Online edition of Daily News

"Sri Lanka can expect the United Kingdom (UK) to retain its position as the leading European investor", said the High Commissioner for Britain in Sri Lanka, Stephen Evans.

Addressing the fourth Annual General Meeting of the Council for Business with Britain (CBB) as chief guest at Westminster House, his residence, Evans, said recently that growing opportunities in Sri Lanka are reflected in the increasing number of trade and investment promotion events in the country.

From left: Romesh David (Imm. Past President CBB), Stephen Evans (British High Commissioner), Peter Simson (Chairman) and Ms. Alikie Ismail (Addl.Deputy Secretary General).

While commending Sri Lanka on its economic performance, which recorded a GDP growth of 5.9 % last year, he said that businessmen from the UK are eager to expand trade with Sri Lanka and are expected to increase their exports to Sri Lanka, despite the relative strength of the Pound, he said.

He identified the planned expansion of the Colombo Container Port, otherwise known as the South-Harbour Project as an exciting investment prospect. Feasibility studies are being conducted with regard to this project. A delegation from the Sri Lanka Ports Authority and an Information Technology Mission has visited UK to see what UK companies had to offer.

Last year, there were two trade missions from UK to Sri Lanka: a scoping mission in October and a delegation from the London Chamber of Commerce. Another delegation from the Dorset Chamber of Commerce is due to arrive in Sri Lanka on May 31.

The CBB Cricket Sixes is another annual event that is eagerly looked forward to by the members and will be held in July.

The Chairman of CBB, Peter Simpson, General Manager of Colombo Jaic Hilton, said that United Kingdom has retained its position as Sri Lanka's number one exporter. Business between the two countries have picked up remarkably despite setbacks.

Overall, despite setbacks such as SARS, the Iraq war and bird flu, the global economy recovered in 2003, strengthening the market for UK products, he said. Imports to UK increased by 7% in the first half of 2003. Export figures from Sri Lanka recorded an impressive Rs.61,599 million last year.

The leading exports from Sri Lanka were the agricultural crops, namely tea, rubber and coconuts, while the bulk of exports in terms of value and quantity was from the garments and accessories sector. From Sri Lanka's total exports, the exports to the UK amounted to 12.76%.

Evans while pledging his support to the Council for Business with Britain, said his staff at the High Commission will continue to assist the CBB in promoting commercial relationships between Sri Lanka and the UK. The CBB, formed in July 2000, is a joint product of two esteemed institutions, namely the Ceylon Chamber of Commerce and the UK- Sri Lanka Friendship Society. Currently, the CBB has 106 members.