UK promotes bilateral trade and investment in Sri Lanka

Colombo Page
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The British Government is taking number of steps to promote bilateral trade and investment in Sri Lanka, and UK is the "natural choice" for Sri Lankan seeking overseas business ventures, a British diplomat has said.

Addressing the National Chamber of Commerce of Sri Lanka (NCCSL) Friday, the British Deputy High Commissioner, Mark Gooding, has said that the British High Commission in Colombo provides extensive market support to British companies wishing to invest in Sri Lanka and Sri Lankan companies wishing to do business in the UK.

To promote bilateral trade with the former colony, the British Government has also increased its level of export credit cover for UK companies wishing to invest in Sri Lanka from $150 million to $200 million, he said.

According to Gooding, the British Government in addition is developing a new business express visa programme for Sri Lankan companies whose staff needs to travel regularly to the UK.

The diplomat highlighted the advantages of doing business in the UK, including its open business environment, its history of sustained growth, its stable and well-regulated business environment - one of the least corrupt in the world its flexible labour market and the fact that it is a global trading centre and a gateway to the European market.

"The close historical ties between the UK and Sri Lanka make us natural partners in prosperity. Already Sri Lankan exports to the UK are worth $1 billion a year, UK companies provide $300 million in foreign direct investment in Sri Lanka, and over 100 UK affiliated companies operate in Sri Lanka," Gooding said.

The end of nearly thirty years of civil war in Sri Lanka and the economic recovery in the UK have given the UK and Sri Lanka an historic opportunity to create new business partnerships and further increase two way trade and investment, the deputy High Commissioner pointed out.

Reiterating the British High Commission's assistance, Gooding said the High Commission is committed to supporting this process, and stands ready to assist UK and Sri Lankan companies in building prosperity together.

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