Business
Govt revives crucial EU-Sri Lanka investor dialogue
Basil Rajapaksa, Minister of Finance chaired the above investor forum on 31st January 2022 at the Ministry of Finance. Namal Rajapaksa -Minister of Youth and Sports, Minister of Development Co-ordination and Monitoring and State Minister of Digital Technology, D V Chanaka -State Minister for, Aviation and Export Zones Development , Tharaka Balasuriya – State Minister of Regional Cooperation also participated in this discussion.
Denis Chaibi , Ambassador for the European Union to Sri Lanka and Maldives who was the co-chair of the meeting spoke of bilateral trade and EU’s investments in Sri Lanka. He said that the dialogue was an important forum to solve the issues of EU investors and retain them in Sri Lanka in the long run”. He also stated that “the EU would like to make Sri Lanka an attractive investment destination for potential investors from the EU”.
The European Union was represented by Holger Seubert , Ambassador, Embassy of the Federal Republic of Germany, Sri Lanka, Eric Lavertue , Ambassador, Embassy of France in Sri Lanka and the Maldives, Tania Gonggrijp, Ambassador, Embassy of the Kingdom of the Netherlands, Sri Lanka, Franceso Perale, Deputy Head of Mission , Embassy of Italy, in Sri Lanka, Arnaud Lion, Deputy Head of Mission, Embassy of the Kingdom of Belgium (based in India). Jean-Alexandre Egea , Economic Counsellor, Embassy of France in Sri Lanka, Thorsten Bargfrede, Deputy Head of Mission for the European Union to Sri Lanka and the Maldives who also coordinated this event.
Eng. Raja Edirisuriya ,Chairman – Board of Investment delivered the opening remarks and gave an outline of the over view of the economic situation, foreign investment trend in 2021 and the latest measures and regulations to support foreign investment. In conclusion the Chairman BOI stated that “Doing business in Sri Lanka has now returned to normalcy, despite what the country went through with the pandemic” He further stated that “the BOI looks forward to working closely with the EU to facilitate the existing investors as well as to encourage the existing companies to re-invest and expand their operations in Sri Lanka” .
The matters discussed at the dialogue comprised of the foreign exchange crisis in Sri Lanka, the need for a better consistency regarding investment and tax policies, the need for a streamlined, clearer and easy process to establish a company in Sri Lanka, positioning Sri Lanka as a transport and logistic hub, promoting public private partnerships to boost EU Investment in Sri Lanka, improve the trade facilitation to increase the competitiveness and efficiency of the economy, modernising the health sector.
Senior Government officials led by S R Attygala, Secretary to the Treasury, respective line agencies including Central Bank of Sri Lanka , National Medicines Regulatory Authority (NMRA), Registrar of Companies, Ministry of Health, Sri Lanka Customs, Department of Commerce and BOI participated in the discussion.
The EU-Sri Lanka Investor Dialogue is a facilitation forum that was launched originally by the BOI in 2014, in close collaboration with the European Union Delegation in Sri Lanka. Hence it has been an effective platform for existing investors from the EU to discuss issues faced by the companies with Senior Government officials in order to find solutions. The European Chambers of Commerce in Sri Lanka(ECCISL) and the Delegation of German Industry of Commerce (AHK), along with the Deutsche Bank and leading companies from the EU such as: Michelin (Camso Loadstar) . Diesel & Motor Engineering Plc, (DIMO) B Braun, CMA CGM, Haffle International, OTV Veolia, , Calamansi Cove Villa project (Jet Wings Hotel) Baurs and Hapag-loyd, also participated in the dialogue.
Both sides agreed to continue this dialogue on a regular basis, as well as to discuss issues faced by investors from the Eu on one to one and arrange for technical sessions with the relevant agencies and respective EU Missions to follow up and to make the facilitation more effective.
Business
Sri Lankan leaders urged to balance historical wisdom with modern innovation
By Ifham Nizam
Prof. Patrick Mendis, a Sri Lankan-born U.S. diplomat and presidential advisor to the U.S. Department of Defense issued a call to action for Sri Lanka’s leaders, urging them to adopt a pragmatic vision that balances historical wisdom with modern innovation.
Speaking on the topic, `The Power of Geopolitics and Its Implications for Sri Lanka’s National Development’, at a seminar organized by the National Chamber of Commerce last Friday, he said: “Commerce and connectivity have always been the lifeblood of nations. Sri Lanka must harness its strategic position and unique assets to chart a path of sustainable growth and prosperity.”
Mendis provided to the audience at the National Chamber Auditorium deep insights into how global political dynamics shape Sri Lanka’s economic and strategic future.
Drawing from his extensive experience across over 140 countries, Mendis highlighted key opportunities and challenges facing the nation. The event served as a vital platform for engaging discussions among policymakers, academics and industry leaders.
Professor Mendis of the University of Warsaw drew connections between history, trade, and modern geopolitics. His analysis highlighted how nations leverage their geographic and economic strengths to navigate global power dynamics. He outlined the opportunities and challenges for Sri Lanka amidst the shifting tides of international trade and diplomacy.
Opening with a historical lens, Mendis emphasized the role of commerce in shaping global alliances. Quoting Thomas Jefferson, he reiterated the timeless motto: “Commerce with all nations, alliance with none.” This principle, rooted in America’s founding vision, underscores the idea that peaceful trade can serve as a cornerstone for national prosperity. Jefferson’s vision for “practicable water communication across the continent for commerce” resonates even today as countries explore trade routes that minimize conflict while maximizing economic benefits.
Mendis also reflected on historical instances of Sri Lanka’s strategic connectivity. From King Bhatika Abhaya’s diplomatic exchanges with Rome and China in the Anuradhapura Kingdom to the maritime strategies of Parakramabahu I during the Polonnaruwa era, Sri Lanka has long been a hub for trade and cultural exchange. Such historical precedents underscore the island’s potential as a pivotal player in contemporary global trade.
Transitioning to modern geopolitics, Mendis focused on China’s Belt and Road Initiative (BRI). He described it as a transformative project aimed at fostering “a peaceful world built on trade.” By connecting Asia, Europe, and Africa through infrastructure investments, China seeks to rejuvenate the historical Silk Road and assert its economic dominance. For Sri Lanka, this presents both opportunities and challenges.
Sri Lanka’s strategic position in the Indian Ocean has made it a critical node in China’s maritime ambitions. Mendis referred to Sri Lanka as China’s “unsinkable aircraft carrier,” highlighting major investments like the Hambantota Port and Colombo Port City. While these projects promise economic growth, they also raise concerns about sovereignty and debt dependency.
Mendis likened China’s approach to a modern “MIDLIFE Strategy,” where military, intelligence, diplomacy, legal, identity, financial, and economic tools are employed to win battles without war. For example, Chinese survey missions in the Indian Ocean, ostensibly for fiber-optic cable laying and resource mapping, underline its dual-use strategy, blending commercial and strategic interests.
In the face of growing U.S.-China competition, Professor Mendis urged Sri Lanka to adopt a pragmatic and balanced approach. He discussed the implications of key U.S.-India agreements, including the General Security of Military Information Agreement (GSOMIA) and the Basic Exchange and Cooperation Agreement (BECA). These alignments, aimed at enhancing defense cooperation, have significant implications for the Indo-Pacific and Sri Lanka’s positioning.
Quoting Winston Churchill, Mendis reminded the audience: “We have no lasting friends, no lasting enemies, only lasting interests.” He emphasized that Sri Lanka must prioritize its national interests over allegiances, ensuring sustainable development while avoiding entanglements in power rivalries.
Mendis urged businesses to focus on sectors where Sri Lanka holds a comparative advantage, such as tourism, agriculture, and technology. By capitalizing on its rich cultural heritage and skilled workforce, the nation can attract investments that align with sustainable development goals.
Business
Customer service to new heights with Digitalized Contact Centre for Union Bank
Marking a significant milestone in the advancement of digital customer service in the banking sector, Dialog Enterprise, the corporate ICT solutions arm of Dialog Axiata PLC., announces the implementation of a state-of-the-art, cloud-based contact centre solution for Union Bank of Colombo PLC. The cloud-hosted platform offers a unified communication solution that integrates voice, video, unified messaging, VoIP, and automated call flows, reinstating the existing outmoded contact centre system at Union Bank.
Union Bank as part of its digital transformation agenda continues to leverage technology for growth and the upgrade of its existing contact centre infrastructure to a more advanced, scalable, and compliant solution is yet another step towards enhancing customer experience. With the new cloud-based system, the bank aims to improve customer engagement and streamline operations, while adhering to central bank regulations and compliance requirements.
“We are excited to collaborate with Dialog Enterprise to elevate our customer service capabilities,” stated Malinda Perera, Vice President – Head of Cards, Asset Products, Service Quality & Contact Centre of Union Bank. “Our decision to move to a cloud-based contact centre was driven by our commitment to enhance customer engagement and operational efficiency. The new system will allow us to offer more personalized service through various channels, including voice, chat, and social media, ensuring that we can meet our customers’ needs wherever they are. Additionally, the platform’s robust security features will help us comply with regulatory standards, protecting our customers’ data and maintaining their trust,” he explained further.
The new cloud-hosted contact centre will enable Union Bank to achieve greater scalability, reduce operational costs, and increase flexibility for its workforce. With features such as integrated CRM, real-time wallboards, reporting tools, and mobile applications, the solution ensures that agents can provide exceptional customer service from any location, whether working remotely or from the office.
“We are thrilled to present this latest communication interface for Union Bank,” exclaimed Navin Pieris, Group Chief Officer of Dialog Enterprise. “As pioneers in bringing the latest technology to the country, our goal is to provide local enterprises with access to world-class digital solutions at affordable prices. The cloud-based contact centre we are implementing for Union Bank will enhance their operational efficiency while also significantly improving the customer experience through a more responsive, multi-channel communication platform,” he pointed out.
Business
United Kingdom tea importers visit Sri Lankan tea producers, exploring trade opportunities
A delegation of experts and specialists from the UK tea industry is in Sri Lanka this week to strengthen connections with the country’s specialty tea producers and explore business opportunities.
The trade mission – organized under the UK Government- funded Trade Partnerships (UKTP) programme and implemented by the International Trade Centre and– will connect 12 UK tea companies with specialty tea producers and processors across Sri Lanka’s low, mid and upcountry regions, to explore the unique flavours and variations influenced by diverse climatic conditions.
Buyers will experience firsthand the artisanal tea harvesting methods and the distinctive processing techniques used to craft premium, curated teas. They will also gain insights into the environmental, ethical and social practices of each tea producer.
‘This trade mission provides a valuable opportunity for United Kingdom tea buyers to directly engage with high-quality Sri Lankan tea producers. By fostering these direct connections, we aim to strengthen trade relationships and contribute to the sustainable growth of both the United Kingdom and Sri Lankan tea sectors,’ said Jarmila Sarda, UKTP programme manager.
A tea reception hosted by the British High Commission in Colombo will provide a platform for UK buyers and Sri Lankan stakeholders, including the Ceylon Artisanal Tea Association (CATA), to engage, exchange ideas and expand their networks.
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