Sri Lanka is close to concluding two more bilateral trade agreements, an Economic and Technology Cooperation Agreement with India and a comprehensive Free Trade Agreement (FTA) with China.
“This will be followed by FTAs with Thailand, Bangladesh and Malaysia, said Minister of Development Strategies and International Trade, Malik Samarawickrama.
The Minister further added that Sri Lanka is close to concluding two more bilateral trade agreements, an Economic and Technology Cooperation Agreement with India and a comprehensive FTA with China as well.
He was speaking at the opening of Sri Lankan office of German Chambers of Commerce and Industry was held in Sri Lanka, on Tuesday in a bid to give a further flip to existing trade ties between the two countries.
With the opening in Sri Lanka, the worldwide network of German Chambers of Commerce and Industry abroad covers 140 offices in 92 countries.
Minister said that the high-profile German delegation visit to Sri Lanka and the newly set up organization in Sri Lanka, will forge many productive business partnerships for both our countries.
The Minister further said that the Sri Lankan government is keen to attract German industries looking to do higher-end activities in Sri Lanka especially export-oriented manufacturing that brings new technology and new practices to help upgrade Sri Lankan economy.
“Germany has much to offer us in terms of skill and technology upgrading. In fact, we value very much the contribution made by Germany to upgrade skills in Sri Lanka particularly the highly reputed German Tech institutes in Moratuwa, Killinochchi and soon to be in Matara.
Dr. Martin Wansleben, CEO of the Association of German Chambers of Commerce and Industry speaking at the event said that there is a huge growth potential for German companies in Asia and the dynamic market of Sri Lanka will open up even more opportunities.
While Sri Lankan exports to Germany grew by 13% in 2017, German exports grew by 81% to over 570 million Euro in 2017, reaching a total bi-lateral trade volume of more than 1.25 billion Euro. German investment in the apparel industry, cement industry, industrial gas production, precision technology and lately in the insurance sector are underlining the country’s diversified opportunities German foreign direct investment in Sri Lanka amounts to approximately 170 million Euro.