News

GL at launch of SL-UK Chamber of Commerce

Published

4 years ago

2021/10/31

by Sujeeva Nivunhella reporting from London

Foreign Minister Prof. G.L. Peiris was the main speaker at the launching of Sri Lanka – UK Chamber of Commerce held at the Sri Lanka High Commission in London on Oct. 26.

Among the distinguished guests present were British Prime Minister Boris Johnson’s special trade envoy to Sri Lanka, Lord Davies of Abersoch, British High Commissioner to Sri Lanka Sarah Hulton OBE and officials from the UK Department of Trade and UK Foreign and Commonwealth Office.

Speaking at the event, Minister Peiris said former British Prime Minister Theresa May used the phrase “Global Britain” in 2016 at a Conservative party conference. “Now the time has come to give meaning to that phrase.”

“After Brexit, Britain is earnest in her endeavour to find new markets, new countries to strengthen economic and commercial relations with and I would venture to suggest to you this evening that there is no country better than Sri Lanka for Britain to take a long hard look at when it comes to strengthening, deepening and enriching commercial and business relations”, he asserted.

He said: “British entrepreneurs in every way feel unreservedly comfortable in Sri Lanka because in every walk of life you will find that British values, customs and traditions profoundly influenced Sri Lanka.

“Sri Lanka has managed to vaccinate 82% of the eligible population against Covid. We started manufacturing pharmaceutical products in our own country. We have been using a large amount of foreign exchange to import saline. We manufacture drugs that are required by our own population and we shall soon be able to sell the surplus to the Maldives and several countries in East Africa.”

Comparing labour laws of SL and Britain, he said that, “during the last seven months or so, there has been a draft of legislation enacted by the Sri Lanka Parliament with regards to the minimum age at which children can be employed, conditions of service in factories, imposing of absolute prohibitions on the employment of children in what are regarded as hazardous industries.”

Peiris said that the UK is seeking for FTAs with the US, Australia, New Zealand and India. “It may not be at fruition until next March at least. We are already in Free Trade Agreements with India and Pakistan. If a British company were to establish a business in Sri Lanka, it will have a total waiver of duties if it sells to India and Pakistan.

“It is our firm resolve by 2030 to ensure that our 70% of energy requirements come from renewable sources. By 2050 we have realistic expectations our country will be carbon-free. The Commonwealth has recognized Sri Lanka as the Blue Economy Champion.”

Dr. Lakmini Mendis, Minister (Commercial) at the High Commission said that going back to 2020 in the post-Brexit and Covid context, doing business with Britain was unimaginable. So forming this this Sri Lanka – UK Chamber of Commerce was an achievement.

“The UK is an important trading partner for Sri Lanka and vice versa for trade, investment and tourism, with a well-established bilateral trade relationship spanning decades. We understood the importance and the need for a platform or a forum for the UK companies who are doing business in Sri Lanka to engage (with each other)”, she said.

High Commissioner Saroja Sirisena said: “The United Kingdom is one of Sri Lanka’s foremost economic partners. Currently, it is our second most important export destination, the second source of inbound tourism and one of Sri Lanka’s top ten investors.

“It was felt that the need for a Chamber of Commerce was long overdue to crystalize this important business relationship. Despite being severely curtailed by the Covid 19 pandemic over the past 18 months, officials of this Mission together with our dynamic business community worked tirelessly for this project to come to fruition” she said.

She expressed her appreciation for the unstinting support given by the main British investors in Sri Lanka, HSBC, London Stock Exchange Group, De La Rue and those who have volunteered to serve on the Chamber’s first board. She requested all those doing business with Sri Lanka to join the Sri Lanka-UK Chamber of Commerce and support them in making the relationship even stronger.

All News Advertisement

Latest News

Free 14 day visa extension for visitors unable to depart Sri Lanka

Published

2 hours ago

2026/03/4

Priyan

The Department of Immigration and Emmigration has decided effective from 28th February 2026, to grant a free fourteen (14) day visa extension to all tourists who are unable to leave Sri Lanka due to flight cancellations.

News

Maldives Coast Guard Ship Huravee arrives in Colombo

Published

4 hours ago

2026/03/4

Priyan

The Maldives Coast Guard Ship Huravee arrived at the Port of Colombo for replenishment purposes on 02 Mar 26. The visiting ship was welcomed by the Sri Lanka Navy (SLN) in compliance with time-honoured naval traditions.

The ship is a 48.9m long Offshore Patrol Vessel which is commanded by Lieutenant Colonel Ahmed Nafiu Mohamed.

Meanwhile, the ship’s crew is scheduled to visit several tourist attractions in the city of Colombo, during their stay in the island.

News

AKD warns of far reaching economic consequences of Middle East war

Published

7 hours ago

2026/03/4

Sahan Weerasooriya

Anura

President Anura Kumara Dissanayake yesterday called for an immediate and peaceful resolution of the escalating Middle East conflict, warning that the crisis could have far-reaching repercussions on the global economy, including Sri Lanka.

Addressing Parliament, the President stressed that no military conflict benefited humanity, particularly at a time when destructive military technologies were rapidly advancing.

“Any military conflict does not create a favourable situation for any group of people,” he said, urging all parties to make urgent commitments towards peace. “As Sri Lanka, our position is that all parties involved in this war must, as soon as possible, take steps toward a peaceful world.”

He cautioned that Sri Lanka could not remain insulated from the fallout from the conflict, noting that disruptions to global oil and gas supplies, threats to migrant workers in the Middle East, and potential shocks to tourism, remittances, shipping and aviation were real concerns.

A national programme was being formulated to mitigate the impact, he said, adding that its success would hinge on broader international efforts to restore stability, the President said.

Acknowledging public anxiety shaped by past economic hardships, President Dissanayake said social stability could not be ensured through rhetoric alone but required tangible guarantees that citizens would not face another crisis.

While noting that the government had successfully navigated multiple challenges since assuming office, he described the Middle East situation as distinct due to the uncertainty surrounding its duration and outcome.

The government, he said, was closely monitoring developments. The Central Bank had conducted a review with a report on the likely economic impact expected shortly. The Ministry of Finance is also preparing an assessment of the potential effects on public life, alongside measures to ensure the uninterrupted provision of essential services locally and for Sri Lankans overseas.

“The primary responsibility for finding a path out of the crisis rests with the Government,” he said, calling on Parliament and the public to collectively confront the challenge under a unified national plan.

Providing a detailed account of the country’s energy reserves, the President said storage capacity rather than supply remained the key constraint. Excluding the Indian Oil Corporation tanks in Trincomalee, total storage capacity at Kolonnawa and Muthurajawela stands at approximately 150,000 metric tons.

Diesel stocks were currently sufficient for 33 days, with refining contributing around 1,800 metric tons daily. Petrol reserves will last 27 days, with a 35,000 metric ton shipment due on March 7 or 8 expected to extend availability to around 40 days.

Aviation fuel stocks are adequate for 49 days, supported by both daily refining and imports. Scheduled shipments include vessels from RM Parks on March 14, Sinopec on March 17, IOC on March 21 and the Ceylon Petroleum Corporation on March 28.

Crude oil supplies were sufficient to operate the refinery for 26 days, with an additional shipment expected to extend operations by a further 18 days, the President said.

“Because of this, there is no crisis regarding oil,” the President assured Parliament.