Written by Bella Dalima
27 Nov, 2014 | 7:24 pm
The inauguration of the UK trade mission to Sri Lanka, titled, “Putting British Business on the Front Foot”, was held in Colombo on Thursday.
Organized by the UK Trade and Investment section of the British High Commission in Colombo, the trade mission saw the participation of representatives of 21 British companies eager to explore and discuss further opportunities for trade and investment in Sri Lanka.
Deputy Minister for Investment Promotion Faiszer Musthapha was the keynote speaker at the event.
[quote]We allow total foreign ownership in almost all areas of the economy. There are no restrictions in the re-appropriation of earnings, fees, capital and on forex transaction related current account payments. Safety of foreign investment is guaranteed by the constitution by the transparent and sophisticated legal and regulatory framework, provides full legal guarantees. The country has investment protection agreements with 28 countries and a double taxation avoidance agreement with 38 countries including the United Kingdom. So you can see that Sri Lanka provides many benefits that make it more attractive for foreign investment.[/quote]
In his address, British High Commissioner to Sri Lanka, John Rankin, expressed the following views.
“The feedback we receive from businesses looking to come to Sri Lanka is that they want to see as little bureaucracy as possible, reductions in unnecessary red tape; they look for legislation which will enhance investor confidence; they look for security of contract; they look for protection from arbitrary decision making; they look for transparency and good governance. And in our discussions with the minister and others in the striking government, we ask for action to be taken in these areas. But I should note in that context that Sri Lanka remains the highest rated country in South Asia in the World Bank’s Ease of Doing Business Index. And we hope that Sri Lanka can move further up that ladder in future years.”
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