Trade Doors are now opened for Sri Lanka renewable energy firms to commence commercial operations in Africa
A path-breaking initiative has been established in Addis Abeba for renewable energy companies based in Sri Lanka to move to Africa through a program supported by the United Nations Development Program and China, the Ethiopian embassy said.
China is funding a three-year $2 million loan program involving Ethiopia and Sri Lanka to support a renewable alternative stated by UNDP Representative Turhan Saleh for Ethiopia.
Sumith Dassanayake, Sri Lankan Ambassador to Ethiopia and Permanent Representative to the African Union, said that Sri Lanka has made powerful strides in renewable energy and that many Sri Lankan companies have obtained ability to create and deploy renewable energy alternatives.
Ambassador Dassanayake said that private businesses in Sri Lanka have earned global recognition for constructing renewable energy alternatives for industrial and residential use and that African countries have access to their knowledge.
Earlier this year, African energy consumption mildly accelerated, rising by 2.9 percent relative to the average 10-year development (+ 2.7 percent) which clearly indicates the rising energy needs of the African regions.
OSL Take:
The authorities of Sri Lanka are involved in a worldwide movement to encourage island trade and investment. The nation has also participated in many global exhibitions on a big scale and has launched bilateral trade talks with many foreign nations. Meanwhile, Sri Lanka’s government is constantly developing the country’s Ease of Doing Business i.e. company environment.
In addition, Sri Lanka is the perfect business / investment location in the South Asian domain due to its geographical placement in the Indian Ocean along with the many trade contracts as well as trade concessions enjoyed by the island. In this context, trade and investment debates in Africa would open up possibilities for business / investment in both nations.
| Article Code : | VBS/AT/26082019/Z_T2 |