German companies eye manifold investment opportunities in SL | Daily News

German companies eye manifold investment opportunities in SL

President of NCCSL Sujeewa Samaraweera presenting a memento to German ambassador Joern Rhode at the session. Picture by Saman Sri Wedage
President of NCCSL Sujeewa Samaraweera presenting a memento to German ambassador Joern Rhode at the session. Picture by Saman Sri Wedage

German companies are eyeing investment opportunities which can be manifold in Sri Lanka, German Ambassador to Sri Lanka, Joern Rhode said.

According to Ambassador Rhode, Sri Lanka-Germany bi-lateral relations and exchanges on a political level have intensified considerably in the recent past. “It’s time to explore more avenues to foster economic cooperation where Germany can become a more active partner in Sri Lanka’s growth story,”he said.

He was the special Guest Speaker at a session on ‘Bilateral Trade between Sri Lanka and Germany’ organized by the National Chamber of Commerce of Sri Lanka. Noting about the importance of rule of law to ensure a level playing field for businesses, he said that German government is happy with the measures taken so far by the Sri Lankan government to strengthen existing tax regime, peace building and reconciliation efforts.

“Sri Lanka is well on its way to reforms. The government is taking measures to reinforce the rule of law and to strengthen transparency and accountability. Sri Lanka is talking the right path; but you have to walk the talk,” he said.

In addition, the German Embassy in Sri Lanka in an effort to intensify collaboration in the field of vocational training is looking to set up another vocational training centre in Matara district. 

Germany and Sri Lanka enjoy a stable annual bilateral trade volume of US$ 900 million per year with a steady growth, Ambassador Rhode expressed confidence that it would be possible to cross the US$ 1 billion mark during this year.

While the political relations between the two countries have become much stronger in the last three years, Germany has also managed to increase its exports to Sri Lanka in the first half of 2016 by about 26%. “Sri Lanka has the highest growth rate in terms of Germany’s trade with

South Asia as a whole.” the ambassador noted.

Today, more than 170 BOI- approved German ventures operate in Sri Lanka. Major exports from Sri Lanka to Germany include apparel, tea, retreaded or used pneumatic tyres of rubber; solid or cushion tyres while German exports to Sri Lanka include Optical, photographic, cinematographic, measuring,medical or surgical instruments, beverages etc.

 

 


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