Business

Board Of Investment moots Sri Lanka-UK trade agreement

The Board of Investment of Sri Lanka (BOI) has requested the British High Commission to work with Sri Lanka towards a bilateral trade agreement between the UK and Sri Lanka to promote more trade and investment.

The request was made by BOI Director General Sanjaya Mohottala when he met British High Commissioner Sarah Hulton OBE at the High Commissioner’s residence recently to discuss investment promotion strategies to attract more foreign direct investment (FDI) from the UK.

Mohottala has also requested the UK Government’s assistance to promote the proposed textile/fabric park to be established at Eravul in the Eastern Province and pharmaceutical zone to be established at Hambantota, by the Government of Sri Lanka.

During the meeting, arrangements for a proposed virtual Sri Lanka forum to be held was discussed. This forum will be a good event initially to encourage potential British investors to invest in Sri Lanka. The forum will also be a follow-up to the road show organised by the Sri Lanka High Commission in the UK at the London Stock Exchange (LSE), in close collaboration with the BOI in October 2019.

The BOI DG also informed that the BOI is happy to make arrangements to organise a facilitation forum  for the existing British investors to discuss their pending matters/issues and encourage them to expand their operations and re-invest in Sri Lanka.

The objective of this meeting was to brief the High Commissioner regarding the current investment promotion initiatives/programmes conducted by the BOI and to request for assistance of the British High Commission in Colombo to target potential British companies in the selected target sectors, already identified by the BOI.

Head of Trade and Investment Michael Fernandopulle and Deputy Head of Trade and Investment Asanthi Fernando also joined the discussion from the British High Commission along with BOI Director (Investment Promotion) Nilupul De Silva.

The High Commissioner and the team at the British High Commission agreed to assist the BOI via the respective British Chambers of Commerce and other counterpart organisations.