The representatives briefed Minister Samaraweera on various investment projects undertaken by the Japanese Chamber of Commerce and Industry in the country and exchanged views on ease of doing business in Sri Lanka.
The Japanese delegation apprised the Minister of issues faced by investors with regard to various tax reforms implemented from time to time. They stated that most of their products are being exported under forward contract with buyers and any sudden amendment to the tax regime may affect their exports.
The Japanese delegates requested the Finance Minister to give them at least six months’ notice prior to the enforcement of any tax amendments, as it might have an adverse impact on exports.
Minister Samaraweera stated that since Sri Lanka intends to implement an investor and export friendly economic policy, the Government would implement tax reforms favourable to exports.
The Japanese Ambassador was accompanied by a high-profile business delegation consisting of the Chairman/President of Training and Service Industry Group of Mitsubishi Corporation Eiji Suga, Vice Chairman of Taisei Corporation Hiroki Horikawa, Vice Chairman of Noritake Lanka Porcelain Yoshinari Shimaya, Vice President of Itochu Corporation Akira Matsui, Vice President of Oriental Consultants Noboru Kitazawa, Vice President of YKK Lanka Ryuhei Nagahata and Secretary General of the Japan External Trade Organization (JETRO) Kazuhiko Obama.