Sri Lanka has reaffirmed its commitment to protecting and promoting overseas investments, with Foreign Minister Vijitha Herath visiting the country’s first-ever investment projects in the Philippines and encouraging more Sri Lankan businesses to explore opportunities in the Southeast Asian nation.
The Minister visited the PHIVIDEC Industrial Estate in Misamis Oriental on July 25 during his tour of the Mindanao region, where he witnessed the progress of investment projects undertaken by Sri Lankan companies. The visit coincided with the 65th anniversary of diplomatic relations between Sri Lanka and the Philippines, a milestone that has also seen the launch of the first Sri Lankan investments in the country.
Accompanied by Sri Lanka’s Ambassador to the Philippines Dr. Chanaka Talpahewa, embassy officials and Sri Lanka’s Honorary Consul in Mindanao, Minister Herath met senior officials of the PHIVIDEC Industrial Estate, the Philippine Board of Investments and local government authorities. The delegation was briefed on the estate’s modern infrastructure, investor-friendly facilities and the progress of the two Sri Lankan projects, while discussions also focused on expanding bilateral investment, trade and commercial cooperation.
Addressing the gathering, Minister Herath said the Sri Lankan Government attached great importance to supporting and protecting investments made by Sri Lankan companies overseas. He noted that the world-class facilities and conducive investment climate at PHIVIDEC would encourage more Sri Lankan enterprises to invest in the Philippines, further strengthening economic relations between the two countries. The delegation welcomed the progress of Haycarb’s activated carbon manufacturing plant, currently under construction at the industrial estate. Although the facility was originally expected to commence operations this year as part of the 65th anniversary celebrations, construction has been delayed due to prevailing global economic conditions. Once operational, it will become the first Sri Lankan manufacturing investment in the Philippines. The delegation also welcomed the progress of Jaindi Exports, whose investment project is in the final stages of regulatory approval and is expected to commence construction later this year within the PHIVIDEC Industrial Estate.
Together, the two projects represent an initial investment exceeding US$20 million and are expected to create more than 150 direct jobs, in addition to generating indirect employment, promoting technology transfer, boosting exports and contributing to regional economic development.
Minister Herath commended PHIVIDEC and Philippine authorities for facilitating foreign investment and thanked Ambassador Dr. Chanaka Talpahewa for his efforts in advancing Sri Lankan investments in the Philippines despite numerous challenges.
The Minister and the delegation later visited the Haycarb construction site and the proposed Jaindi Exports location, where they planted tree saplings to commemorate the visit. Officials expressed confidence that these pioneering investments would pave the way for more Sri Lankan businesses to establish a presence in the Philippines, further strengthening the growing economic partnership between the two countries.
Source: Daily News
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