Investing in Sri Lanka during times of economic turmoil is not for the faint-hearted. However, a select group of visionary investors have repeatedly placed their trust in the country, drawn by their deep-rooted connection and belief in its potential, says senior director of several local companies Dinesh Weerakkody..
These individuals and corporations have remained steadfast in their commitments, despite political instability and financial crises. Their investments have played a pivotal role in stabilizing industries, generating employment, and reinforcing Sri Lanka’s position as an attractive investment destination, he added. .
Investors Who Made a Difference
Sri Lanka’s development has been significantly influenced by both large multinational corporations and individual investors willing to take calculated risks. These contributions, though sometimes overlooked, have been instrumental in boosting key sectors, including tourism, manufacturing, infrastructure, and technology.
One of the most notable investors is the Kuok family, whose Shangri-La hotel chain has elevated Sri Lanka’s luxury tourism industry. Their properties in Colombo and Hambantota have demonstrated long-term confidence in the country’s tourism sector, even with setbacks like the Easter Sunday attacks and the economic crisis, he highlighted.
Nepalese billionaire Binod Chaudhary, through CG Corp Global, has been another strong proponent of investment in Sri Lanka. His holdings in Jetwing Hotels and Union Bank, as well as collaborations with John Keells, underscore his belief in the country’s economic future. His interest in manufacturing and consumer goods further highlights his diverse investment strategy.
The late S.P. Tao was an early investor with remarkable foresight. He developed the iconic World Trade Centre in Colombo, committing $100 million—Sri Lanka’s largest foreign direct investment (FDI) in the 1980s. His family has continued this legacy through the Havelock City development, further contributing to the country’s real estate sector.
Strategic Infrastructure and Industrial Investments
Indian billionaire Gautam Adani has emerged as a major investor in Sri Lanka’s infrastructure. The Adani Group’s investment in the West Container Terminal at Colombo Port marks a significant step in the maritime industry. This move not only reflects Adani’s confidence in Sri Lanka’s strategic location but also encourages broader Indian private sector involvement in infrastructure projects.
Belgian entrepreneur Pierre Pringiers has also made an indelible mark. He founded Solideal-Loadstar, a tyre manufacturing company specializing in industrial and construction vehicle tyres. His perseverance and belief in Sri Lanka’s potential led to Loadstar becoming part of Michelin. Pringiers also ventured into yachting businesses, demonstrating his entrepreneurial versatility.
Broader Contributions Across Sectors
Beyond individual investors, various corporations and funds have played a vital role in Sri Lanka’s economic landscape. High-net-worth individuals such as Mark Mobius and funds like Norges, Aberdeen, Fairfax, and Templeton have actively invested in the Colombo Stock Exchange. Telecommunications giant Dialog Axiata PLC has revolutionized connectivity, while major firms like Hambantota International Port Group Ltd. and CHEC Port City Colombo Ltd. have shaped the country’s infrastructure.
Additionally, international companies such as Ansell Lanka Ltd., Calzedonia Finanziaria, Prima Ceylon, and Continental have strengthened Sri Lanka’s export sector. Multinationals like GSK, Nestlé, HSBC, and Unilever have continued to support the country’s growth, ensuring resilience in multiple industries.
The technology and BPO sectors have also seen significant contributions from companies like IFS, Virtusa, and WNS, further diversifying Sri Lanka’s economic prospects. In apparel, major players such as MAS, Brandix, and Hidramani have been instrumental in driving exports and creating employment opportunities.
