Faiszer Musthapha re-launches EU-Sri Lanka Business Dialogue

Saturday, 30 August 2014 04:47 - - {{hitsCtrl.values.hits}}

In an effort to have a more open platform for discussion between the Government and investors of the European Union the EU-Sri Lanka Business dialogue was re-launched earlier this week. While investors are been noted to have gone to wrong agencies to resolve their issues, the dialogue was launched at the EU Council meeting with the purpose of creating a permanent discussion between the Board of Investment (BOI) and the investor community to address concern and matters. The dialogue was re-launched by Deputy Minister Investment Promotion Faiszer Musthapha who addressed the EU Council along with Ambassador of the European Union to Sri Lanka David Daly. Present at the Council were also Ambassador of the Netherlands L.W.M. Piet, Ambassador of Italy Fabrizio Pio and Deputy Ambassador of Germany Dr. Michael Dohmen.

The purpose of the meeting was to engage the European Union in economic terms and encourage investments from its member countries into the nation. Noting that the dialogue was initiated with various quarters having expressed the need for such a platform, Musthapha expressed the forum will also allow in having a closer dialogue with Europe. Currently approximately a quarter of all FDI to Sri Lanka originates from enterprises from the EU. These companies are engaged in the manufacture of textile/apparel and accessories and IT/IT-enabled services, gems and jewellery, ceramic, rubber-based products (including tyres and auto parts), coir products, wooden, soft toys, tourism and leisure projects, infrastructure projects light and heavy engineering, agriculture and food processing. Among the leading investors the European Union are the United Kingdom which has projects in data processing, IT, sportswear and textiles, port development, printing of currency and manufacture of air cargo pallets and nets. German companies on the other hand have invested in projects which include precision moulding, manufacture of chemicals, lingerie, knitwear, magnetic heads, and other products. Belgium investments cover sectors such as manufacture of cigars, solid tyres, software development and garments. Dutch Investment focuses on tobacco processing, sales foliage plants wooden education items and storage of LP gas. French enterprises under BOI are engaged in manufacture of lace, PVC Gloves for export coir dust labs and interlining of garments. Italian investments are engaging in lingerie manufacture footwear agriculture and tourism projects. Other EU countries invest in Sri Lanka, Spain and Sweden. Sri Lanka investment relations with EU are highly-developed and include investment protection and guarantee agreements with Belgium, Denmark, France, Germany, Italy, Luxembourg, Netherlands, Sweden, Czech Republic and United Kingdom. Furthermore, Sri Lanka has also entered into double tax agreements with Belgium, Denmark, Finland, France, Germany, Italy, Luxembourg, Netherlands, Sweden, and United Kingdom.