By Santhush Fernando in Colombo
Colombo, 18 January, (Asiantribune.com):
Minister of Trade and Commerce Rishard Badiuddin
“The total trade between the two country has crossed over US $ 500 mn. However, I believe there is much potential for Sri Lanka and UAE to strengthen our cooperation and expand our commercial relations to a higher plane, both bilaterally and through one another, in our respective regions,”
He added that the Gulf’s economic powerhouse was the largest investor in Sri Lanka having invested nearly US $ 100 mn and providing employment for 9000 workers. UAE investment has mainly come from well-known business giants in the UAE namely Al Ghurair Group and Al Futtaim Group.
“The Board of Investment would target number of sectors including Shopping malls, residential complexes, hospitals, IT and Industrial Parks, Hospitality Industry etc.. Similarly there are number of opportunities in infrastructure development and manufacturing sectors for the UAE investors,” Minister added.
Minister Badiuddin opined that both UAE and Sri Lanka have demonstrated that the respective economies are resilient and both economies weathered the Global Financial Crisis well and were poised to continue to grow strongly.
“However, as long as the global outlook remains uncertain, we will have to continuously to upgrade our value proposition and seek new markets and sources of growth. In this direction, Sri Lanka considers that the UAE can be a strategic partner for Sri Lanka,” he said.
“Today, Sri Lanka is on the threshold of a new era. A new era with much hope and optimism for peace, stability and prosperity with a brighter economic future. Having observed our improving economic fundamentals, the IMF (International Monetary Fund) recently ranked Sri Lanka as a middle-income country,” Minister Badiuddin added.
Full Text of the Speech of the Minister of Trade and Commerce Rishard Badiuddin :
His Excellency the Ambassador of UAE in Sri Lanka,
His Excellency the Ambassador of Sri Lankan in Abu Dhabi,
Dawoof Al Shezawi, of the Ministry of Foreign Trade of the UAE,
Rienzi Wijethilake, Chairman of Hatton National Bank,
Distinguished Invitees,
I am pleased to be here this afternoon at this very important seminar on the UAE. While extending a warm welcome to UAE team from the Ministry of Foreign Trade, I must take this opportunity to extend my sincere thanks to our Ambassador in UAE, His Excellency Sarath Wijesinghe for being instrumental in organizing this event. I must also thank HNB Chairman, Rienzy Wijethilake for hosting this seminar at the HNB headquarters demonstrating true partnership between Public and Private sectors.
By virtue of respective geographical location, both Sri Lanka and United Arab Emirates are maritime and trading nations. Both countries have been enjoying excellent bilateral relations. The UAE and Sri Lanka share a similar externally-oriented outlook that supports multilateral cooperation, free trade and navigational freedoms.
We enjoy very good cooperation in multilateral fora such as the United Nations, the International Maritime Organization and the World Trade Organization.
The UAE has become Sri Lanka’s largest trading partner in the Gulf Countries and largest market for Sri Lankan exports in the Middle Eastern Countries. The total trade between our two nations has crossed over US dollar 500 million. However, I believe there is much potential for Sri Lanka and UAE to strengthen our cooperation and expand our commercial relations to a higher plane, both bilaterally and through one another, in our respective regions.
Ladies and Gentlemen, as you are aware, we in Sri Lanka has now emerged as a peaceful country having eradicated three decade old terrorism under the courageous leadership of His Excellency the President Mahinda Rajapaksa.
One of our expectations and goals in this new environment is the speedy reconstruction and reconciliation and to bring about prosperity for our people.
The ongoing reconstruction process, which the government is tirelessly pursuing, embraces the long-term socio economic development and it is one of the top priorities.
Today, Sri Lanka is on the threshold of a new era. A new era with much hope and optimism for peace, stability and prosperity with a brighter economic future. Having observed our improving economic fundamentals, the IMF recently ranked Sri Lanka as a middle-income country.
The New York Times” ranked Sri Lanka the best travel destination in 2010, comparing with 31 other well-known destinations. You will be pleased to hear that the number of tourist arrivals has gone up by 50 % in 2010. The potential in tourism industry is enormous and Sri Lanka expects investment on this sector.
Economic growth of Sri Lanka will be in the range of 08 % and doubling of the stock market will enable.
The ambitious and accelerated development projects such as the Port of Humbantota, Colombo South Harbor, the second International Airport at Mattala, Energy sector , Highway Network etc., launched by Sri Lankan government will soon change the economic landscape of Sri Lanka in a remarkable manner. These development projects and their peripherals will generate a wide range of opportunities for overseas investors in general and UAE investors in particular.
UAE is the largest investor in Sri Lanka from the Middle Eastern Countries having invested nearly US $ 100 Million and providing employment for 9000 workers. UAE investment has mainly come from well-known business giants in the UAE namely Al Ghurair Group and Al Futtaim Group. The Board of Investment would target number of sectors including Shopping malls, residential complexes, hospitals, IT and Industrial Parks, Hospitality Industry etc.. Similarly there are number of opportunities in infrastructural development and manufacturing sectors for the UAE investors.
The worst of the global financial and economic meltdown is behind us. Both UAE and Sri Lanka have demonstrated that the respective economies are resilient and the economies of both countries have weathered the crisis well and are poised to continue to grow strongly. However, as long as the global outlook remains uncertain, we will have to continuously to upgrade our value proposition and seek new markets and sources of growth. In this direction, Sri Lanka considers that the UAE can be a strategic partner for Sri Lanka.
Exchange of delegations at political level, regular visits of business delegations, pragmatic approaches to export promotions and participation at each other’s trade Exhibitions etc. will be of paramount importance. I have already invited Her Excellency the Minister of Foreign Trade of the UAE to visit Sri Lanka. This visit will take place shortly and I have no doubt that it would open a new chapter in our bilateral relations.
China and India are emerging as economic giants in Asia, and Sri Lanka is well-connected to both economies.
Through our Free Trade Agreement with India and market access gained in China through the Asia-Pacific Trade Agreement, UAE investors can benefit in Sri Lanka in terms of market access opportunities. Given our respective hub status, both countries can benefit and prosper from each other’s competitiveness, experiences and ideas. In particular, businessmen from both countries should capitalize on every opportunity.
With these words, let me conclude my opening remarks. I wish you all every success in your future endeavours.
- Asian Tribune -
http://www.asiantribune.com/news/2011/01/17/sri-lanka-minister-rishard-badiuddin-positive-over-stronger-trade-ties-uae
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