Private enterprise promotion project

The project, to be implemented by the Ministry of Finance and Planning"s International Economic Cooperation Division, will create an Investors Service Center (ISC), support business management training and entrepreneur development, conduct investment studies, actively promote private sector investment, and provide select sector support. An ISC will be developed as a self-supporting, independent entity to support private business expansion and to link public policy and regulatory entities (e.g., the Foreign Investment Advisory Committee, Greater Colombo Economic Commission) and private organizations (e.g., Chamber of Commerce). The ISC will also provide a clearinghouse of information and assistance for local and foreign investors. Business management training courses at the Institute of Chartered Accountants and three universities will be updated to assist the private sector in general business management, marketing, and production and financial management. This component will also upgrade and expand entrepreneur development efforts at the Chamber of Small Industries, the Industrial Development Board/All Ceylon Trade Chamber, and the National Youth Services Council. Some 30 prefeasibility studies and 70 investment profiles will be prepared on industries where Sri Lanka has a comparative advantage; at least half of the studies will be for potential agro-industrial investments. Priority areas include oil seeds and cakes; soya bean and wing bean processing; rubber-based products; livestock feeds; coconut fiber products; fruit, juice, and vegetable processing; cut flowers; and poultry. The ISC will actively promote this sector assessment in cooperation with local and foreign chambers of commerce and the U.S. Department of Commerce"s Investment Opportunity Program and efforts will be made to improve existing promotional activities directed towards foreign and Sri Lankan investments and joint ventures. Finally, further analysis will be made, as needed, of select areas (e.g., rural industry, markets, agribusiness, investment guarantees, industrial energy) prior to their being recommended for Government of Sri Lanka action, as well as of areas germane to a possible follow-on project.