Belgium mulls more business partnerships with Lanka

Sri Lanka's forthcoming FTA with China is an important milestone for Sri Lanka, said Consul of Belgium in Sri Lanka, Pierre Pringiers when he met Industry and Commerce Minister Rishad Bathiudeen recently.

He was accompanied by a 23-member business and investment delegation from Belgium.

Minister of Economy, Employment, Scientific Research, Trade and Foreign Trade of Brussels - Capital Region, Celine Fremault (right) and Consul of Belgium in Sri Lanka, Pierre Pringiers (next to Minister Fremault) in discussions with Industry and Commerce Minister Rishad Bathiudeen during her delegation’s courtesy call on the Minister.

Deputy Minister of Industry and Commerce, Lakshman Vasantha Perera, Industry and Commerce Ministry Secretary Anura Siriwardena, Director General of Commerce (DoC), R.D.S. Kumararatne and DoC officials and Deputy General Manager, European Chamber of Commerce of Sri Lanka, Shehan Kumar were present.

The delegation was led by the Minister of Economy, Employment, Scientific Research, Trade and Foreign Trade of Brussels - Capital Region, Celine Fremault.

Among the Belgium firms represented were BESIX (large scale building construction company, active in Sri Lanka), Schréder (urban and street lighting), Sitomeca (corrugated steel, active in Sri Lanka), CFE (construction, real estate, rail and road, marine engineering, active in Sri Lanka) NAIA (fresh product import and export and supermarkets), MyGo Worldwide (travel software), representatives of Wallonia's Foreign Trade and Investment Agency, and Brussels Invest and Export.

Last week officials of the visiting firms held more than 40 B2B sessions in Colombo organised by Consul of Belgium and European Chamber of Commerce of Sri Lanka with Lankan corporates such as Aitken Spence, Cargills, Mackinnons Travels (John Keells Holdings), Nikini Automation, MTD Walkers, Havael, Jagro, Access and Maliban.

Brussels-Capital Region creates one- fifth of Belgian GDP, hosts Belgium's capital Brussels and the seats of the European institutions and has a strong service sector.

Minister Fremault said, "This mission is one of the first from Brussels-Capital Region to Sri Lanka. Trade between Sri Lanka and Brussels-Capital Region is low and there is much unrealised potential. I have brought several top companies which are looking to partner with Sri Lanka. Their sectors of operation are relevant to Sri Lanka's new constructions. Some of them are already familiar with Sri Lanka."

"I wanted to holiday in Sri Lanka this Christmas but since I could not find hotel accommodation, I postponed it for next year," she said.

Minister Bathiudeen said, "Your visit to Colombo is important for investment activities. We need to encourage visits of business leaders of both countries which will create new opportunities. Sri Lanka's trade with Belgium was $ 826 million last year. Thirteen Belgian firms have invested in Sri Lanka."

"Belgian firms investing in Sri Lanka can make use of our FTAs with India and Pakistan to access the 1.3 billion South Asian market. Whatever support Belgium needs - be it the Belgian trade counsellor or the investors - we shall extend our fullest cooperation and coordination," he said.

Minister Fremault was on a three-day visit to Colombo after a two-day tour of Chennai. She left for Hong Kong at the end of her visit.

According to the Department of Commerce, bilateral trade between both countries has shown an upward trend over the past few years (except for 2012) amounting to $ 743.12 million, an increase of 11.2% since 2008. Trade turnover in 2012 stood at $ 826.37 million.

Sri Lanka has had a favourable balance of trade with Belgium over the years. Considerable volumes of diamonds shuttle between Belgium and Sri Lanka annually, dominating bilateral trade.

In 2012, Belgium competed with UK, India, UAE, Russian Federation, Israel, and Hong Kong, to buy $ 241 million worth of diamonds from Sri Lanka.

Consul Pierre Pringiers said, "Sri Lanka's forthcoming FTA with China is interesting and important. It is a milestone and a major step for Sri Lanka. Chinese markets are difficult for everyone around the world."