Following Mexican business delegation's visit:

Top multiplex cinema company keen to invest in Lanka

By Lalin FERNANDOPULLE

The Mexican business delegation’s visit to Sri Lanka will lead to more trade and investment between the two countries, said Mexican Ambassador for India, Sri Lanka and Maldives, Jaime Nualart.

He said he is optimistic that the visit will help diversify trade and explore opportunities for investments and business ventures between the two countries.

Mexican Ambassador for India, Sri Lanka and Maldives, Jaime Nualart

A high powered business delegation from Mexico arrived in the country on Tuesday for the first time to strengthen economic ties between the two countries and attract investments from Sri Lanka to Mexico.

Trade balance between Sri Lanka and Mexico has been favourable to Sri Lanka. Trade between the two countries has doubled from what it was 10 years ago to US$ 80 million.

“Trade between Mexico and Sri Lanka is a small volume and there is much potential to enhance it”, the Ambassador said.

Mexico was ranked as the 26th export destination of Sri Lanka in 2010. Sri Lanka’s exports to Mexico increased from US$ 38 million in 2002 to US$ 60 million last year. Sri Lanka’s exports to Mexico is dominated by cinnamon which accounts for around 60 percent of the total export of the spice. Rubber, apparels and coconut fibre are some main export items of Sri Lanka to Mexico while denim, pharmaceuticals, beer and chickpea are imported from Mexico.

Stretchline, an apparel accessory manufacturer is the only Sri Lankan company in Mexico. Mexico is a member of the North American Free Trade Agreement and it offers a host of benefits to foreign visitors. “Participation in trade fairs will help promote trade between the two countries. We need to pursue a strategic trade vision to harness synergies of Mexican and Sri Lankan entrepreneurs”, Nualart said.The Mexican Ambassador said that he will invite Mexican businessmen in India to invest in Sri Lanka.

“There is immense scope for investments-in food processing, multiplex cinemas and construction of shopping complexes in Sri Lanka. We want to share with Sri Lanka information on investment opportunities in Mexico” Nualart said.

Cinepolis, a multiplex cinema company with over 2,500 cinemas in 72 cities in Mexico, Central America and South America has commenced negotiation with Sri Lankan counterparts to explore opportunities to set up operations in Sri Lanka.

The company representatives were part of the delegation and held extensive discussions with government officials to launch operations in Sri Lanka. “Company officials have established contact to promote interests of both countries. I am confident that the first contacts between entrepreneurs of both countries will lead to stronger bilateral and economic ties”, the Ambassador said.

Nualart said that another objective of the visit was to promote tourism in both countries. North America accounted for around 35,000 tourists to Sri Lanka last year.