Trade and Investment Opportunities
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1 SRI LANKA Trade and Investment Opportunities SRI LANKA Island Nation of Sq. Kilometers Population of 21 Million Labour Force million (2015 est.) Air Routes Ethnic groups: Sinhalese 74.9%, Sri Lankan Tamil 11.2%, Sri Lankan Moors 9.2%, Indian Tamil 4.2%, other 0.5% Religions: Buddhist (official) 70.2%, Hindu 12.6%, Muslim 9.7%, Roman Catholic 6.1%, other Christian 1.3%, other 0.05% Sea Routes Literacy rate 93.3% (2014) Strategically connected to major shipping and air routes to the East and West B o a r d o f I n v e s t m e n t o f S r i L a n k a 1
2 MACROECONOMIC PERFORMANCE Sri Lanka - Key Economic Indicators GDP at Current Market Price (USD. Bn) GDP Growth % GDP per Capita (USD) 1,241 2,744 3,924 Inflation % Total Exports (USD Bn.) Total Imports (USD Bn.) Unemployment rate (%) Source: Central Bank of Sri Lanka,
3 ECONOMIC INFRASTRUCTUR E INFRASTRUCTURE - FORGING AHE 3 rd terminal of Colombo Port added 2.4 million TEU in % increase in energy generation, Recently completed key projects 2 nd international airport at Mattala in 2013 added 3 expressways (170 km) in the last 5 years A new internati onal port construct ed in the South, 10 km from the main maritime route connectin g East & Source: Central Bank of Sri Lanka, Sri Lanka Ports Authority and Airport and Aviation S i (P t) Ltd 3
4 2 Best in South Asia for Overall Quality of National Infrastructure Overall Quality of National Infrastructure 2015 (rank out of 140 countries) PHILIPP INES VIETNAM THAILAND BANGLADESH 102 CAMBODIA 74INDIA 26 SRI LANKA MALAYSIA 16 Source: Global Competitiveness Report , World ECONOMIC INFRASTRUCTURE MOBILE PENETRATION (Subscriptio ns per 100 persons) INTERNET PENETRATION (Users per 100 persons) ACCESS TO ELECTRICITY (Subscriptio ns per 100 persons) ACCESS TO FINANCE (Number of branches per 100,000 adults) Sri Lanka India, Pakistan, Bangladesh South Asia Source: Road Development Authority, Economic and Social Statistics 2015, Central Bank of Sri Lanka, World Bank Database 2014/12, Household Income and Expenditure Survey 2012/13, Department of Census and Statistics of Sri Lanka 2012 UNDP H man De elopment Report
5 EASE OF DOING BUSINESS RANKINGS Sri Lanka India Bangladesh Vietnam China Indonesia Ease of doing business (overall) Starting a business Trading across borders Resolving Insolvency Source : Doing Business World bank / IFC B o a r d o f I n v e s t m e n t o f S r i L a n k a Factor Costs - Competitive with Asian Neighbours Sri Lanka India Thailand Vietnam China Indonesi a Myanmar Labour (US$ Monthly) Shop floor 工场 Managers ,431 1,597 1,020 2,001 1, Power for Business (US$ per Kwh) (24x7 power) Water Business (US$ per cum) 0.46 (1) (2) (1) 0.65 (2) (1) 0.39 (2) Office rent (US$ per sqm) Housing (US$ per month) 1,600 2,791 4,652 (1) 1,580 (2) 2,687 2,600 2,700 2,428 6,829 1,700 2,500 Telephone - Local (US$ per min.) Internet (Broad band) (US$ per month) ,500 B o a r d o f I n v e s t m e n t o f S r i L a n k a 2,500 5
6 SOCIAL INFRASTRUCTUR E HIGH HUMAN DEVELOPMENT SRI LANKA MALAYSIA THAILAND Human Development Index Ranking 2015 (out of 188 countries) VIETNAM CAMBODIA PHILIPPINES INDIA BANGLADESH Source: Human Development Report 2015, United Nations Development Programme 6
7 SOCIAL INFRASTRUCTURE: EDUCATI LITERACY RATE (15+, % of population, 2015) THAILAND 96.7 PHILIPPINES 96.3 MALAYSIA 94.6 VIETNAM 94.5 SRI LANKA 92.6 CAMBODIA 77.2 INDIA 72.1 BANGLADESH 61.6 MEAN YEARS OF SCHOOLING (of adults, years) (2013) SRI LANKA 10.8 MALAYSIA 9.5 PHILIPPINES 8.9 THAILAND 7.3 CAMBODIA 5.8 VIETNAM 5.5 BANGLADESH 5.1 INDIA 4.4 Source: Human Development Report 2015, United Nations Development Programme, UNESCO Institute for Statistics 2015 estimates UNDP 2013 SOCIAL INFRASTRUCTURE: HEALTH LIFE EXPECTANCY AT BIRTH (Years, 2015) VIETNAM SRI LANKA THAILAND BANGLADESH MALAYSIA PHILIPPINES CAMBODIA MATERNAL MORTALITY (Deaths per 100,000 live births, 2015) THAILAND 20 SRI LANKA 30 MALAYSIA 40 VIETNAM 54 PHILIPPINES 114 CAMBODIA 161 INDIA 174 BANGLADESH 176 IMPROVED SANITATION (% of population with access, 2015) MALAYSIA 96% SRI LANKA 95% THAILAND 93% VIETNAM 78% PHILIPPINES 74% BANGLADESH 61% CAMBODIA 42% INDIA 40% Source: World Development Indicators, World Bank, Trends in Maternal Mortality , UNICEF 7
8 LABOUR AND EMPLOYMENT 65% Male 54% Labour Force Participation rate 35% Female 45% Services 4.6% Unemployment Rate 27% Industry 28% Agriculture Share of Employed Source: Annual Labour Force Survey 2014, Department of Census and Statistics of Sri Lanka, World Development I di t W ld B k Age LABOUR FORCE AT ITS LARGEST & Over Female Male ,000700,000500,000300,000100,000100,000300,000500,000700,000900,000 Population Source: Census of Population and Housing (various years), Department of Census and Statistics of Sri Lanka 8
9 WORK FORCE - Educated, trainable & efficient % of the population - Men 67.8%, Women 33.4% Reputed for its precision, quality and productivity Skilled and semi skilled workers at competitive wage rates Renowned for high calibre professional skills World class reputation in the production of high end garments and lingerie markets Second largest pool in the world of UK qualified Accountants (25,000) and Accountancy students (86,000). B o a r d o f I n v e s t m e n t o f S r i L a n k a Investment Facilitation 9
10 BOI (ONE STOP SHOP) EASE OF DOING BUSINESS FACILITATION CENTRE Services Provided: Ease of Company Registration Resident Visa processing for BOI Investors Department of Inland Revenue functions Custom functions Environment concurrence for expediting environmental clearances Attending to Utility issues Assistance in finding suitable land for BOI projects Attending to queries of new investors and existing BOI enterprises B o a r d o f I n v e s t m e n t o f S r i L a n k a Incentives For Investment Duty Free Imports; Capital Goods Raw Materials (For Export Oriented Activities) Exemption from Exchange Control restrictions. Government to introduce the new tax concessions 10
11 Land (Restrictions on alienation) ACT, No. 38 of 2014 Transfer of Land is prohibited for 1) A foreign national 2) A foreign company 3) A company incorporated in Sri Lanka with more than 50% of shareholding of foreign national or a foreign company However foreigners can obtain land subject to a maximum of years lease agreement The above prohibition will not apply to; a) The transfer is to a Diplomatic Mission / Inter Governmental or international, Multilateral or Bilateral Mission b) The transfer is that of a Condominium Parcel situated on or above 4 th floor c) Where the Ministers in-charge of Finance & Land, in the interest of National Economy, have got Cabinet Approval, by order published in gazette to exempt Foreign National or Foreign Company from above prohibition, (provided there is a substantial transfer of foreign remittance to purchase the land) d) foreign company engaged in international commercial operations and the land is purchased to locate or relocate its global or regional operations or to set up a branch office. Cont.. FTAS & PREFERENTIAL ACCESS TO KEY MARKETS 11
12 AGREEMENTS FOR PREFERENTIAL MARKET ACCESS SIGNED AND IN EFFECT ISFTA India - Sri Lanka Free Trade Agreement (2000) PSFTA Pakistan Sri Lanka Free Trade Agreement APTA Asia Pacific Trade Agreement SAFTA South Asia Free Trade Agreement Indo Sri Lanka Free Trade Agreement (ISFTA) 2000 Why trade with India is important large market 1.2 billion people Imports US$ 391 bn worth goods from the world Average growth of Imports for the last 10 years 13% low cost and less time to transport goods from SL to India sea and air connectivity Trade with India Exports grew from US$ 55 US$643 Mn. from period 6% of SL s exports to the world is to India 68% of exports under ISFTA Imports grew from US$ 54 US$ 4268 Mn. from accounts for 22.5% of total SL s imports from the world 6% of imports under ISFTA 12
13 Indo Sri Lanka Free Trade Agreement (ISFTA) Top Exports to India Pepper (13%), Arecanut (11%), other vessels for the transport of persons and goods (8%), Animal feed( 8%), cloves (3%), wiring sets for vehicles(3%), Waste and scrap paper (3%), Black tea (3%), Petroleum oil preparations(2%), Marble (2%) Concessions under ISFTA Duty free access to all products except 196 items (at HS06) in the negative list (100% Duty free access to India for 4,232 products) Tariff rate quotas(trq) can export duty free up to the quota limit per year Apparel (8 million pieces) Tea (15,000 MT) Pepper (250,000 MT) Desiccated Coconut (500 MT) Margin of Preference (MOP) of 25% from applied import duty for textiles ROO Wholly obtained products Not wholly obtained 35% DVA, HS transposition at 4 digit level, bilateral cumulation (SL 25%, India 10%) of Free on Board (FOB) Pakistan Sri Lanka FTA (PSFTA) 2006 Why trade with Pakistan is important Market of 180 million people Imports US$ 46 bn worth goods from the world Average growth of Imports for the last 10 years 9% Trade with Pakistan Exports grew from US$ 55 US$73 Mn. from period 0.7% of SL s exports to the world is to Pakitan 80% of exports under PSFTA Imports grew from US$ 147 US$ 297 Mn. from accounts for 1.6% of total SL s imports from the world 14% of imports under PSFTA 13
14 Pakistan Sri Lanka Free Trade Agreement (PSFTA) Top Exports to Pakistan Betel leaves, Black tea (16%), vegetable products (14%), pepper(11%), Desiccated coconut(7%), Fibre board(6%), Coconut (6%), Labels, badges of textile materials (4%), Fibre board (4%), Surgical gloves(2%), Sewing thread (2%) Concessions under PSFTA Duty free access to all products except 540 items access to Pakistan for 4,686 products ) (at HS06) in the negative list (100% Duty free Tariff rate quotas(trq) can exportdutyfree or at preferentialdutyupto the quotalimit peryear Selected Apparel products: total of 3 million pieces per annum with a ceiling of 200,000 pieces from each tariff line (HS 06) Tea (10,000 MT) Margin of Preference (MOP) from applied tariff Ceramic products 20% Betel leaves 80% Selected cosmetic products (SL national brands ) 50% Selected apparel products 35% (up to quota limit) ROO Wholly obtained products Not wholly obtained 35%DVA,HStranspositionat6digitlevel,bilateralcumulation(SL 25%, Pakistan 10%) of Free on Board (FOB) South Asian Free Trade Agreement (SAFTA 2006) This is among South Asian countries India, Pakistan, Bangladesh, Nepal, Bhutan, Maldives, Afghanistan, Sri Lanka Since there are FTAs with India and Pakistan trade with other countries is important. Bangladesh and Maldives Under SAFTA with India (3%) trade, with Pakistan (1%) trade Countries have separate negative lists ROO Wholly obtained products Not wholly obtained 40% DVA HS transposition at 4 digit level Cumulation Aggregate content at least 50% of Free on Board (FOB) DVA 20% of FOB HS transposition at 4 digit level under general rules and HS transposition at 6 digit level under product specific rules 191 lines are given product specific rules 14
15 Asia Pacific Trade Agreement (APTA) 1975 Members Bangladesh, China, India, Lao PDR, Republic of Korea,Sri Lanka, Mongolia The Agreement is a Preferential Agreement and a positive list agreement. Only provides Margin of reduction from applied rate of tariff Key markets of interest to SL China, Korea India, Bangladesh utilisation 1% insignificant ROO DVA 45% of FOB value Cumulative ROO Aggregate content to be 60% of FOB value POTENTIAL PRODUCTS FOR INDIA & PAKISTAN MARKETS Electronic /electrical products, Machinery and Appliances Processed Food Items Medical Devices Automobiles and components Rubber Products Ceramic Products Source : BOI Research B o a r d o f I n v e s t m e n t o f S r i L a n k a 15
16 GSP GSP provides 3.5% tariff reduction from the applied rate for 3700 products sensitive goods of EU, 20% tariff reduction from the applied rate for 3300 products non sensitive goods of EU GSP+ : duty free access to all products GSP+ eligibility vulnerability not upper or high income country Product concentration of exports largest exports covered by GSP share of exports to EU as a % of GDP SL less then 2% Effectively rarify and implement 27 core international conventions on human & labor rights, environment & good governance The Application & Approval Process SL demonstrates commitment towards 27 international conventions EC and European External Action Service (EEAS) jointly assess the application for 6 months Compliance assessment by governing bodies of international conventions European Council assess for 6 months and then the EU Parliament debates for 4 months. Thus application process takes 10 months. GSP ROO HS Code/ Heading (4 digit level) of the finished product is different from the HS Code/ Heading (4 digit level) of the imported inputs A given % of final value is added in the exporting country The product has undergone a given process of manufacturing inside the exporting country. Regional Cumulation Where goods originated in one member country (of a regional group accepted by EU) is further processed in another member country, it can be considered as originating in the latter. Eg: SL can use fabric imported from India to manufacture apparel and export to EU under GSP scheme. Bilateral Cumulation Where goods originated in EU are used in the manufacturing process of the beneficiary country, the products can be considered as originated in beneficiary country provided a minimum amount of processing is done there. Product eligibility, ROO and applicable tariffs: 16
17 BENEFITS UNDER EU GSP SCHEME Enjoy generous tariff reductions of EU GSP Scheme granted to developing countries. The EU is Sri Lanka s largest market, accounting for one-fourth of all exports (29%), of which garments constituted around 60 per cent. 98 per cent of exports from Sri Lanka to the treatment. EU are eligible for preferential The "GSP+" will provide full removal of tariffs on essentially the same product categories as those covered by the general arrangement. Sri Lanka has applied for GSP + in June 2016 and expects positive results. The fisheries ban from EU has been uplifted from April B o a r d o f I n v e s t m e n t o f S r i L a n k a AGREEMENTS FOR PREFERENTIAL MARKET ACCESS ON THE CARDS EU GSP+ Gaining duty free access to the European Union 17
18 AGREEMENTS FOR PREFERENTIAL MARKET ACCESS UNDER NEGOTIATIONS Sri Lanka - China FTA Third round of negotiations concluded Sri Lanka India Economic Technology Cooperation Agreement covering services & AGREEMENTS FOR PREFERENTIAL MARKET ACCESS PROPOSED Singap ore - Sri Lanka FTA 18
19 BILATERAL TRADE ELATIONS BETWEEN THAILAND AND SRI LANKA SRI LANKA AND THAILAND Bilateral Trade (2015) Exports to Thailand US$ Mn. Imports from Thailand- US$ Mn. Investments from Thailand -USD mn 19
20 Sri Lanka s Exports to Thailand precious stones and semi precious stones (47%) diamonds, Wheat flour and Maslin flour, tea, Apparel, crustaceans, shrimps, crabs, Special woven fabrics, food preparations, rubber tyres, vegetables, imitation jewellery, mineral water and activated carbon. Sri Lanka s Imports from Thailand Sugar dried fish, motor vehicles, fabrics, fibres, natural rubber, petroleum oil, cement, malt extract for food preparations of flour, carbon, containers for compressed or liquefied gas, lifts, escalators, yarn, bulldozers, levelers, scrapers, paper and paper board, buttons, fasteners, maize and electrical transformers 20
21 Investments from Thailand No. Name of the Project Product Description Section 16 Awaiting Implementation Est. Investment (Rs.Mn.) Foreign Local Total New Sector 1 RED OIL (PVT) LTD. CONSULTANCY SER.FOR FILM Services Colombo INDUSTRY 2 LAKE LODGE (PVT) LTD. HOTEL Tourism & Matale Leisure In Commercial Operation 3 ASANO LANKA (PVT) LTD. SHIP REPAIRING,MAINTENANCE,SER VICES Services Colombo 4 S D S PROPERTY DEVELOPERS MULTI STOREY BUILDING Infrastructure Colombo (PVT) LTD. 5 WORLD EXPRESS (CMB) LTD. ENTREPOT ORGANISATION Tourism & Gampaha Leisure 6 BENJARONG (PVT) LTD. THAI & CHINESE FOODS Tourism & Colombo Leisure 7 ASIA CAPITAL LTD. FINANCIAL SERVICES , Services Colombo 8 INST. OF AYURVEDA & ALTERNATIVE MEDICINE AYURVEDA & ALTERNATIVE MEDICINE 9 G R S LANKA (PVT) LTD. CONSULTANCY SER.FOR GEMS & GEM BASED INDUSTRY 10 HILBURN COLLEGE (PVT) LTD. EDUCATIONAL FACILITIES FOR NATIONAL & INTL. EXAMINATIONS District Infrastructure Kalutara Services Colombo Knowledge Services Colombo Investments from Thailand (Contd.. ) Section 17 Awaiting Commercial Operation 11 KALUTARA LUXURY HOTEL & RESORT (PVT) LTD 141 ROOMED FIVE STAR HOTEL 1, , Tourism & Leisure Kalutara In Commercial Operation 12 P H RESORTS (PVT) LTD. 158 ROOMED FIVE STAR HOTEL AT TANGALLE 2, , , Tourism & Leisure Hambantota 13 A M S INTL. (PVT) LTD. GOLD/SILVER JEW.,GEMS,DIAMONDS Manufacturing Colombo 14 BISCHOFF GAMMA LANKA (PVT) LTD. EMBROIDERY LACE Apparel Colombo Total 5, , ,
22 Potential Trade from Sri Lanka to Thailand gems and jewellery, vulcanized rubber, other than hard rubber, Food preparations, Ignition wiring sets and other wiring sets for vehicles, aircraft or ships Animal feed preparations, Pepper Fresh or chilled yellow fin tunas apparel, Activate carbon Waste Paper Sacks and bags of polymers of ethylene, Bicycles and other cycles (including delivery tricycles),not motorized, rubber gloves and vulcanized rubber gloves and mittens 22
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