Sri Lanka’s Prime Minister moots establishing joint economic council with UAE
Daily FT: Prime Minister Dinesh Gunawardena has proposed the setting up of a Joint Economic Council with the United Arab Emirates (UAE) to promote trade and investment cooperation between the two countries.
The suggestion was made when the UAE Minister of State, Ahmed bin Ali Al Sayegh called on the Prime Minister at Temple Trees recently.
The UAE Minister agreed that official negotiations should be commenced soon to finalize the Cooperation of Economic Partnership Agreement for enhancing economic ties as there is immense potential in the trade, energy and tourism sectors as well as increasing investments in renewable energy projects in Sri Lanka.
The Prime Minister said the UAE has opportunities now to invest in new sectors such as agriculture as new economic zones have been set up for the growth of food crops for export.
He thanked the UAE for the support and assistance provided to Sri Lanka for development work as well as for employing nearly 300,000 Sri Lankan workers.
The UAE Minister said the expatriate Sri Lankan workers are an asset for the economies of both countries.
OSL take:
Sri Lanka is currently exploring new business, trade and investment opportunities along with the expanding economic activities. The country is also reviewing and revamping existing trade and economic ties with other countries while also exploring the formation of new ties. It is in such a backdrop that the Sri Lankan Prime Minister has proposed the setting up of a Joint economic council with the UAE to further expand business, trade and investment between Sri Lanka and the UAE. Businesses/investors in the UAE have already expressed interest in doing business and investing in Sri Lanka given the growing business potential in the country. With Sri Lanka working towards becoming an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and the strong trade ties enjoyed by the country, the business/investment opportunities in Sri Lanka are bound to expand further. Businesses/investors in the UAE could therefore confidently explore the expanding opportunities in Sri Lanka and use Sri Lanka as a base to engage with other countries in the region.
| Article Code : | VBS/AT/20231023/Z_8 |