SL-Palestine investment Forum mooted

A Sri Lanka – Palestine Joint Investment Forum can help spur bilateral trade between both countries. Also, Palestine can ‘almost feel’ Sri Lanka’s great potential at the Expo 2012 show. “A Joint Investment Forum between the two countries can spur the bilateral trade process” said Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka on March 30.

Minister Bathiudeen was addressing, Dr. Khuloud Daibes, Minister of Tourism and Antiquities of Palestine when Dr Daibes made a courtesy call on Minister Bathiudeen on March 30 at the Ministry of Industry and Commerce, Colombo 3. Dr. Daibes was leading the Palestinian delegation at the Expo 2012.

According to the Department of Commerce of Sri Lanka, Palestine trade with Sri Lanka shows a fluctuating trend with the trade balance in favour of Sri Lanka. In 2010, exports stood at $ 0.02 million with no imports to Sri Lanka at all. Sri Lanka’s major exports to Palestine are special yarn twine and vegetable textile fibre. The $4.02 billion economy has been keen to boost trade with Sri Lanka, (especially looking for Pure Ceylon Tea and coconut oil) and inviting Sri Lankan trade delegations, were among others. On its part, Sri Lanka has been keen to draw Palestinian investors, especially to the tourism sector.

“While offering greetings from our President and the Prime Minister, I should stress that Palestine can almost feel the great potential Sri Lanka has. We are glad that we have been able to arrive for Expo 2012 and become part of Sri Lanka’s resurgence.” “We believe there is strong partnering potential between SL and Palestine for tourism cooperation, specially with regard to Sri Lankan’s interest in Holy Land and other Holy Places in Palestine. We are prepared to offer joint ventures between Palestinian Hotels in Bethlehem and Sri Lankan investors to help Sri Lankan pilgrims coming to Bethlehem,” Dr. Daibes said.

Minister Bathiudeen, responding to Dr. Daibes, said: “We thank Palestine for taking part in Expo 2012. Under the development vision of the President Mahinda Rajapaksa, Sri Lanka has entered a new development stage and in 2011, we registered 8.3% GDP growth. I believe that a Joint Investment Forum between the two countries can kick-start bilateral trade process in this resurgent climate. I believe that Expo 2012 also can help in this direction.”

Asoka Godawita Deputy Director of Commerce and Dr Anwar H Al Agha Ambassador of State of Palestine to Sri Lanka and the Maldives were also present.