Sri Lanka open for North West business

THE trade minister of Sri Lanka has called on North West businesses to make the most of the trade opportunities it offers, such as its free trade agreements with India.

Professor Gamini Lakshman Peiris visited Manchester this week to encourage the region’s business leaders to invest in the Indian Ocean island nation, which he said had become “politically stable”.

He said there were clear opportunities for business in the North West to trade with the country as it focuses on developing its infrastructure to encourage growth of its tourism, recreation and leisure industries.

Other opportunities lie in IT services, agriculture, food processing, manufacturing and electronics as well as its more traditional industries of rubber-based products, textiles, fisheries and deep sea fishing.

Professor Peiris said: “I wanted to meet with potential investors here in the North West and give them a realistic picture of the evolving situation in Sri Lanka.

“Very few business people here seemed aware of the economic advantage available to them because of Sri Lanka’s free trade agreements with India and Pakistan. Investors can take advantage of that agreement, winning excellent added value on exports from Sri Lanka directly into those two markets.”

He added that although these free trade agreements have been in place since 1998, in the case of India, and 2005 in Pakistan, it is the political stability of Sri Lanka that has now changed.

“One of the major constraints that held us back has been consigned to history, and that has opened up vistas of opportunity,” he said.

Mike Eccleshall, deputy international director for UK Trade & Investment North West, which organised the visit, said: “We are hoping to work with more companies as a result of this event and see more business opportunities opening up in Sri Lanka.

“UKTI can offer help to businesses looking to get into Sri Lanka – we have a High Commission team in Columbo and specialists here in the North West who know that market.”