A stable peace

Opens investment and trade opportunities :

The advent of a stable peace throughout the country removes the main impediment to economic development during the last two decades and makes available a wide range of opportunities for trade and investment, Minister of Export Development and International Trade, Professor G.L. Peiris, said in Budapest, Hungary, last week.

He was addressing a joint symposium of Sri Lankan and Hungarian business leaders in the Hungarian capital.

Sri Lanka’s Ambassador M.M. Jaffeer, the Consul for Hungary in Sri Lanka, Rohan Nanayakkara, The Chamber of Commerce of Hungary Gyorgy Kapati and Prof. G.L. Peiris at the symposium

Twenty one Sri Lankan companies attended the discussion in which Sri Lanka’s Ambassador M.M. Jaffeer and the Consul for Hungary in Sri Lanka Rohan Nanayakkara participated.

The Minister highlighted the opportunities for infrastructure development - in highways, irrigation systems and the power and energy sector - which will be available with the cessation of military action.

He outlined the advantages which Sri Lanka offers, in terms of its geographical location, the mechanisms of the Board of Investment, bilateral relationships in the form of Free Trade Agreements with India and Pakistan and the investor friendly administrative, financial and banking systems in operation in the country.

The Chamber of Commerce of Hungary, led by Gyorgy Kapati, said that the Hungarian business sector considers the developing situation in Sri Lanka particularly conducive to investment, and was eager to make the fullest use of the opportunities available.

At a meeting with Secretary of State for Foreign Economic Affairs Abel Garamhegyi, Prof. Peiris discussed Hungarian assistance for the rehabilitation of Labugama and Kalatuwawa water treatment plants under the Framework Agreement for the promotion of development co-operation between Sri Lanka and Hungary, which was signed in February 2007.

State Secretary of the Ministry of Foreign Affairs of Hungary Fekszi Horvath, Prof. Peiris gave the Government of Hungary a comprehensive briefing about the current situation in Sri Lanka, with particular reference to the initiatives for economic and social development contemplated in the post-conflict phase. Ambassador Jafeer took part in the discussion.

The Sri Lankan companies participating in the matching arrangements with Hungarian companies in Budapest were Ceylon Biscuits Ltd., Selsan Clothing Co., Wasgamuwa Clothing (Pvt.) Ltd., Trendywear (Pvt.) Ltd., Ranmuthu Jewellers, M.E.H. Industries (Pvt.) Ltd., U.H.E. Export (Pvt.) Ltd., Uniceyl Marketing Services (Pvt.) Ltd., M.C. Enterprises (Pvt.) Ltd., Suyamas Group of Companies, Kandurata Umbrellas Industries (Pvt.) Ltd., A.C.L. Cables Plc., Alucop Cables Ltd., Electro Metal Pressings (Pvt.) Ltd., Bopitiya Auto Enterprises, Samson Rubber Products (Pvt.) Ltd., Lankatrade International (Pvt.) Ltd., Sri Toys Educational International (Pvt.) Ltd., Art and Craft Trading International (Pvt.) Ltd., Small Farmers (Pvt.) Ltd., and Ceylon Vanilla Co.