Belgium investors keen on Sri Lanka

Charumini de Silva

Sri Lanka has tremendous prospects and potential for investments as the country is embarking on new phase of its economic development, a Belgium investor in Sri Lanka said at the opening ceremony of the Sri Lanka - Belgium Business Forum held at the Ceylon Chamber of Commerce yesterday.

He said there is a great support for foreign investments and has an attractive duty structure for import cuts. “Setting up businesses in Sri Lanka also helps to have a full ownership possibility.

The employees are highly educated and labour-intensive. The Board of Investment (BOI) has been a great facilitator in supporting foreign investments in Sri Lanka,” the investor said. UTP CEO Emanuel Blomme said the country is very positive and the momentum will continue. “Sri Lanka is one of the best countries to work, invest and live,” he said.

Sri Lanka - Benelux Business Council President Sega Nagendra said this is the largest business delegation from the Europe in the postwar era.

The embassy initially targeted fifteen Belgium companies and investors.

However, 39 companies and 50 members arrived for the business forum, which indicates the high potential in the country.

“Belgium is the third largest export market for Sri Lanka in the European Union (EU) countries and is amongst the top four European countries that have invested in Sri Lanka.

Belgium exports to Sri Lanka comprising mainly precious and semi precious stones together with pharmaceuticals, tobacco and manufactured substitutes, paper and paper board and plastics worth Euros 231.1 million last year,” he said.

It is the time for heavy investment by Belgium in Sri Lanka. Sri Lankan private sector companies showed remarkable growth rates, which is far above the average of the other countries in the region despite the global financial downturn.

“We expect the delegates from both countries will take this opportunity to establish and expand business activities and invest in Sri Lanka,” Nagendra said.