Transparency needed to attract FDI to Sri Lanka: Australian envoy
ECONOMYNEXT – Foreign investors will consider investing in Sri Lanka only if the country is committed to transparency and good governance, Australian High Commissioner in the island, Robyn Mudie, said.
Several Australian firms had already invested in the island and its trade relations with Australia were growing, she told the Annual General Meeting of the Sri Lanka Australia New Zealand Business Council.
“But for all of our business promotion efforts, there is a real need to boost business confidence in Sri Lanka,” she said.
“Australian, and other international, businesses will choose to look at Sri Lanka as a viable investment destination if they are confident that there is a commitment to transparency and governance and that a commitment to corporate social responsibility is the order of the day.”
Mudie said a range of opportunity xists for Sri Lankan business to expand its relationship with Australian companies, and, importantly, to cultivate partnerships which will lay the basis for greater foreign direct investment from Australia.
“Our trade and investment relationship is on the move, and this is great news, but there is still a lot of untapped potential.”
In 2014, two-way trade between Australia and Sri Lanka reached 420 million Australia dollars, up 18 percent from 2013. (Colombo/August 11 2015)