French business delegation on two-day visit

The Embassy of France in Sri Lanka and the Economic Department of the French Embassy in New Delhi have taken the initiative to encourage French companies in India to join an official business mission in Sri Lanka.

The purpose of this mission is to invite French subsidiaries in India to explore investment opportunities to contribute to the economic development of Sri Lanka.

The French business delegation, which comprises nine business people representing seven large-scale companies from France, will meet members of the Government, senior officials and private counterparts.

Their core activity spans from infrastructure (Veolia: transport, environment, energy efficiency; Systra: urban and intercity rail transport, EDF: power generation, transport, distribution; Freyssinet Meynard: cable stays technology for bridges and other structures) to oil (Total), hospitality (Accor) and financial services (BNP Paribas).

Along with the French delegation, the South Asia Head for French Development Agency (AFD), a public owned financial institution engaged in financing projects contributing to a "green and inclusive growth", will reiterate its support to the country requirements.

Following the business mission, the Economic counsellors from the French Embassies in South Asia will hold their annual regional meeting in Colombo.

France welcomes the recent positive economic developments in Sri Lanka, in particular regarding fiscal policy including ambitious tax reforms.

French companies will have a special interest in assessing the contribution of these measures andalso other incentives to facilitate their investment, sale or lending decisions.

They will also look at the global scenario for business environment, such as good governance, timely decision process making, adequate infrastructure, financial capacity and growth perspectives.

Two-way trade between Sri Lanka and France is ramping up with 127 million Euros export from France (40 percent telecom and high end technologies, 11 percent pharma and chemicals) and 186 million Euros import from Sri Lanka (46 percent garments, the rest mainly with agricultural products). French companies with investment in Sri Lanka employ almost 4,000 people.

With hardly one percent market share, it is France's endeavour to improve her footprint in Sri Lanka served by a skilled population.

The French Development Agency (AFD) active in financing roads, water projects, energy projects in Sri Lanka and the French Ministry of Finance funding health or water projects, France bet on a sustainable development.