Friday, 28 November 2014 00:18
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A UK business delegation comprising 21 companies is in Sri Lanka to tap trade and investment opportunities.
Organised by the UK Trade and Investment section of the British High Commission, Colombo, the trade mission yesterday attended a forum titled ‘Putting British Business on the Front Foot’ in a bid to explore and discuss further opportunities for trade and investment in Sri Lanka.
“I am pleased that our visiting UK delegates have expressed interest in a wide range of sectors from construction and particularly tourism related infrastructure to education, ICT, insurance, real estate, aviation and maritime,” British High Commissioner John Rankin told the forum in Colombo.
“As British High Commissioner one of my key objectives is to increase bilateral trade between UK and Sri Lanka. The emerging markets of Asia present strong opportunities for British businesses, whose experience and expertise can be matched with the needs of these markets,” he said.
The Forum will conclude today and will focus delegates towards the sectors identified as priority areas for development to make the island a regional hub, namely aviation, maritime, commercial, knowledge, tourism and energy.
According to Rankin trading relationship between the UK and Sri Lanka is already well established. “There are over 100 companies in Sri Lanka with UK affiliation across a wide range of sectors. 2013 was a record year for UK plc with business wins of over $ 3 billion and we are building on that success by organising this trade mission,” the British envoy added.
The keynote address was delivered by the Deputy Minister for Investment Promotion Faiszer Musthapha. He spoke about Sri Lanka’s strategic position as a gateway to India and the Middle East because of its trade and transport links. He warmly welcomed all the British companies present and encouraged them to ‘visit Sri Lanka, enjoy its beauty and make a business decision to make their next investment here’.
The trade mission is supported by the Council for Business with Britain; the official partners are Sri Lankan Airlines, Cinnamon Grand Hotel and Quintessentially Lifestyle.
The UK is Sri Lanka’s 2nd largest trade partner by volume, after India. Latest figures also show the UK is among the top 10 investors in Sri Lanka.
Sri Lanka is already home to some of the big companies in the UK includes Marks and Spencer, HSBC, De La Rue Currency, Standard Chartered, George for ASDA, Tesco, Unilever and GlaxoSmithKline.
There are over 100 companies in Sri Lanka with UK affiliation across a wide range of sectors.
In 2013 UK imports from Sri Lanka amounted to £849 million and UK exports to Sri Lanka amounted £167 million (an increase in 14% from 2012).
2013 was a record year for UK companies in Sri Lanka with business wins over USD 3.0 billion. These wins included a contract for Airbus and Rolls Royce to re-fleet Sri Lankan Airlines for USD 2.9 billion, a contract won by Cleveland Bridge to supply 210 steel bridges for USD 58 million, and a USD 75 million contract won by Mabey Bridge for the supply of 85 bridges.
For the Commonwealth Business Forum held last year in Colombo, the UK had the largest delegation with over 50 organisations and 80 delegates in attendance.
The Council for Business with Britain has over 144 members that actively do business with the UK.
