Belgian entrepreneurs interested in Sri Lanka’s business potential

Forty Belgian company representatives who participated at an interactive business workshop organised by the Sri Lanka Embassy in Brussels in collaboration with Brussels Enterprises Commerce and Industry (BECI), Walloon Investment and Trade (AWEX) and Flanders Investment and Trade (FIT) on 21 November 2012, have shown a great interest in constructive business engagements with Sri Lanka.

Objectives of this business workshop were to provide up-to-date business information and to facilitate exchange of views on business potential between Belgium importers/investors who deal with Sri Lanka.

Total trade between Sri Lanka and Belgium reached US$ 1.0 billion in 2011. This reflects a 100% increase of the total trade turnover with Belgium during the last five years. Sri Lanka’s exports to Belgium have increased by 50% in 2011 from US$ 377 million in 2010 to US$ 465 million in 2011. Many importers, investors and trade promotional institutions in Belgium have shown a great enthusiasm in developing business relations with Sri Lanka.

The business workshop had been organised taking into account the positive outcome of the 50 representatives from 40 Belgium companies who visited Sri Lanka in November 2010 under the theme ‘Belgium Business Week’ in Colombo, and the fruitful B2B program which was organised at BECI during the visit of a business delegation from Sri Lanka to Belgium led by Minister of Industry and Commerce Rishad Bathiudeen in November 2011.

Meanwhile, 29 business representatives of Belgium visited Expo 2012, the premier exhibition held in March 2012. 

Director International of BECI Jean-Philippe Mergen in his opening remarks mentioned the dynamic and fruitful relationship between the Embassy and the BECI in promoting trade and economic relations between the two countries, which has produced tangible outcomes.

Ambassador for Sri Lanka in Belgium P.M. Amza briefed the audience on the latest developments in the country on the political stability and the promising investment climate after ending of the terrorism in the country. He further stated that the Free Trade Agreements that Sri Lanka entered with India and Pakistan in 2000 and 2005 respectively provided a unique opportunity for Belgians entrepreneurs. Sri Lanka has also become a great travel destination for Belgians.

Commercial and Economic Affairs Minister of the Embassy R.D.S Kumararatne in his presentation highlighted the comparative benefits for Belgian entrepreneurs in dealing with Sri Lanka. The volume of trade which has recorded a remarkable growth is a clear demonstration of the potential for further expansion of trade relations. Numerous facilities and incentives provided by Sri Lanka in addition to its location and logistical advantages were also highlighted.

Three leading Belgian companies (Bluecorp, GP Garments, and UTP), operating in the fields of IT, garments, and manufacture of cigars in Sri Lanka, shared their experience with the audience and guaranteed the benefits by engaging with Sri Lanka. Their presentations were of great attraction to the participants in the seminar.

Arnould Geys, Area Manager for Asia of Flanders Investment and Trade (FIT), briefed the participants of FIT’s plan to arrange a trade mission to Sri Lanka from 27 May to 5 June in 2013. FIT has decided on this mission taking into account the growing interest of the business community to engage with Sri Lanka. FIT will also extend financial assistance to the SME sector participants in the mission.