Sri Lanka asks for investments from Vietnam
Yapa said the country was thirsty for capital and foreign investment for rebuilding the country after a long civil war.
Reconstruction of the country is being undertaken on several fronts, Yapa told the Vietnam-Sri Lanka Business Forum held in HCMC.
Attending the forum was visiting Sri Lankan President Mahinda Rajapaksa.
The minister said that on the economic front, the country encouraged foreign direct investment, which would play a paramount role in reconstruction efforts. He said the two countries which share a agriculture-based growth strategy, could build on each other’s strengths in agriculture, aquaculture, food processing, tourism, textiles and apparel, electric and electronic industries.
Sri Lanka-made products have duty free access to the Indian market under a free trade agreement, said the minister, adding they also enjoyed similar benefits and with Pakistan and have duty free access to the European Union under GSP status. Sri Lanka was embroiled in a civil war for nearly three decades until this May, Yapa said.
The minister said the conflict did not just cost the country a colossal USD200 billion in destruction and loss of opportunities, but also tore the very social fabric of the nation and her people.
The Sri Lanka government was intensifying talks with India, China, Vietnam and other countries to strengthen trade and investment cooperation, he added.
Nguyen The Hung, chief representative of Vietnam’s Ministry of Planning and Investment, said no Vietnamese projects had been implemented in Sri Lanka as yet owing to the long-standing conflict in the country. However, the end of civil war in Sri Lanka would bring opportunities for businesses seeking new markets, he said.
Two-way trade between Sri Lanka and Vietnam reached USD61.6 million last year. Sri Lankan investors so far have initiated five projects worth USD13.2 million in Vietnam.
