Gateway to Africa the market worth $ 3.4 t

President Ranil Wickremesinghe has given a great deal of prominence to the African continent in the Presidential proclamation on the 75th anniversary of independence.

On the back of that momentous announcement, International Consultants Chairman Ranjiv Goonawardena has taken the initiative in sponsoring and organising the inaugural conference which was convened on 27 March, in collaboration with the Sri Lanka Export Development Board and the Sri Lankan High Commission in Pretoria.

The conference was oversubscribed and a number of companies were unable to participate due to the overwhelming demand to register.

The inaugural conference focused on deliberating on doing business in Mozambique. Mozambique Industry and Trade Minister Silvino Augusto José Moreno gave the keynote speech and opening remarks. Stating that his country was ready, willing and able, open to do business and welcome companies from Sri Lanka to establish developing opportunities with mutual significant interest. Specifically in the key sectors comprising; power energy, civil construction, engineering services and telecommunication sector.

Key presentations were made by Mozambique Investment and Export Promotion Agency (APIEX) Director-General Gil Bires talking about the legal framework for investment plus business opportunities in Mozambique. Followed by presentations on Small Hydro Sustainable Solutions, Renewable Energy; Wind, Solar Investment were conducted by the Ministry of Mineral Resources and Energy.

Opportunities in the construction sector were presented by the Ministry of Public Works, Housing and Water Resources. The final introduction was then made by the Ministry of Transport and Communications.

Sri Lanka Export: Development Board Export Services Director Indumini Kodikara who is responsible for the improvement of the service export performance, moderated the conference. Sri Lanka High Commission in Pretoria former Commercial Secretary Sanjeewa Ranasinghe Bandara conducted the Q&A session.

At the conference, International Consultants Chairman Ranjiv Goonawardena, stated that Sri Lankan companies have a competitive edge, compared to rivals from the Western Hemisphere due to the cost of labour being far less in comparison. Sri Lankan quality of work is of international standing or even better than their competitors in Europe.

The African market is worth $ 3.4 trillion embracing 54 countries with a population of 1.3 billion. Right now African countries are getting together to create a single market, work in progress as we speak, similar to the European Union. Called the African Union Free Trade Agreement where goods and services can be manufactured in any of the African countries and exported without paying duties or tariffs in time to come.

A critical component is that a large number of African countries are deemed as least developed economies which implies that under the UN description they will be eligible for trade preferences and financial assistance including official development assistance, debt relief, technical assistance including other forms of support. This means that they have free access to the European and the American market duty-free whereby Sri Lankan companies could even manufacture goods and services in the African continent while having access to three markets under this agreement. Free access to America, Europe and the African Union countries.

In the closing remarks which were made by Ranjiv Goonawardena who emphasised that funding is available for projects in the African continent from America. On 26 March, America Vice President Kamala Harris landed in Africa. Will be visiting Ghana, Tanzania and Zambia. Seeking to gain influence on the continent and becoming its partner of choice and they have pledged $ 55 billion in financial assistance. The European Union has also pledged 150 billion euros which equates to $ 170 billion for investing in Africa.

International consultants can access this type of funding for projects in the African continent. As we have been liaising extensively for several years on different projects and have a working relationship with financial providers.

This conference has provided a great opportunity for Sri Lankan companies and corporations to look at the alternative African market. This is a way Sri Lanka can export itself out of the current economic crisis which has beset the country.