GL at launch of SL-UK Chamber of Commerce

by Sujeeva Nivunhella reporting from London

Foreign Minister Prof. G.L. Peiris was the main speaker at the launching of Sri Lanka – UK Chamber of Commerce held at the Sri Lanka High Commission in London on Oct. 26.

Among the distinguished guests present were British Prime Minister Boris Johnson’s special trade envoy to Sri Lanka, Lord Davies of Abersoch, British High Commissioner to Sri Lanka Sarah Hulton OBE and officials from the UK Department of Trade and UK Foreign and Commonwealth Office.

Speaking at the event, Minister Peiris said former British Prime Minister Theresa May used the phrase “Global Britain” in 2016 at a Conservative party conference. “Now the time has come to give meaning to that phrase.”

“After Brexit, Britain is earnest in her endeavour to find new markets, new countries to strengthen economic and commercial relations with and I would venture to suggest to you this evening that there is no country better than Sri Lanka for Britain to take a long hard look at when it comes to strengthening, deepening and enriching commercial and business relations”, he asserted.

He said: “British entrepreneurs in every way feel unreservedly comfortable in Sri Lanka because in every walk of life you will find that British values, customs and traditions profoundly influenced Sri Lanka.

“Sri Lanka has managed to vaccinate 82% of the eligible population against Covid. We started manufacturing pharmaceutical products in our own country. We have been using a large amount of foreign exchange to import saline. We manufacture drugs that are required by our own population and we shall soon be able to sell the surplus to the Maldives and several countries in East Africa.”

Comparing labour laws of SL and Britain, he said that, “during the last seven months or so, there has been a draft of legislation enacted by the Sri Lanka Parliament with regards to the minimum age at which children can be employed, conditions of service in factories, imposing of absolute prohibitions on the employment of children in what are regarded as hazardous industries.”

Peiris said that the UK is seeking for FTAs with the US, Australia, New Zealand and India. “It may not be at fruition until next March at least. We are already in Free Trade Agreements with India and Pakistan. If a British company were to establish a business in Sri Lanka, it will have a total waiver of duties if it sells to India and Pakistan.

“It is our firm resolve by 2030 to ensure that our 70% of energy requirements come from renewable sources. By 2050 we have realistic expectations our country will be carbon-free. The Commonwealth has recognized Sri Lanka as the Blue Economy Champion.”

Dr. Lakmini Mendis, Minister (Commercial) at the High Commission said that going back to 2020 in the post-Brexit and Covid context, doing business with Britain was unimaginable. So forming this this Sri Lanka – UK Chamber of Commerce was an achievement.

“The UK is an important trading partner for Sri Lanka and vice versa for trade, investment and tourism, with a well-established bilateral trade relationship spanning decades. We understood the importance and the need for a platform or a forum for the UK companies who are doing business in Sri Lanka to engage (with each other)”, she said.

High Commissioner Saroja Sirisena said: “The United Kingdom is one of Sri Lanka’s foremost economic partners. Currently, it is our second most important export destination, the second source of inbound tourism and one of Sri Lanka’s top ten investors.

“It was felt that the need for a Chamber of Commerce was long overdue to crystalize this important business relationship. Despite being severely curtailed by the Covid 19 pandemic over the past 18 months, officials of this Mission together with our dynamic business community worked tirelessly for this project to come to fruition” she said.

She expressed her appreciation for the unstinting support given by the main British investors in Sri Lanka, HSBC, London Stock Exchange Group, De La Rue and those who have volunteered to serve on the Chamber’s first board. She requested all those doing business with Sri Lanka to join the Sri Lanka-UK Chamber of Commerce and support them in making the relationship even stronger.