Industry Minister invites Malta to invest in Lanka :
Malta optimistic about Lanka's liberal trade policy
In the new era of development, Sri Lanka is open to receive more
foreign investment. We encourage Malta to especially enter the sectors
of construction, value added tea, pre-fabricated building materials, gem
and jewellery, and leather products among others, said Rishad
Bathiudeen, Minister of Industry and Commerce.
The Minister said this while in discussion with New Delhi based
visiting Malta High Commissioner for India and Sri Lanka Theresa Cutajar
on May 10. She is the first ever High Commissioner from Malta to present
credentials in Sri Lanka. She said that Malta has the cost advantage
opportunity to enter Eurozone, much needed by Sri Lanka.
|
New Delhi based visiting Malta High
Commissioner for India and Sri Lanka, Theresa Cutajar in
discussion with Industry and Commerce Minister Rishad
Bathiudeen. |
"The economies of Sri Lanka and Malta are complimentary and I believe
that we can work out a Memorandum of Understanding (MoU) to boost our
bilateral trade relations", said Cutajar who visited the Export
Development Board offices of Colombo.
"Perhaps setting up garment manufacturing facilities in Malta may
give Sri Lanka the needed cost (competitive) advantage for the European
markets. Sri Lanka can use Malta as a hub to enter no less than 27
European economies and even the north African countries which are very
nearby.
We encourage manufacturers of pharmaceuticals, ICT and financial
industry firms who are looking at Eurozone to invest in Malta", she
said.
Addressing Madam Cutajar, Minister Bathiudeen said: "Even without
special tariff concessions, Sri Lanka's apparel industry competed well
in Europe due to its high quality", and said "I am given to understand
that Malta is pursuing a policy of gradual economic liberalization
allowing greater role for market forces, which makes it possible for
partnership between the two countries. As you may already be aware, Sri
Lanka also has an open economy with a liberal international trade policy
which Malta can make use of.
"In the new era of development, Sri Lanka is now open for investment
specially in the sectors of construction industry, Tea in value added
form, Processed vegetables and fruits, Prefabricated building materials,
Tents, Sails for boats, Activated carbon, Gem and jewellery, Leather
products and Ceramic and porcelain."
A Eurozone economy, Malta's well trained workers and low labour costs
helped it to earn the reputation of a manufacturing hub for the rest of
Europe. In addition to manufacturing, its economy depends on tourism and
trade.
For its part, Sri Lanka continued to report a positive trade balance
with Malta and in 2010, a US $ 0.92 million positive trade balance with
Malta was seen.
The total trade turnover with Malta was US $ 1.85 million in the same
year. "I believe that the presently small bilateral trade between Sri
Lanka and Malta shows huge unrealized potential for further trade
expansion between the two countries and I invite Malta to enhance
bilateral trade cooperation further", Minister Bathiudeen said.
|