Qatar-Sri Lanka Business Forum Discusses Investment Cooperation

Doha, October 25 (QNA) - The Qatari-Sri Lankan Business Forum kicked off Wednesday in the presence of HE President of the Democratic Socialist Republic of Sri Lanka Maithripala Sirisena, as well as a number of ministers, officials and businessmen in both countries. Addressing the forum, HE Chairman of Qatar Chamber Sheikh Khalifa bin Jassim bin Mohammed Al-Thani said that Qatar and Sri Lanka have long-standing distinguished relations at all levels and fields, noting that visit of HH the Emir Sheikh Tamim bin Hamad Al-Thani to Sri Lanka in March 2015 contributed to enhancing these relations and expanding to new horizons, where a number of memorandums of understanding were signed to strengthen cooperation between the two sides in several areas. The distinguished relations between the two sides are reflected in the presence of a large number of Sri Lankan workers who contribute to the renaissance witnessed by the State of Qatar and enjoy all the care in the country, HE the Chairman said, noting that the State of Qatar is keen on providing a safe environment for expatriate labor, and on providing the needs and requirements of expat workers and ensuring their rights, in accordance with laws and legislation and abide by the international conventions in this area. He noted that the level of trade exchange between the two sides and does not correspond to the strength of the existing relations between the two sides, where the value of trade between Qatar and Sri Lanka reached about $52.5 million only in 2016, a level that does not reflect the size of the potential available to the two friendly countries. The Chairman of Qatar Chamber expressed the hope that the forum would represents a real start towards activating the joint cooperation between the business sectors in both countries, especially as the Qatari businessmen are looking to identify the investment opportunities available in Sri Lanka and build cooperation relations with businessmen there, leading to the establishment of alliances and partnerships that result in joint projects in both countries. For his part, HE Minister of Industry and Commerce of Sri Lanka Rishad Bathiudeen said that the visit of the President of Sri Lanka to Qatar is a very important step in the development of bilateral relations. He noted that the forum, which brings together businessmen from both countries, comes at an important period in the history of the economic relations between Qatar and Sri Lanka, and would open the door for further partnerships between the two countries' business sectors, especially as the agreements signed between the two parties in this regard promote the mutual cooperation. The Minister highlighted the investment climate in his country which enjoys a strategic position in the Indian Ocean, making it a gateway to many important countries in Asia, as well as the country's investment environment which is reinforced by the government with facilities and legislation that contributed to the promotion of direct investment. HE the Minister of Industry and Commerce of Sri Lanka underlined that the agreements between his country and Qatar represent a solid basis for increasing the volume of mutual investments between the two parties. HE the Minister of Economy and Commerce of Sri Lanka added that Qatari market is an important destination for his country, calling on the businessmen of the two countries to benefit from this meeting to enhance the trade partnership between the two sides. Minister Rishad Bathiudeen referred to agreements signed by Sri Lanka with India and Pakistan and other agreements to be signed with Singapore and China, which enabled the country to reach important Asian markets, in addition to 7200 Sri Lankan products which can enter the European market at a preferential tariff, indicating that anyone who invests in Sri Lanka can benefit from these facilities and possibilities. He noted that despite the fact that his country is an important tourist destination, the number of Qatari tourists to Sri Lanka did not surpass 1700 tourists in 2016, despite the existence of 28 trips linking the two countries a week, reviewing the most important possibilities and tourist destinations in the country. The Minister expressed his country's interest in benefiting from the Qatari experience in a number of areas such as education, technology, financial sector and others, in which Doha achieved remarkable accomplishments. He underlined that Qatar's win in organizing the 2022 World Cup reflects its role and position in the region, becoming the first country in the Middle East to have this honor. For his part, HE Sri Lanka's Minister of State for Foreign Affairs Vasantha Senanayake urged Qatari businessmen to invest in his country, and get advantage of the MoUs signed between the Chambers of both countries, as well as the agreement on mutual protection and promotion of investment. He called for reviewing means of promoting trade and mutual investments between the two countries. HE the Minister said that the Sri Lankan workforce in Qatar has proved its competence and high skills in contributing to the economic growth of the country, which opens the door to attracting more skilled Sri Lankan manpower to the Qatari market. The Qatari-Sri Lankan Business Forum included presentations by Sri Lankan institutions explaining the characteristics and reasons for investment in the country. The presentations included explanations of various sectors in Sri Lanka, including tourism, the financial sector and others. (QNA)