The Securities and Exchange Commission (SEC), along with the Foreign Ministry and the Colombo Stock Exchange (CSE), has commenced a series of virtual meetings to educate staff of Sri Lankan Missions overseas on the growth potential and investment opportunities available in the capital market of Sri Lanka.
This initiative will enable the respective staff of Missions overseas to promote portfolio investments to Sri Lanka among the investor community in the respective countries and assist the SEC and the CSE in organising future overseas forums.
“Portfolio investment will act as a catalyst for economic growth and is a top priority for the Government, particularly in the context of post-Covid economic recovery. These forums will offer the Sri Lankan diaspora the opportunity to understand the investment prospects available in the capital market of Sri Lanka as well,” remarked SEC Chairman Viraj Dayaratne PC.
The CSE has performed exceptionally well in the past 12 months, with the All Share Price Index (ASPI) appreciating more than 55% and the S&P SL20 Index appreciating more than 44%. In 2021, the average daily turnover of the CSE stands at Rs 4.8 billion against the Rs. 1.8 billion in 2020.
Even though the market has performed exceptionally well, foreign investor contribution to the total market turnover is not substantial due to the prevailing Covid-19 pandemic throughout the world. The SEC is of the view that every effort must be made to impress foreign investors/fund managers and diaspora of the compelling value proposition of the Sri Lankan capital market. In this sense, the SEC believes capital flows will also act as a catalyst to economic growth and contribute towards increased wealth creation.
Additional Secretary to the Foreign Ministry P.M. Amza, SEC Chairman Dayaratne, SEC Director General Chinthaka Mendis, CSE Chief Executive Officer (CEO) Rajeeva Bandaranaike, SEC Director of External Relations and Capital Market Education Tushara Jayaratne, SEC Director of Surveillance and Capital Market Development Prabash Wanigatunge, CSE Head of Marketing Niroshan Wijesundere, CSE Head of Research and Strategy Nishantha Hewavithana, and senior officials of both the SEC and the CSE participated in these initial virtual forums.
The first in the series was conducted with the participation of Sri Lankan High Commission in the UK Minister – Commercial Dr. Lakmini Mendis and other senior officials. High Commissioner of Sri Lanka to Singapore Sashikala Premawardhane, Ambassador of Sri Lanka to Sweden Dharshana M. Perera, Ambassador of Sri Lanka to Abu Dhabi Malraj De Silva, Consul General of Sri Lanka to Dubai and Northern Emirates Nalinda Wijerathna, Embassy of Sri Lanka to Abu Dhabi Head of Chancery M.I.M. Rizvi and other senior officials from the Foreign Ministry also participated in the virtual forums conducted with the respective foreign Missions.
The SEC and the Foreign Ministry are in the process of organising three more virtual presentations with the assistance of foreign Missions in Tokyo, Washington, and Beijing.
This initiative will enable the respective staff of Missions overseas to promote portfolio investments to Sri Lanka among the investor community in the respective countries and assist the SEC and the CSE in organising future overseas forums.
“Portfolio investment will act as a catalyst for economic growth and is a top priority for the Government, particularly in the context of post-Covid economic recovery. These forums will offer the Sri Lankan diaspora the opportunity to understand the investment prospects available in the capital market of Sri Lanka as well,” remarked SEC Chairman Viraj Dayaratne PC.
The CSE has performed exceptionally well in the past 12 months, with the All Share Price Index (ASPI) appreciating more than 55% and the S&P SL20 Index appreciating more than 44%. In 2021, the average daily turnover of the CSE stands at Rs 4.8 billion against the Rs. 1.8 billion in 2020.
Even though the market has performed exceptionally well, foreign investor contribution to the total market turnover is not substantial due to the prevailing Covid-19 pandemic throughout the world. The SEC is of the view that every effort must be made to impress foreign investors/fund managers and diaspora of the compelling value proposition of the Sri Lankan capital market. In this sense, the SEC believes capital flows will also act as a catalyst to economic growth and contribute towards increased wealth creation.
Additional Secretary to the Foreign Ministry P.M. Amza, SEC Chairman Dayaratne, SEC Director General Chinthaka Mendis, CSE Chief Executive Officer (CEO) Rajeeva Bandaranaike, SEC Director of External Relations and Capital Market Education Tushara Jayaratne, SEC Director of Surveillance and Capital Market Development Prabash Wanigatunge, CSE Head of Marketing Niroshan Wijesundere, CSE Head of Research and Strategy Nishantha Hewavithana, and senior officials of both the SEC and the CSE participated in these initial virtual forums.
The first in the series was conducted with the participation of Sri Lankan High Commission in the UK Minister – Commercial Dr. Lakmini Mendis and other senior officials. High Commissioner of Sri Lanka to Singapore Sashikala Premawardhane, Ambassador of Sri Lanka to Sweden Dharshana M. Perera, Ambassador of Sri Lanka to Abu Dhabi Malraj De Silva, Consul General of Sri Lanka to Dubai and Northern Emirates Nalinda Wijerathna, Embassy of Sri Lanka to Abu Dhabi Head of Chancery M.I.M. Rizvi and other senior officials from the Foreign Ministry also participated in the virtual forums conducted with the respective foreign Missions.
The SEC and the Foreign Ministry are in the process of organising three more virtual presentations with the assistance of foreign Missions in Tokyo, Washington, and Beijing.