Seychelles, Sri Lanka boost business ties |24 January 2014

Businessmen from Seychelles and Sri Lanka have been urged to explore the possibility of forging lasting partnerships and joint ventures in specific areas for the benefit of both countries’ economies.

The call was made by the Seychelles Minister for Finance, Trade and Investment Pierre Laporte during the official launch of the Seychelles-Sri Lanka business forum organised by the Seychelles Investment Board (SIB) in association with the Ceylon Chamber of Commerce of Sri Lanka and the Seychelles high commissioner in India.

The forum was held at the Seychelles Trading Company’s conference hall.

Minister Laporte noted that since Seychelles and Sri Lanka established diplomatic relations in 1998, both countries have witnessed great progress in key areas of cooperation.

“With our two presidents having exchanged very recently state visits and visits by other high level government officials to and from Sri Lanka, this cooperation has seen a renewed momentum  especially in the exchange of technical expertise in the fields of education, health, maritime and nautical services , legal, aviation, defence and financial services,” said Minister Laporte.

He also made reference to the appointment in 2012 of a Seychelles non-resident ambassador to Sri Lanka, Waven William, which he said cemented the importance that Seychelles places in the bilateral relationship between Sri Lanka and Seychelles.

“Relevant steps have been taken over the years and will continue to be taken by the Seychelles government to make Seychelles an ideal place for doing business and to encourage foreign direct investment. Both countries have achieved unexpected and sustained growth as a result of strong direct investment,” said Minister Laporte.

Referring to the signing between our two countries in December 2013 of the agreement on the economic technical cooperation and the double taxation avoidance and prevention fiscal agreement in September 2011, Minister Laporte said steps have already been taken to promote economic cooperation.

Minster Laporte also drew attention to Seychelles’ geographical position between Africa and the Middle East and expressed the wish to maximise our country’s  positioning to enhance its vision of becoming the trade and services hub for the region.

He said focus should be on developing bilateral trade agreements, extending the ports, enabling an environment for renewable energy products and offering  a premiere financial services including wealth management, double flagging and company incorporation.

He also said that the launch of direct flights last year between Seychelles and Sri Lanka should assist in not only increasing the volume of trade between our two countries but also the number of visitors from both countries.

Regarding the newly opened Bank of Ceylon in Victoria earlier this week, Minister Laporte said the bank is another important milestone which will create another avenue for respective business communities to conduct business and seek financing to generate maximum revenues.

“The installation in 2012 of our first fiber optic cable has greatly improved communications and internet connectivity and opened up the area of ICT for more commerce, finance and banking,” said the minister. “This business forum therefore provides us with an ideal opportunity to further explore potential  opportunities in the area of trade and commerce, fisheries, tourism and generally to further promote our economic relations,” added the minister.

Also present at the forum were not only business operators from Sri Lanka but also those from the private sector of Seychelles who are interested to network and promote their respective products and services.

As for the secretary general and chief executive of the Ceylon Chamber of Commerce, Harin Malwatte, he said the event will go down in the history book of Sri Lanka and its Chamber of Commerce because firstly it is the first formal business deliberations that have taken place between Sri Lanka and Seychelles as the Ceylon Chamber of Commerce does not have one on record.
 
To him this is a landmark achievement especially as the Ceylon Chamber of Commerce marks its 175th anniversary this year.

Secondly, it is the first business meeting arising from the first Commonwealth business forum held in Colombo last year which was aimed at forging businesses with Commonwealth countries.

He also mentioned the establishment of direct flights between the two countries which he said is important for business connectivity, a fully-fledged diplomatic mission here and the opening of the Bank of Ceylon.

Mr Malwatte then went on to introduce members of the Sri Lankan business delegation who are from diverse areas of business like plant quarantine which facilitates import and export of plants and plant care products;  health care products, fruits and vegetables; ship building, repairing and engineering; fibre glass boats and allied products; fresh produce, preserved food items and hotel products; refrigeration technology comprising ice plants, cold room, to name some; agricultural products;  cables for various function; decorative solutions for residences;  paints;  building materials; food products; jackets, umbrellas, PVC products, construction, tea, among others.

During the forum a memorandum of understanding aimed at creating a conducive environment for free enterprise to operate and to create wealth for the community, was signed between the two countries.

  Juliette Sicobo-Azais, secretary general of the Seychelles Chamber of Commerce and Industry signed on behalf of Seychelles while Mr Malwatte signed for Sri Lanka.

There were presentations by the chief executive officer of the SIB, Rupert Simeon; Mrs Sicobo-Azais; principal secretary in the Department of Tourism Anne Lafortune; representatives of the Seychelles Trading Company (STC) and Ministry of Natural Resources who gave an overview of their respective sectors and the business opportunities and assistance they offer.