Sri Lanka-UAE trade ties gets stronger; Expo 2012 promoted

Monday, 10 October 2011 00:32 - - {{hitsCtrl.values.hits}}

UAE has emerged as Sri Lanka’s main trading partner in the GCC for exports as the once war ravaged country emerges out of the shackles of internal conflict.

Sri Lanka has an annual trade of Dh 2.20 bn with the UAE and according to the country’s Consul General M. M. Raheem; plans are on to further boost the partnership. Addressing a section of the UAE based businessmen yesterday Raheem said his country has seen a notable rise in the arrival of foreign investors. In 2010 alone 14 per cent of all tourist arrivals in Sri Lanka was for business related activities compared to 8 per cent in 2009.

The country offers a significant growth potential at almost 8.2 per cent per annum, he said. “Our stock markets are considered as one of the safest in Asia during the last 12 to 24 months registering about 3 per cent growth,” he added.

In March next year the country plans to organise EXPO 2012, an initiative to promote trade investment and tourism.

According to Janaka Rathnayake, Chairman and CEO of Sri Lanka Export Development Board, the EXPO was last held about 17 years ago and is being resurrected as his country is aggressively moving forward to show the world that it means business.