Minister of Industry & Commerce, Rishad Bathiudeen briefed Slovak Ministers and the business community on the vast potential for investment and trade with Sri Lanka, during his official visit to Bratislava on 11th October 2013. He visited the Slovak Republic as the head of a delegation of business persons from Sri Lanka.
The Minister met with Tomas Malatinsky, his Slovakian counterpart and stated that there was great potential to further improve trade and economic relations between the two countries. He emphasized the importance of diversification and expansion of trade in order to achieve its full potential and also to promote tourism with Slovakian investment in Sri Lanka. The Minister drew his counterpart’s attention to the high rates of growth experienced by Sri Lanka in the past few years and also to it’s skilled workforce, ideal geographical location, infrastructure facilities and investor friendly regulations, which included protection of foreign direct investment under the Constitution of Sri Lanka. He remarked that such facilities and incentives had attracted large scale FDI from many countries in Europe and Asia.
Minister Bathiudeen also briefed his Slovak counterpart on the Commonwealth Business Forum and the International Trade Exhibition “Reflection of Sri Lanka” and invited Slovak participation at these events hosted by Sri Lanka in November 2013.
Minister Malatinsky agreed that trade relations between the two countries had potential for improvement and identified potential areas for co-operation with Sri Lanka including in energy, agriculture, hospitality, water, education, health, manufacturing value addition and engineering. The Minister highlighted that the Slovak Republic also had expertise in the auto industry, stating that he believed that the facilities and incentives in place for FDI in Sri Lanka, particularly the legal framework, would serve to attract investors to the country. Both Ministers also agreed to update the trade agreements that had been entered into during the former Czechoslovakian era.
Minister Bathiudeen also met with Mr. Peter Burian, State Secretary for Foreign and European Affairs of the Slovak Republic and briefed him of the initiatives undertaken by the Government of Sri Lanka following the end of the conflict. He highlighted the vast development projects that have been completed in the North and the East, the ongoing reconstruction and rehabilitation initiatives in these areas, among others. He informed that following the recently concluded provincial elections, a new Chief Minister had been appointed to the Northern Province and that there was stability and growth in the region. Furthermore, the Government voluntarily adding more recommendations from the report of the LLRC into the National Action Plan for implementation signifies the ongoing momentum towards peace building and reconciliation.
The Minister also briefed Mr. Burian on CHOGM, urging members of the Slovak business community to participate at the forthcoming trade exhibition to showcase their products to a global audience.
Encouraging Sri Lanka to continue with its efforts of reconciliation, rehabilitation and development, Mr. Burian assured his country’s support to all these endeavours, including by offering to share their national experiences through the Centre for the Exchange of Transformation Experience. In addition to the areas highlighted by the Minister of Economy, the State Secretary identified ICT, infrastructure and road construction as other important areas where Slovakian businesses could be involved. Sharing the view that Sri Lanka needed to engage in trade and develop its tourism potential, he informed that Slovak business persons already operating in the tourism sector in Asia were looking for further opportunities.
The two Ministers also discussed the possibility of legal frameworks on the avoidance of double taxation, investment protection and also the establishment of a joint economic commission, during a luncheon hosted by Mr. Burian in honour of the visiting Minister.
At the Sri Lanka- Slovakia Business Forum held at the Slovak Investment and Trade Development Agency (SARIO), the Minister highlighted the potential for trade and investment in Sri Lanka and the benefits accruing to businesses by participating at the Commonwealth Business Forum and the “Reflection of Sri Lanka” trade exhibition. Minister Tomas Malatinsky during his speech assured his country’s commitment to further improving trade relations with Sri Lanka. Ambassador Mr. A.L.A Azeez and Director General Commerce, Mr. R.D.S. Kumararatne also addressed the gathering.
Embassy of Sri Lanka
Vienna.
14.10.2013
