EU wants ‘unhindered trade’ with Sri Lanka

As the country’s open economy policy brought the two economies together

By Sanath Nanayakkare

The European Union’s close partnership with Sri Lanka and the benefits of Sri Lanka’s open economy policy were the key factors in bringing the economies of the European Union (EU) and Sri Lanka together, Thorsten Bagfrede, Deputy Head of the Delegation of the EU to Sri Lanka and Maldives said recently.

And then he emphasized on the importance of policy consistency and unhindered trade, mentioning that the EU is still the biggest market in the world and one of Sri Lanka’s top export destinations. Bagfrede also said that the green economy is a priority for the EU and invited investors to participate in this initiative.

Grace Asirwatham, Ambassador for Sri Lanka in Brussels, Luxembourg and the Mission to EU said, “The European Union representing 27 countries as a regional bloc is of paramount importance to Sri Lanka, for economic development. Sri Lanka treats investors as the most welcome partners and offer strong fundamentals for investing, along with regulatory support, investment protection, investment incentive framework and everything that an investor is looking for in a country. The EU-Sri Lanka investor dialogue forum is vital for investors from the EU to address their issues with relevant state agencies.”

The breakout session was moderated by John Wilson, Director and In-House Legal Counsel from the EU Chamber of Commerce in Sri Lanka, with four leading European investors focusing on priority markets.

Omega Line a subsidiary of Calzedonia represented by Felix Fernando, Managing Director, Ms. Melis Kurtylmaz, CEO, Decathlon France,  Fred Vandemarliere, Chairman of United Tobacco Processing subsidiary of J Cortes, the world renowned suppliers of cigars and Suresan Arunachalam, Director / COO of Global Sports Lanka (Pvt) Ltd were the panelists providing key insights to operating in and doing business from Sri Lanka, elaborating on their success stories in investing in Sri Lanka, as well as expanding and making re-investments in the country.

Logistical advantages, high quality production ethics, a good level of technical know-how and compliance, and an educated workforce at relatively low wages were key strengths echoed by the panelists.

This session was organized by the Board of Investment of Sri Lanka (BOI) in collaboration with the European Chamber of Commerce.