March 16, Colombo (LNW): China’s Ambassador to Sri Lanka, Qi Zhenhong, has underscored the importance of creating a more reliable and transparent environment for foreign investors, noting that such reforms would play a crucial role in accelerating the country’s economic recovery and long-term development.
Speaking during an interactive discussion with journalists and representatives of policy research organisations last Friday (13), the ambassador stressed that Sri Lanka should focus on establishing a business climate that is fair, open and predictable.
According to him, international investors carefully assess the regulatory and administrative framework of a country before committing funds, and therefore stability and clarity are essential.
He pointed out that companies looking to invest overseas often have to engage with several government institutions and regulatory bodies. As a result, a system that ensures transparency and consistency across all sectors would make the country more attractive to foreign partners.
Commenting on Sri Lanka’s current economic trajectory, Qi observed that the country appears to be gradually regaining stability. He noted that tourism earnings and worker remittances have been rising in recent months, while inflation and interest rates have largely remained within single-digit levels. These indicators, he said, suggest that the economy is moving in a positive direction.
However, he also acknowledged that a number of long-standing structural challenges continue to hinder the pace of economic growth. Addressing such deep-rooted issues, he remarked, requires sustained policy efforts and cannot be resolved overnight.
Drawing on a traditional Chinese proverb about the value of perseverance and hard work, the ambassador encouraged Sri Lanka to pursue continuous self-improvement and long-term planning in its economic strategy. He emphasised that while agriculture remains important, the country should place greater emphasis on strengthening its industrial base and developing value-added sectors.
Qi also highlighted the importance of simplifying procedures for investors. Referring to China’s own experience, he said efficient administrative systems — particularly one-stop service platforms — can significantly reduce delays and improve investor confidence.
He explained that in many Chinese cities, including Shanghai, foreign investors are able to complete most formalities through a single integrated system, often even before arriving in the country. Such digital and centralised services, he said, help streamline approvals and reduce bureaucratic obstacles.
The ambassador added that improving transparency alone would not be sufficient. In his view, Sri Lanka should also focus on making approval processes faster and more efficient so that investors can move from planning to implementation without unnecessary delays.