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EU to make Sri Lanka an attractive investment destination’ 

07 Feb 2022

  • Denis Chaibi participates in investor dialogue with Finance Minister Basil Rajapaksa 
Ambassador for the European Union (EU) to Sri Lanka and Maldives Denis Chaibi, stated “the EU would like to make Sri Lanka an attractive investment destination for potential investors from the EU” while speaking on the bilateral trade and EU investment in Sri Lanka.  He made this remark during the investor dialogue which was chaired by Minister of Finance Basil Rajapaksa, on 31 January at the Ministry of Finance (MoF) and ambassador Chaibi co-chaired the meeting.  Ambassador Chaibi further spoke of the bilateral trade and EU investment in Sri Lanka stating “this kind of dialogue is an important forum to solve the issues of EU investors and retain them in Sri Lanka in the long run”.  Board of Investment (BOI) Chairman Eng. Raja Edirisuriya delivered the opening remarks and gave an overview of the economic situation, foreign investment trend in 2021 and the latest measures and regulations to support foreign investment.  Concluding, BOI Chairman Eng. Raja Edirisuriya stated: “Doing business in Sri Lanka has now returned to normalcy, despite what the country went through with the pandemic.” He further stated that “the BOI looks forward to working closely with the EU to facilitate the existing investors as well as to encourage the existing companies to re-invest and expand their operations in Sri Lanka”.  The European Union was represented by High Commissioner to the Embassy of the Federal Republic of Germany in Sri Lanka Holger Seubert, High Commissioner to the Embassy of France in Sri Lanka and the Maldives Eric Lavertue, High Commissioner to the Embassy of the Kingdom of the Netherlands in Sri Lanka Tania Gonggrijp, Deputy Head of Mission at the Embassy of Italy in Sri Lanka Franceso Perale, Deputy Head of Mission at the Embassy of the Kingdom of Belgium (based in India) Arnaud Lion, Economic Counsellor at the Embassy of France in Sri Lanka Jean-Alexandre Egea, Deputy Head of Mission for the European Union to Sri Lanka and the Maldives Thorsten Bargfrede, who also co-ordinated this event.  The matters discussed at the dialogue comprised of the foreign exchange crisis in Sri Lanka, the need for a better consistency regarding investment and tax policies, the need for a streamlined, clearer and easy process to establish a company in Sri Lanka, positioning Sri Lanka as a transport and logistic hub, promoting  public private partnerships to boost EU investment in Sri Lanka, improve the trade facilitation to increase the competitiveness and efficiency  of the economy while modernising the health sector.  Minister of Youth and Sports, Minister of Development Co-ordination and Monitoring, and State Minister of Digital Technology Namal Rajapaksa, State Minister of Aviation and Export Zones Development D.V. Chanaka, and State Minister of Regional Co-operation Tharaka Balasuriya also participated in this discussion.  Senior Government officials led by Secretary to the Treasury S.R. Attygala, respective line agencies including the Central Bank of Sri Lanka (CBSL), National Medicines Regulatory Authority (NMRA), Registrar of Companies, Ministry of Health, Sri Lanka Customs, Department of Commerce, and BOI also participated in the discussion. The EU-Sri Lanka Investor Dialogue is a facilitation forum that was originally launched by the BOI in 2014, in close collaboration with the European Union Delegation in Sri Lanka. Hence it has been an effective platform for existing investors from the EU to discuss issues faced by the companies with senior Government officials in order to find solutions. The European  Chambers of Commerce in Sri Lanka (ECCISL) and the Delegation of German Industry of Commerce (AHK), along with the Deutsche Bank and leading companies from the EU such as: Michelin (Camso Loadstar). Diesel and Motor Engineering PLC (DIMO), B. Braun Lanka, CMA CGM, Hafele International, OTV Veolia, Calamansi Cove Villas by Jetwing, Baurs, and Hapag-Lloyd, also participated in the dialogue.  Both sides agreed to continue this dialogue on a regular basis, as well as to discuss issues faced by investors from the EU on a one-to-one basis, and arrange for technical sessions with the relevant agencies and respective EU Missions to follow up and to make the facilitation more effective.

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