From left: ECCSL Vice President Arnold Perera, ECCSL Director Koenraad Pringiers, Trade and Investment Commissioner of Belgium to Sri Lanka and SAARC countries Alexis Bossuyt, Belgium Ambassador India and Sri Lanka Jan Luykx, Belgium Embassy First Secretary Trade and Investment Kathlijn Fruithof and Belgium Consulate Trade Counselor Dominique Tanghe – Pic by Lasantha Kumara

By Charumini de Silva

Sri Lanka has great potential to attract Belgian investments as the country now has quite a positive business friendly climate, Ambassador of Belgium to India, Sri Lanka and other SAARC nations, Jan Luykx, said.

He believes the overall outlook for investments in Sri Lanka is good.  

Commenting on the investment climate in Sri Lanka, Luyks emphasised that there were around 20 Belgium companies that had invested in the country and were performing quite well.  

“Sri Lanka has the potential for economic growth and is one of the emerging economies in South Asia,” he added, delivering the keynote address at a breakfast meeting held with a Belgian delegation, which was organised by the European Chamber of Commerce of Sri Lanka (ECCSL) yesterday in Colombo.  

There are many opportunities to capitalise on particularly when one considers traditional trading and investment partners, he pointed. 

“We have well reputed companies specialised in domains such as technology, drinking water, renewable energy and wastewater treatment, where Belgium has the possibility of providing financial assistance to these kinds of investments,” he added. 

Therefore, the Ambassador invited the Sri Lankan companies to explore these impending business opportunities.

Despite Europe being one of Sri Lanka’s key trading and investment partners, during the past couple of years the trade between Belgium and Sri Lanka has dropped significantly. 

During 2013, trade between the two countries amounted to € 500 million and it further declined to € 220 million in 2014.

Luykx went on to say that Sri Lanka was the only country which incurred a trade deficit out of all the countries they traded with.  

Embassy of Belgium, First Secretary Trade and Investment Brussels and Wallonia Region Kathlijn Fruithof; Consulate of Belgium Trade Counsellor Dominique Tanghe; Embassy of Belgium Trade Investment Commissioner of Belgium to India, Sri Lanka and other SAARC countries, Alexis Bossuyt, were also present.

SL should consider finalising CEPA, says Belgium Ambassador

Breaking the deadlock on reaching international trade, Sri Lanka should explore the opportunity ahead of the country in finalising the CEPA with India, Ambassador of Belgium to India, Sri Lanka and other SAARC nations, Jan Luykx, said.

He said that there was great potential that Sri Lanka could look forward to in terms of economic expansion.

“We feel that there is great potential for economic expansion through such an agreement which would be very imperative for Sri Lanka in reaching the next level of economic growth,” he said while delivering the keynote address at a breakfast meeting held with a Belgian delegation, organised by the European Chamber of Commerce of Sri Lanka (ECCSL) yesterday.  

Noting that South Asia was one of the world’s regions where economic interaction between countries was at its lowest, he emphasised that this would be a great opportunity for Sri Lanka to remove barriers to international trade and enhance its trade relations within the region.  

“I think it is also something that European countries should look at because participating in it will enable whole economic integration and good economic collateral,” Luykx added.

He also pointed out that South Asia is strongly withstanding the global financial turbulence and it is a great indication that the region has much potential for trade and investment in this part of the world. (CDS)