Canada keen to do business with Lanka – Envoy

Wednesday, 13 October 2010 00:45 -     - {{hitsCtrl.values.hits}}

Canadian High Commissioner in Colombo Bruce Levy recently expressed his country’s keenness to increase business with Sri Lanka.

He made this observation during his address at a luncheon meeting organised by the Sri Lanka-Canada Business Council of the Ceylon Chamber of Commerce recently.

“Canada is interested to do business with Sri Lanka and there are opportunities to pursue” Levy stated. Canada welcomes foreign direct investment (FDI) and offers the kind of stability, low costs and taxes, a talented and diverse workforce, and world-leading research, innovation and transportation infrastructure that businesses need to innovate, grow and succeed in the global economy,” Levy said.

Speaking further he mentioned Export Development Canada (EDC) is open to consider new exposure under all of its programmes.

Investment Cooperation Programme (INC) an important Canadian Government programme promotes and encourages responsible, sustainable Canadian private sector investments in developing countries, and through the participation of Canadian private sector, creating sustainable employment and economic growth in developing countries leading to poverty reduction.

INC is part of Canada’s Official Development Assistance for developing countries and is managed by Foreign Affairs and International Trade Canada.

Total trade between Canada and Sri Lanka stood at $456 million in 2009 with Canadian imports at $115.7 million with nearly 50 percent in woven and knitted apparels. Canadian exports were at $335 million.