Qatar-Sri Lanka Business Council to serve as platform for closer relationship
The Morning: A new business council was inaugurated at the Sri Lankan embassy in Doha recently, to facilitate enhancing economic ties between Qatar and Sri Lanka.
The ‘Qatar-Sri Lanka Business Council’ will serve as a platform to foster closer relationships between business communities in Qatar and Sri Lanka as well as promote and develop mutual investments and bilateral trade opportunities of both countries.
The event held to inaugurate the Qatar Sri Lanka Business Council emphasised the aim and plans of the organisation in the presence of Ambassador of Sri Lanka to Qatar Mohamed Mafaz Mohideen, office bearers of the council and embassy officials. “The establishment of this Business Council is not merely symbolic but holds immense practical value. It serves as a dedicated platform to strengthen economic ties, facilitate business interactions, and explore new avenues for growth and cooperation between our two nations,” said Ambassador Mohideen.
“Qatar and Sri Lanka share a rich history of trade and cultural exchange, and now, through this Council, we have the opportunity to elevate our commercial relationship to new heights. The council will undoubtedly create a conducive environment for enhancing trade volumes, attracting foreign direct investment (FDI), and exploring emerging sectors of mutual interest by fostering direct engagement between businesses, promoting investments, and facilitating knowledge exchange,” he added. Qatar Sri Lanka Business Council President John Prasad in a statement to The Peninsula shared main objectives of the council as to promote bilateral trade, share investment opportunities, foster business collaboration, enhance networking and support SMEs.
He said the council will work to create a balanced trade relationship by enhancing and diversifying trade between Qatar and Sri Lanka, encourage Qatari investments in key sectors in Sri Lanka such as tourism, real estate, manufacturing, products and services, share business opportunities with the Sri Lankan business community to collaborate and explore the Qatari market, build a strong business network and relationship between the business communities of Qatar and Sri Lanka, and provide necessary information and groundwork for small and medium-sized enterprises to expand into international markets.
“The success of this business council hinges on the active collaboration and participation of the business communities from both nations. By working together, we can create a dynamic and successful network that will mutually benefit our countries,” said Prasad.
OSL take:
Sri Lanka is currently in the process of reviewing and further strengthening the country’s existing trade ties with foreign countries while also exploring further expansion of trade ties with more countries. It is in such a backdrop that Sri Lanka is exploring further business and trade ties with Qatar through the Qatar-Sri Lanka Business Council. With Sri Lanka’s economy on an expansion path supported by the country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed with other countries, Qatari businesses/investors could confidently explore the growing business/investment opportunities in all key economic sectors in Sri Lanka. These opportunities would see further growth with Sri Lanka’s target of becoming a hub in the South Asian region. Sri Lankan businesses could also look at forming partnerships with Qatari businesses given the interest shown by Qatar in expanding business and trade ties with Sri Lanka. Qatari businesses could also look at setting up bases in Sri Lanka to engage with other countries in the region using the preferential trade agreements the country enjoys with other countries.