The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE), in collaboration with Port City Colombo and the Sri Lanka High Commission in Australia, successfully hosted an ‘Invest Sri Lanka’ Investor Forum on 17 August at the Sheraton Grand Sydney Hyde Park.
HNB Group served as the Platinum Partner, with the Australia Sri Lanka Business Council, Nalanda College Old Boys’ Association Australia, and CA Sri Lanka Australia Chapter supporting the forum as Supporting Partners.
The forum was aimed at strengthening international investor confidence in Sri Lanka, promoting investment opportunities in the country’s capital market, and facilitating greater participation by foreign fund managers and the Sri Lankan diaspora in Australia. The forum provided an opportunity to communicate these developments directly to international investors and highlight the opportunities emerging within Sri Lanka’s capital market.
Delivering welcome remarks, Yasoja Gunasekera, High Commissioner of Sri Lanka to Australia, highlighted the investment opportunities emerging from Sri Lanka’s improving economic environment, noting, “Sri Lanka offers significant opportunities for discerning investors. With its strategic position, strong fundamentals and supportive policy environment, the country is well placed for its next phase of growth, creating opportunities for investors seeking to participate in its long-term”.
In his opening remarks, Ray Abeywardena, Director of the Colombo Stock Exchange stated, “Political stability and strict discipline on the monetary side are two very key components that investors would look at when investing into a market.There will be a reallocation of funds into the frontier markets. And we are confident that Sri Lanka will be in a good position to attract a good amount of funds to be reinvested and reallocated into the frontier markets.”
Emphasising the role of the capital market in supporting Sri Lanka’s economic transformation, Senior Prof. D.B.P.H. Dissabandara, Chairman of the Securities and Exchange Commission of Sri Lanka, pointed out, “Sri Lanka is moving towards a path of inclusive and sustainable growth, but achieving higher growth will require investment and capital formation. Our capital market has a vital role to play in mobilising capital and supporting the next phase of Sri Lanka’s economic growth. Through the Invest Sri Lanka Forums, we invite the Sri Lankan diaspora and international investors to be part of this journey.”
The improving investment case for Sri Lanka and its potential to serve as a complementary platform to India were also highlighted by Charles Blake, Executive Director of ACP Corum Pty Ltd, “Crisis easing, policy easing, earning rebound, liquidity is returning it puts a very strong case for Sri Lanka. We see an India plus one in terms of Sri Lanka parallel opportunity of complimentary logistics, services and right manufacturing platform leads to India. With the crisis easing, policy conditions improving, earnings rebounding and liquidity returning, the case for investing in Sri Lanka is becoming increasingly compelling. At the same time, Sri Lanka offers an ‘India Plus One’ opportunity, leveraging its complementary strengths in logistics, services and manufacturing to create a strategic platform connected to India and global markets.”
Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, highlighted Sri Lanka’s improving credit profile and the potential for further upgrades, “The IMF views Sri Lanka as a case study of a country that has achieved a relatively rapid recovery. With all three major international rating agencies currently rating Sri Lanka at CCC, there is a clear pathway towards an upgrade to B-, a level comparable to where we stood before the crisis. This reflects the improving confidence in Sri Lanka. Investors who wait for the ratings upgrade may find that the market has already priced in the improvement. The opportunity to invest is now”.
Providing an update on potential opportunities arising from the Government’s plans for state-owned enterprises, Chathuranga Abeysinghe, Deputy Minister of Industry and Entrepreneurship Development, remarked, Sri Lanka’s remarkable economic recovery story and the progress being made towards renewed and sustainable growth. He highlighted the Government’s commitment to delivering the mandate given by the people through a new political culture, stronger rule of law and economic revival. He also outlined the importance of fiscal discipline and digital transformation, as well as key reforms underway, including the new tariff policy, SOE restructuring, institutional reforms, investment and trade reforms, and infrastructure development. He further highlighted Sri Lanka’s diverse investment opportunities, encouraging investors to look beyond passive investments towards brownfield projects and venture capital. He noted that there is renewed hope and growing confidence in Sri Lanka, underpinned by a commitment to zero corruption and policy-based governance.
The broader regional investment potential of Sri Lanka was highlighted by Dr. Naveen Gunawardane, Co-Founder and Managing Director of Lynear Wealth Management, “A play on srilanka is not a play on a single country play it is really a play on South Asia’s growth and South Asia is going to be a key driver of growth in the global economy over the next 5 to 10 years”.
The forum also highlighted the opportunities available through Port City Colombo, particularly for international investors seeking greater flexibility in capital flows and access to overseas markets. Thulci Aluwihare, Deputy Managing Director of CHEC Port City Colombo (Pvt) Ltd, highlighted these opportunities, “You can invest in Australian dollars in Port City Colombo. Some of the restrictive repatriation and capital account rules that apply across South Asia do not apply in the Port City. The capital account is more relaxed because you are bringing your business capital from overseas, and your source markets and revenues are also overseas. That creates a much more flexible environment for international investors.”
The forum further provided practical information for Australian-based investors and the Sri Lankan diaspora on accessing Sri Lanka’s capital market. Damith Pallewatte, Managing Director / CEO of Hatton National Bank PLC, explained the process for opening an Inward Investment Account (IIA), stating, “Opening an IIA is a straightforward process designed to give overseas and expatriate investors quick access to the Colombo Stock Exchange. With the required documentation in place i.e. passport, proof of overseas address and source of funds declaration an IIA can typically be opened within 2 to 3 working days. We have streamlined the process specifically to support the growing interest we are seeing from the Sri Lankan Diaspora and foreign investors looking to participate in our capital markets’.
The forum concluded with an engaging panel discussion featuring the speakers and Dr. Sulakshana Jayawardena, Director General of the Board of Investment of Sri Lanka, and moderated by Mr. Rajeeva Bandaranaike, Chief Executive Officer of the Colombo Stock Exchange. The discussion provided an opportunity for participants to engage with the panelists on Sri Lanka’s economic outlook, capital market developments, investment opportunities and the country’s positioning within the broader South Asian growth story.
The Sydney forum was the first of a series of “Invest Sri Lanka” Investor Forums being held in Australia from 17–20 August, bringing together policymakers, regulators, market professionals and investment industry representatives to showcase Sri Lanka’s evolving investment landscape and engage directly with international investors and the Sri Lankan diaspora.
Sri Lanka’s capital market pitches investment case in Australia
