Sri Lanka construction sector eyed by Turkish investors

Mar 02, 2015 (LBO) – Sri Lanka’s construction sector is a key area of interest for Turkish companies scouting for investment opportunities, Turkey ambassador to Colombo Iskender Okyay said.

“Many Turkish companies are interested in Lankan infrastructure projects, amongst them are some leading Turkish firms,” said Ambassador Okyay.
“Specially, Turkey is internationally reputed for its construction firms,”

“I am very happy to bring Turkish construction firms herein fact many of them are eager and ready to come here and partner with Sri Lankan firms.”

He said forming bilateral investment agreement between both countries would allow the investments to flow in to the Island.
“We can first formulate a bilateral Investment Protection Agreement after which Turkish investments will start to flow here,” Okyay said.

“We can enter into the agreement during the forthcoming Joint Economic Cooperation between both countries for which we expect you to propose dates so that we can prepare.”

The value of total trade turnover between Sri Lanka and Turkey has stood 34 percent to 311 million US dollars in 2014 from 2013’s 232 million dollar, the ministry of industry and Commerce said.

“I believe that still there are unrealised trade potentials that we need to explore,” Minister of Industry and Commerce of Sri Lanka, Rishad Bathiudeen said.

“Therefore I warmly welcome Turkish investors to partner in our construction sector. We value not only the FDIs but also their tech transfer to Sri Lanka.”

Turkey ranks 28th in the world on international investment agreements with 107 of which 89 are bilateral. It also has Investment Protection Treaties with 74 countries, Ministry of Industry and Commerce said.