ECONOMYNEXT – A visiting delegation of Malaysian business executives have show interest in investing in several projects in Sri Lanka, including solar panel making and business process outsourcing (BPO).
The Board of Investment of Sri Lanka said the Malaysian business delegation was headed by Dato Kulasegaram Sabaratnam, Chairman of the Malaysia Sri Lanka Business Chamber.
“This delegation has made several visits to Sri Lanka in the past and built strong ties with the country,” a statement said.
“Specific areas which the delegation did show interest was on the possibility of manufacturing solar panels in Sri Lanka, an area where the BOI has conducted extensive research in collaboration with Harvard University’s Kennedy School,” it said.
One firm, British Seep Systems and Beds (BSSB), which employs 700 staff in Malaysia, and exports to the USA, Europe, the Middle East and also retails in the UK, is interested in manufacturing furniture in Sri Lanka.
Another company which is part of the delegation was looking at the service sector such as business process outsourcing and legal process outsourcing.
“The company is also interested in publishing, and more specifically books in the Tamil language,” the BOI said.
Malaysia has been traditionally one of Sri Lanka’s most important sources of investment in the period from 2005 – 2016. In that period over $1.4 billion worth of FDI inflows originated from Malaysia.
Malaysian investments include projects in hydro power, KPO services, cellular mobile telephone networks, hotels, container services, IT, brewing beer and education.
There are an estimated 22 Malaysian enterprises in commercial operation in Sri Lanka.
(COLOMBO, June 21, 2018)