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Sri Lanka calls investors to the country as an emerging gateway to South Asia, Europe and Africa

Sri Lanka calls investors to the country as an emerging gateway to South Asia, Europe and Africa

Sri Lanka’s Minister of Development Strategies and International Trade Malik Samarawickrama has encouraged investors to invest in Sri Lanka at present and take advantage of the island, which is an emerging gateway to South Asia, Europe and Africa.
“Sri Lanka is truly the new hub in the Indian Ocean – and we are ready to welcome you. We are keen to find international partners who can work with our private sector to build on our strengths, reach global markets, and bring in technology and know-how,” the Minister has been quoted as saying.
Samarawickrama has further noted that Sri Lanka offers investors a unique opportunity from which to grow business in the region and that investors will discover a stable macroeconomic climate, a fantastic geographic location, a pleasant living environment, business partners that value good business practices, and a highly trainable workforce.
The Minister has made these observations at the Sri Lanka Investment and Business Conclave 2019 at the Shangri-La Hotel recently.
Over 80 foreign delegates from 22 countries had participated in the event.
He has said that Ministry officials and those of Sri Lanka’s Board of Investment (BOI) will support and facilitate the projects, with the able guidance from industry bodies like the Ceylon Chamber, and the support from embassies overseas.
Samarawickrama has said investors should not get distracted by domestic politics, and what they read in the news. “Sri Lanka has its fair share of challenges and political issues, just like any democracy and any emerging market. Two things remain certain and remain clear throughout – one: is the ample business opportunities that are available in Sri Lanka, and two: is the commitment of the Government to welcome foreign investors and help them succeed in the island.”
“We are probably one of the very few countries in the world that can claim this,” he has said.
He has added that through Sri Lanka, investors will have access to a large market-of nearly 3.5 billion people on preferential terms -beyond our domestic market. “We already have preferential access to a market of 1 billion plus, through our FTA with India, which will soon be expanded to a comprehensive agreement covering services and investment. With our proximity to the fast-growing South Indian states, you will have easier access to these markets from Colombo than even from some parts of India itself.”
“We already have an FTA with Pakistan. We are negotiating a comprehensive FTA with China, and FTAs with Thailand and Bangladesh. We also have preferential access to the European Union through the GSP Plus trade concessions on over 6,000 tariff lines, and we have GSP access to the USA. Together, Sri Lanka’s opportunity is no longer just the 20 million domestic markets, but a massive 3.5 billion global market.”

OSL take:

Sri Lanka is fast becoming a business hub in South Asia. Sri Lanka’s geographical positioning in the Indian Ocean region, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the island have made Sri Lanka the ideal business destination in South Asia. The government of Sri Lanka has given priority to introducing economic policies that are beneficial to foreign businesses/investors looking at doing business with Sri Lanka.

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Article Code : VBS/AT/25092019/Z_1

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