Lankan envoy calls for increased investment from Germany

Sri Lanka's Ambassador to Germany, T. B. Maduwegedera has urged German companies to invest in Sri Lanka.

He made this call at an investment promotion seminar in Frankfurt, organised by the Board of Investment of Sri Lanka (BOI) in collaboration with the Embassy of Sri Lanka in Berlin last Tuesday.

He said that Germany is Sri Lanka's second largest investor from the European Union.

Many of the German companies operating in Sri Lanka are global leaders in their field and investment areas, which include apparel, hosiery knitwear, surf sails, textiles, electronic products, light/heavy engineering, rubber based products such as tyres and automobile spare parts, coir products, wooden/soft toys, chemicals, dyes, gems and jewellery, ceramics, tourism and recreational projects.

The investment promotion mission was supported by the Chambers of Commerce in Frankfurt, Munich and the German Pacific Business Association (OAV) as well as the Sri Lankan Consulate General in Frankfurt and the Sri Lankan Honorary Consulate in Munich.

The main objective of this mission was to create greater awareness among German investors of Sri Lanka's many advantages and facilities.

Elaborating further, Ambassador Maduwegedera said that Sri Lanka is an ideal location for German companies seeking to target the large sub-continental market.

German companies setting up operation in Sri Lanka for export to the Indian market can enjoy special tariff preferences for products manufactured in Sri Lanka under the Indo-Sri Lanka Free Trade Agreement (ISLFTA).

The duty would be zero on a wide range of categories. He added that manufacturers in Sri Lanka also enjoy duty free access to Pakistan through the Pakistan-Sri Lanka Free Trade Agreement (PSLFTA).

He briefed the seminar on the successful military campaign in the Eastern province, followed by the holding of Provincial Council elections and on President Mahinda Rajapaksa's democratic agenda for the North and the East which includes empowering the people to participate actively in the democratic process. He also spoke on the rehabilitation and reconstruction work that is taking place in the North and the East.

The Ambassador thanked Dr. Jurgen Ratzinger, Managing Director of the International Business of the Chamber of Commerce and Industry in Frankfurt for his strong support in promoting investment and business opportunities of Sri Lanka in Germany.

Executive Director/Investment Promotion, Duminda Ariyasinghe who led the BOI team spoke on the topic Investment Opportunities ad emphasised that the GSP+scheme implemented by the European Union provides access for more than 7,200 products originating from Sri Lanka to be exported to the European Union at zero customs duty.

He also said that Sri Lanka has a transparent and independent legal system and patents and royalties of companies are highly protected.

Meanwhile, on a directive of Foreign Minister, Rohitha Bogollagama, the Commercial Section of the Sri Lankan Embassy in Berlin has been re-located to the Consulate General in Frankfurt, the financial and economic hub of Germany, to strengthen Sri Lanka's investment promotion drive and seek more opportunities for Sri Lankan exporters in the lucrative German market.