Forum to discuss Lanka-Maldives bilateral issues vital

A high level business delegation from the Maldives visited Sri Lanka with Maldivian President Abdulla Yameen last week.

The Sri Lankan delegates stressed the need of a forum to discuss bilateral investment and business issues at the Sri Lanka-Maldives Bilateral Business Council meeting in Colombo The President of the Council, Tikiri Ellepola said that since the setting up of the Council in 2007 a number of events had been organised to boost bilateral trade and investment.

In 2008 an MoU was signed to increase trade and commerce between the two countries. Free trade negotiations are going on under SAFTA.

The Hotel Asia and Maldives Construction Fair has opened opportunities to develop business relations between the two countries. Issues such as limitation of dollars in the Maldives, work permits and investment limits of 49 percent, affects businesses and there should be a forum to discuss these issues, he said.

Head of the Maldivian delegation Quasim Ibrahim said that this was the first high level business delegation from the Maldives to visit Sri Lanka and the new Maldives government is keen on increasing bilateral trade.

Over the past decades our countries exported primary commodities. The tourism industry in the Maldives has grown rapidly and there are new business and investment opportunities.

"Under the new government we have plans to transform the country's economy and turn challenges into opportunities. Foreign investment is key in this economic transformation," he said.

"Giving opportunities to talented youth, population consolidation program, setting up a one-stop-shop for investments in the Maldives and setting up of economic zones are priority in this transformation program. Our objective is to diversify and broaden our narrow economic base," Ibrahim said.

The Maldives is Sri Lanka's third largest trading partner in the SAARC region after India and Pakistan. According to 2012 trade statistics the value of trade between the two countries was US$ 68.53 million.

Sri Lankan exports was at $ 52.2 million and imports from Maldives amounted to $ 16.2 million in 2012.

GW