Sri Lanka’s BOI, EDB and Business France signs tripartite MOU in order to promote trade and investments
A Memorandum of Understanding (MOU) was reportedly signed between the Board of Investment of Sri Lanka (BOI), the Export Development Board of Sri Lanka (EDB) and Business France.
Dumindra Ratnayake, Chairman of the BOI, Indira Malwatte, Chairperson of the EDB and Sophie Clavelier, Head of Business France, South Asia, had signed the MOU on behalf of the respective organizations.
The BOI, which is the investment promotion agency of the government of Sri Lanka, functions as the central facilitation point for investors with the purpose of improving Sri Lanka’s investment climate. The EDB is Sri Lanka’s premier organization for the promotion and development of exports. Business France, is an agency of the French Government, has the task of developing the internationalization of French Companies as well as promoting the image of France in the world and promoting foreign investments in France.
Jean-Marin Schuh, Ambassador of France to Sri Lanka and the Maldives as well as senior officials of the BOI, EDB and Business France have participated at the event.
BOI Chairman Ratnayake has stated, “This MOU is a very positive development since it will help to increase in the future investment in areas such as manufacturing and infrastructure. It also has to be seen in connection with the FTAs that Sri Lanka has entered into with India, Pakistan and Singapore and will sign in the future with China. These FTAs give market access to goods produced in Sri Lanka.”
He has further stated, “Another important development is Port City with many opportunities for construction and other investment in the future.”
According to the BOI Chief, the MOU will help to strengthen relations and facilitate trade and investment with France in the future.
Indira Malwatte, Chairperson of the EDB has stated, “We have had a very positive meeting with Business France. France is the 6th largest market for Sri Lankan exports to the European union.”
She has added, “Sri Lanka is to launch the National Export Strategy and this will also generate greater interest in our products. Currently we are promoting Ship and Boat building, spices to be used in the manufacture of perfumes and cosmetics and of course the IT sector. It is our decision to focus just on three sectors for the moment and these are sectors where France is very strong.”
Sophie Clavelier, Head of Business France South Asia has stated, “We had a very positive meeting and I am excited to sign this MOU on behalf of the CEO of Business France. We must ensure that this MOU must live and must work together in developing certain niche areas that Sri Lanka has to offer. One area which I would like to see develop is the Agro Sector where Sri Lanka has lot of potential.”
She has further noted that a country such as Sri Lanka should not look at competing with giants economies such as India.
OSL take:
The tripartite agreement would undoubtedly see an increase in Sri Lanka’s trade sector as well as encourage foreign investments in to the country. The move would also improve Sri Lanka’s ease of doing business environment and promote investments in the fields of manufacturing and infrastructure. The latest agreement could be used by interested investors to explore for opportunities in key economic areas in Sri Lanka.
| Article Code : | VBS/AT/20181001/Z_2 |