'Lanka-UK trade and investments to grow'

Trade and investment between Sri Lanka and the UK will continue to grow, the British High Commissioner John Ranking told the media at the Annual General Meeting of the Council for Business with Britain (CBB) recently.

"We hope that the Government will explore the potential for public-private partnerships as a model for the next stage of infrastructure and wider development in Sri Lanka," he said.

Shirendra Lawrence was elected chairman of the Council for 2014-2015. The other office-bearers elected were: Vice Chairman - Ms. Tania Polonnowita Wettimuny, Secretary - Mohammed Ziauddin and Treasurer - Sarath Ganegoda.

The committee members elected were: Anil Wijesinghe, Romesh David, Felicio Ferraz, Patrick Gallagher, Christian Johansen.

The Ceylon Chamber of Commerce provides secretarial services to the CBB.

Shirendra Lawrence stressed the importance of keeping up business relations with the UK, being the second largest export destination for Sri Lanka (with record exports in 2013) and also UK citizens being the second largest number of tourist arrivals.

The British High Commissioner said that a key goal of the High Commission was to promote trade and investment between Sri Lanka and the UK. The CBB is an important partner in helping us to achieve that goal.

Over 100 companies with a UK affiliation operate here. The UK remains a top-five investor in Sri Lanka. The UK is by far Sri Lanka's largest export market within the European Union.

In 2013, UK imports from Sri Lanka amounted to £907 million - an increase of 13% compared to 2012. The year 2013 was a record year for UK companies in Sri Lanka, with business wins of over US$ 3 billion.

"We are now the fastest growing major advanced economy in the world and the IMF has said that our economy 'has rebounded strongly'. Our current account deficit has narrowed and the unemployment rate continues to fall. UK manufacturing, services and construction surveys in the past week all point towards good growth, supporting the Pound Sterling to a six-year high," Ranking said.

"There is no Western country that is more open to inward investment in the world. That's why we have got China investing in civil nuclear power in the UK. And why London is now the Western hub of offshore Renminbi Trading. And why in the World Bank's Ease of Doing Business Index, the UK is by far the highest ranking major EU economy," he said.

"In the last budget our Chancellor doubled the amount of lending available to British exporters, and cut the interest rates on loans by a third. We now have the most competitive export finance package in Europe," the High Commissioner said.

"What does this mean in terms of sectors for the UK-Sri Lanka business relationship? The relationship covers almost every sector. Twenty- eight UK universities now offer their programs and degrees here in conjunction with local education providers.

We look forward to the first direct UK university campus in South Asia being set up in Sri Lanka next year," he said.

"My hope is that this successful trade and investment relationship will continue. We welcome the growth in the Sri Lankan economy and the government's efforts to attract further foreign direct investment," Ranking said.

"We also hope that the Government will explore the potential for public-private partnerships as a model for the next stage of infrastructure and wider development in Sri Lanka," he said.