Seychelles mulls more trade with Lanka
Today's events can be a stepping stone for increased bilateral trade
between Seychelles and Sri Lanka as bilateral trade between the two
countries stands at US 3.7 million, Industry and Commerce Minister
Rishad Bathiudeen told the 'Seychelles Trade and Investment Forum - Sri
Lanka: Fostering Economic Partnership' event organised by the EDB in
Colombo last week.
Around 130 representatives from 125 Lankan firms were present.
 He said, "Being Indian Ocean islands, both countries share many
issues, trends and benefits. Relations between Seychelles and Sri Lanka
became stronger after the visits of Heads of States to each others'
countries."
"Just as Seychelles is the gateway of investment and trade to the
African continent, Sri Lanka is the hub and the gateway to the more than
1.2 billion South Asian market," he said.
"Today's business forum is a way to unlock the opportunities. For
example, Seychelles investors, entering Sri Lanka can consider
manufacturing partnerships and make use of our FTAs with India and
Pakistan, to access the South Asian markets," the Minister said.
"Connectivity too is an important component to enhance cooperation.
Mihin Airlines launched flights to Seychelles last November and
SriLankan Airlines too has code share arrangements, between Sri Lanka
and the Seychelles. Equally important is maritime cooperation," he said.
"We have almost 25 active boat yards delivering quality vessels. Of
this, six directly export boats. This is yet another promising opening
for Seychelles investors. Our annual export value of boats increased by
45% to $ 82 million in 2013," Minister Bathiudeen said.
Despite several leading Lankan business enterprises, such as the Bank
of Ceylon, Nawaloka Hospitals and Sri Lanka Insurance having invested in
the Seychelles, Seychelles investors are yet to invest here," he said.
"We allow 100% ownership for foreign investors, profit repatriation,
and constitutional guarantee of safety of investment. They can invest in
sectors such as travel and tourism, fisheries, boats and maritime
cooperation with Sri Lanka," Minister Bathiudeen said.
"Seychelles' previous experience in creating joint Seychelles-Africa
tour packages can help formulate Seychelles-South Asia travel packages
via Sri Lanka. I invite 'Seychelles Tourism' to tap the surging Sri
Lankan tourism market," he said.
According to Commerce Department sources, bilateral trade between Sri
Lanka and Seychelles was $3.7 million in 2013. The main exports from Sri
Lanka include tea, fishing vessels, cereals and sausages, while the main
import from Seychelles was spices.
Gem and jewellery, furniture, ocean vessels, seafood and plastic
products have strong market potential in the Seychelles.
COMESA, was set up in 1994 and has 21 member states (Angola, Burundi,
Comoros, Democratic Republic of Congo, Djibouti, Egypt, Eritrea,
Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda,
Seychelles, Sudan, Swaziland, Uganda, Zambia, and Zimbabwe) opening an
African market of 390 million.
Minister Laporte said, "I have been following Sri Lanka closely. We
are impressed by Sri Lanka's development. Seychelles and Sri Lanka share
similarities and have a special friendship."
"Bilateral cooperation has seen renewed momentum in exchange of
expertise in various fields such as education, health, maritime nautical
services, legal, aviation and defence. Our government is committed to
further strengthening the affinity of the people of Seychelles and Sri
Lanka," he said.
"We continue to overcome the constraints common to us as island
nations. Given our strategic location at East of Africa, and South of
Asia and the Middle East, Seychelles in very accessible and open for
business," the Minister said.
"We continue to attract investors from all parts of the globe. We
hope today's forum will create opportunities for both countries. |
