Norway and Sri Lanka seek private sector cooperation to enhance trade and investment between the two nations

Norway and Sri Lanka seek private sector cooperation to enhance trade and investment between the two nations

Norway and Sri Lanka have reportedly welcomed private sector cooperation to enhance trade and investment between the two countries following recognition of Sri Lanka’s geographical positioning that would enable the country to become a maritime hub.
A joint statement was issued by Prime Minister Ranil Wickremesinghe and Norway’s Prime Minister Erna Solberg at a press conference after their meeting in Oslo, Norway last week.
The two leaders have said the blue economy was a cornerstone of both the Norwegian and Sri Lankan economies, and both countries were committed to the implementation of the Sustainable Development Goals (SDGs).
The joint statement has noted that private sector engagement will be indispensable in the coming years, as innovative and knowledge-based partnerships, in particular with the private sector, are a prerequisite for successful implementation of the SDGs.
Accordingly, Norway and Sri Lanka are to explore further cooperation in areas such as innovation and ocean-technology, fisheries and aquaculture, and sustainability of fish resources.
Both countries have recognized the potential for enhanced private sector cooperation within the information and communications technology (ICT), renewable energy and maritime sectors.
Norway has also invited Sri Lanka to participate in the ‘Our Ocean Conference’ to be held in Norway in October 2019.

OSL take:

The discussion between the prime ministers of Sri Lanka and Norway and the commitment to further increase bilateral trade and investments between the two countries is a positive sign for foreign investors exploring investment opportunities in Sri Lanka. The strong ties between the two ties would see the expansion in the sectors of ocean technology, fisheries, aquaculture and ICT in Sri Lanka. Norway has recognized Sri Lanka’s potential of becoming a maritime hub in the Indian Ocean given its geographical positioning. Therefore, foreign businesses/investors could with confidence look at becoming part of Sri Lanka’s economic growth.

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Article Code : VBS/AT/20181010/Z_1

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