Sri Lanka lures Japanese logistics firms in Singapore
EconomyNext – Sri Lanka is trying to get Japanese logistics companies now using Singapore as a base to shift operations to Sri Lanka which has commissioned new port and airport infrastructure.
The island’s Board of Investment said it has conducted several events in Singapore in collaboration with Mizuho Bank which had signed an agreement recently with BOI to promote Japanese investment into Sri Lanka.
Eran Wickramaratne, Deputy Minister of Highways, Higher Education and Investment Promotion led the BOI delegation to Singapore, the investment promotion agency said in a statement.
"The government’s vision is to promote Sri Lanka as a logistics and maritime hub in Asia," it said.
"Sri Lanka is now well positioned with a developed infrastructure to promote investment in the logistics trade such as entrepot trade, offshore business, front-end services, headquarters operations and logistics services."
In order to attract more Japanese investment into Sri Lanka, a ‘Logistic Services Study Group’ (LSSG) was set up by the Japanese International Cooperation Agency (JICA)
prior to the investment promotion mission.
The LSSG comprised of logistics giants such as Sagawa, Yusen Logistics and Nippon Express along with the BOI, JICA and Japan External Trade Organization.
“The main objective of this mission was to convince Japanese companies which are in the logistics trade in Singapore by inviting them to invest in Sri Lanka,” said Keizo Tsuchiya, JICA Advisor who initiated the investment promotion mission.
“The study group will study the best practices of warehousing, minor processing and offshore business in the region," the statement quoted him as saying.