Qatar investors in Sri Lanka to explore investment opportunities
By Ruzaik Farook
Investment Promotion Deputy Minister Faizer Mustapha early this week met with a three-member delegation from Qatar Holdings (QH), one of gas-rich Qatar’s main state investment funds, led by QH Head of Industrial and TMT Investments Mohammad Saif Al Suwaidi.
At the meeting, which was held at the Investment Promotion Ministry and attended by the Government including the Sri Lanka Tourist Board, Board of Investment, Urban Development Authority and Gem and Jewellery Authority and private sectors, the two sides discussed investment opportunities available through Sri Lankan trade, investment and tourism.
Expressing his pleasure in meeting with the Qatari delegation, Deputy Minister Mustapha said that Sri Lanka was ready to provide investment opportunities for Qatari investors in Sri Lanka, calling it good for all.
“The doors of Sri Lanka are wide open for Qatar businessmen. Now we are focusing on this part of the world,” he said.
He added: “Sri Lanka is now at peace after a protracted civil war that ended in 2009 and it continues to witness tremendous growth. Tourist arrivals have almost tripled over the last decade and more international hospitality brands are appearing in Colombo.”
Mustapha said that the country had a very good relationship with India, Japan and China, and the Sri Lankan market had opened up for India and other countries in the region.
“We are also planning to sign a Free Trade Agreement (FTA) with China next year,” he expressed. He urged Qatari entrepreneurs to invest in Sri Lanka, saying that the country has good investment opportunities and it is progressing well.
Deputy Minister Mustapha also explained that the Foreign Direct Investment (FDI) flows to Sri Lanka in the first half of 2014 reached $ 817 million, up 51%, and the full year was expected to bring $ 2.5 billion.
The Qatari delegation showed interest in investing in various areas of Sri Lanka, particularly in the gem and jewellery sector, housing and construction, banking, hotel business and healthcare. Al Suwaidi said that around 85% of our portfolio consists of overseas investments while the rest was concentrated on Qatar and had investments in 30 countries.
“In Sri Lanka, we do not want to start any new development or construction projects but are looking for outright purchase of completed and implementation-ready assets as our entry strategy.” he said. “We mostly prefer to deal with Sri Lanka’s large corporates, rather than medium or small scale firms. We are interested in buying completed real estates and properties,” he added.
