Attracting FDIs, Govt’s top priority - Swire
“Britain and Sri Lanka cannot afford to be complacent. We’ve had
worrying news about stock market falls around the world, the slowdown in
China, deep problems in Brazil and in Russia,” Minister of State for
Asia at the UK Foreign and Commonwealth Office, and MP to the Council
for Business with Britain, Hugo Swire said in Colombo.
Commodity prices have fallen significantly. Oil, which was over $120
a barrel in 2012, dipped below $35 earlier this week.
This is good news for consumers and businessmen in Britain and Sri
Lanka, but bad news for the oil and gas industry, worrying creditors who
have lent to it, and a big problem for the countries that depend on it,
the Minister said.
All this adds to the volatility and a sense of uncertainty in the
world. However, the government has sent a very clear message to the
international community across the world that it is open for business
from all corners of the globe.
“Attracting Foreign Direct Investments is a top priority for the
Government as it seeks to strengthen Sri Lanka’s economy and put Sri
Lanka in a stronger position to deal with the global challenges,” he
said.
“The United Kingdom has much to offer Sri Lanka and we are determined
to help, through our Prime Minister’s commitment to a further £6.6
million over the next three years. We want to see all Sri Lankans
reaping the benefits of sustainable prosperity, underpinned by a stable
and secure country,” Swire said.
Excerpts of his speech:
“The past year has been a very busy one for the High Commission’s
Trade and Investment team. With their support, British companies are now
competing for around £1 billion in business across a range of sectors.
We are hopeful that many will be successful in a transparent and
accountable competitive bidding process. The Lord Mayor of the City of
London visited Sri Lanka in May last year. He promoted the City of
London as a hub of global financial excellence fostering closer links
with the Colombo Stock Exchange.
The UK also continues to be among the top 10 investors in Sri Lanka
and around 150 companies in Sri Lanka have a UK affiliation.
On exports, the UK is Sri Lanka’s third largest market, with exports
in 2014 growing to a remarkable 36%, over £1 billion. While British
exports to Sri Lanka were only £165 million in the same year, we have
made reducing that trade gap a priority - and the latest figures show
that UK exports to Sri Lanka increased by nearly 50% last year.
A growing area of cooperation between the UK and Sri Lanka - is
tackling corruption. This was a key election promise of President
Maithripala Sirisena. And answering his request for international
assistance, the UK is providing anti-corruption training and
anti-bribery expertise to the Sri Lankan authorities.
The elimination of corruption improves business confidence, not only
for the existing business community, and also helps make Sri Lanka a
destination of choice for new foreign direct investment.
That is good for the UK, and for Sri Lanka - because building
prosperity through increasing exports and investments; opening markets;
ensuring access to resources; and promoting sustainable global growth is
a key element of the UK Government’s long term economic plan - and a
cornerstone our foreign policy.
The latest figures released in December show that the UK economy
continued to grow strongly, with GDP in Q3 increasing 2.1% a year ago.
The unemployment rate fell to 5.2%, the lowest in nearly ten years.
The team at the High Commission will host a multi-sectoral trade
mission next month to further bolster our bilateral trading links.
It is clear that the government is serious about delivering on the
commitments it had made on accountability and reconciliation.
Addressing problems from the past will create the right conditions
for greater prosperity in the future.
It is equally clear that the administration is serious about tackling
corruption and attracting the investment it needs to deliver long-term,
sustainable growth.The British Government is proud to help in any way it
can. I am confident that when I next visit I will hear about more
British companies winning business and doing business here. I am in no
doubt that this will be thanks, in no small part, to the valuable work
of the Council for Business with Britain.
It is almost a year since my last visit and I am struck by how far
Sri Lanka has come in that short time. Today, I see a country in which
many Sri Lankans, of all ethnicities, can look forward to a brighter
future than was imaginable just twelve months ago.
Sri Lanka made important commitments when it co-sponsored a United
Nations Human Rights Council (UNHRC) resolution in Geneva last October,
which we hope to see implemented ahead of the June 2016 UNHRC.
I have been encouraged and impressed by President Sirisena’s
government, his commitment to tackle the legacy of Sri Lanka’s conflict
– which has cast a shadow for too many years – and his keenness to
restore democracy, underpinned by a stable, secure and integrated
country.
I am of the firm view that the prospects for our shared future are
indeed bright.And all of us here can help turn those prospects into
reality.”
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