Finland to expand trade with Lanka

A trade and business delegation from Finland is due to arrive in Sri Lanka in December.

"I have encouraged my government to renew trade cooperation with Sri Lanka where rapid development is taking place," said Finland's Roving Ambassador for Bhutan, the Maldives, Pakistan and Sri Lanka, Rauli Suikkanen in Colombo, recently.

"I am happy two Finnish firms are operating here in the water and the power sectors.Finland is reputed for shipbuilding, telecom companies such as Nokia which used to be Finnish, ICT and even clean technologies," he said.

"There is much potential in Sri Lanka and Finnish businesspersons want to explore the possibilities of investing in Sri Lanka. We have lots of hi tech products which could support Sri Lanka's education sector," the Ambassador said.

"We have not finalised the delegation as yet but the Finnish Government's promotion agency FINPRO is organising the business sector representatives visit to Sri Lanka. Their representatives in New Delhi are now working on this," he said.

"The Finnish development finance firm FinnFund is also involved, and more importantly 'Finnpartnership', whose mission is to increase commercial cooperation and promote business partnerships between companies in Finland and in developing countries, will conduct business feasibility studies and link matching firms on both sides. The first ever Finnish business and investment delegation is due in December," Suikkanen said.

The Nordic powerhouse, Finland is the lead producer and user of information and communication technology (ICT) in the world and ranks number one in the Legatum Prosperity Index.

It is also the birthplace of global brands such as as Nokia, Nokia Siemens Networks, Neste Oil, Finnair, F-Secure (IT sector), and Viking Line (shipping).

Industries and Commerce Minister Rishard Bathiudeen said, "Sri Lanka has seen rapid growth and this year GDP growth is expected to be 7.8%. This is the time to invest in Sri Lanka.

We are ready to welcome the business delegation from Finland and will give our fullest support."

"The Export Development Board can facilitate B2B meetings.

"At present bilateral trade between our countries is low, around US$ 28 million in 2013, which shows that both countries are promising virgin markets to each other," he said.