to contribute to the country but did not know how. “Through BizPact we are providing them direct access to the entrepreneurs who need their help the most and provide a platform to discuss issues with Government policy makers.” Adding that the projects on the cards are not BOI type large investments but of a smaller scale, she was confident that regional development will lead to the nation’s prosperity.
BPA Chairman Suresh De Mel added that BizPAct will be a platform to attract investors and entrepreneurs to Sri Lanka with mutual benefits to the region, the business and the investor. “This conference will provide the SMEs we deal with a ‘hands up’ for their entrepreneurial skills. We have already screened close 20 initial projects which will empower the regions in this new era of trust and understanding.”
The importance of SMEs
“Over 80% of Sri Lanka’s GDP is contributed by SMEs,” Peace Secretariat Economic Affairs Director Rohantha Athukorale explained. “And this is the first time we’re engaging the diaspora directly so we expect positive developments.” Explaining that Jaffna which had 745 SMEs in 1983 now only has 47, he called on for more effort on developing the sector in the North. “We hope to have another conference of this nature in Jaffna at the end of this year.”

From left: Deshabandu Patrick Amerasinghe, President Young Entrepreneurs Sri Lanka, K.C. Suwarnaraj, Vice Chairman, BPA; Cholomondoly Gunaseela, Board Director, BPA; Suresh De Mel Chairman, BPA; M.I.M. Pathaulla Vice Chairman, BPA and Rohantha Atukorale, Director Economic Affairs, Secretariat for Co-ordinating with the Peace Process

BPA Advisor and Young Entrepreneurs Sri Lanka President Patrick Amarasinghe added that one of the many challenges faced by the SMEs were access to finance and lack of marketing knowledge. “There are many capable entrepreneurs who lack the marketing skills to take their products forward. So we have helped many entrepreneurs figure their way forward by enabling them to conduct SWOT analyses.” However, he called on for more bureaucratic leeway. “The Government has wiped out terrorism from the country, but it’s now time to wipe out bureaucratic terrorism.”
Speaking on behalf of the regional entrepreneurs, BPA Director Cholomondoly Gunaseela who is also a businessman from Ratnapura explained that though traditional barriers to investing in the regions were perceived to be lack of infrastructure and human resources, that was not the case. “We have everything an investor would require. What we lack is an organized representation of the opportunities available and links us to those who can invest. This is why this Conference is very important to us.”