Loss of GSP+ facility:

‘Not a problem related to the way of doing business’

Sanjeevi Jayasuriya

The loss of GSP+ facility is not a problem related to the way of doing business in the country, the Italian Ambassador said. “We understand that certain businesses will be affected by the withdrawal of GSP+ facility. We are concerned of the problem. However, we had to follow the majority in arriving at this decision.

The loss of the facility is not a problem related to the way of doing business,” the Ambassador Designate for Italy Rubens Fedele said at the 11th Annual General Meeting of Sri Lanka-Italy Business Council held on Friday in Colombo.

“We hope that measures will be taken to overcome this problem with the foresight of businessmen. It is important to provide a solution without further delay. We are keen to help this country,” he said.

He said that organizations such as the Business Council are instrumental in building and strengthening the relationship between the two countries.

Last year has been a turning point in the history of modern Sri Lanka and would create a firm foundation for rapid economic development of the country, Sri Lanka Italy Business Council President Ranjit Jayewardene said.

In 2009, the value of Sri Lankan exports to Italy was US $ 438 million as against US $ 420 million in 2008. The recorded growth was four percent.

The imports from Italy last year was US $ 166 million as against US $ 219 million in 2008. The balance of trade last year was US $ 271 million in Sri Lanka’s favour.

It was also proposed to have an agreement to formalize the large amount of remittances coming from Italy into Sri Lanka.