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German trade and investment in Sri Lanka will be increased as in many other countries in Asia, German Ambassador Juergen Elias said.

With the ongoing peace process in the country, Sri Lanka will have better opportunities for growth. "We want to ensure economic and social gains based on our interests," he said at the 10th anniversary NCE Export Awards ceremony recently.

Unfortunately, things did not for obvious reasons develop these last years as they could have. For example, bilateral trade between Germany and Sri Lanka decreased from 459 Mio Euro in 2000 to 420 Mio Euro in 2001. Especially German exports were affected.

Last year German exports amounted to 160 Mio Euro compared to 192 Mio Euro in 2000, Sri Lanka's exports were 260 Mio Euro in 2001, and 267 Mio Euro in 2000 (These figures are based on German statistics), he said.

German investment in Sri Lanka has only little increased these last years. This has to change. Tourism has been hit hardest. In addition to the effects of the July 24, 2001 - attack on the Katunayake airport - a worldwide slump affected the tourism industries. "I sincerely wish that a lasting settlement will be found, which meets the aspirations of all communities within a united Sri Lanka," the ambassador said.

As you know on January 1, 2002, the Euro has become the legal tender in 12 countries of the European Union. The introduction of the currency went smoothly and we have now got used to the new bank notes and coins. The Euro asserts itself against the Dollar.

However, there are complaints. In Germany for example the introduction of the Euro has had an inflationary impact.

This has not been confirmed by statistics, although some branches of the service sector tried to exploit the change-over, which immediately resulted in a partial consumer boycott.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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