Economic Diplomacy vital to connectivity - Foreign Minister

Connectivity of the world economies is of utmost importance for sustainable development, with economic diplomacy being the cornerstone, observed Foreign Minister Rohitha Bogollagama when he met with members of Iceland’s business community on Tuesday in Reykjavik, Iceland.

The participants represented businesses related to clothing, software, high-tech food processing equipment, renewable energy including geo-thermal power, banks with interest in the food, fisheries and airline software sectors. Acknowledging the keen interest of the participants in promoting Iceland, the Foreign Minister expressed his confidence that business links could be forged with Sri Lanka.

Minister Bogollagama at the outset provided an overview of Sri Lanka’s economy and incentives on offer to potential investors. In the context of preferential trading arrangements available to Sri Lanka, he referred to the positive outcome from being party to the bilateral Free Trade Agreements with India and Pakistan and also the special arrangement accorded by the EU through its GSP + Scheme.

The Minister advised potential investors that in accordance with these preferential arrangements, they would also be able to penetrate those markets.

The Minister referring to the ongoing process to conclude bilateral Agreements on the Avoidance of Double Taxation and on Investment Promotion and Protection, was optimistic that these two Agreements would generate investor confidence in Sri Lanka.

Further, he sought to allay doubts among potential investors on the security situation in the country.