Seychelles and Sri Lanka agree to promote investments |03 September 2014

Seychelles and Sri Lanka have signed a memorandum of understanding to promote investments between them.

The signing took place last week in Colombo during the Seychelles-Sri Lanka Trade and Investment Forum jointly organised by the Export Development Board of Sri Lanka and the Seychelles Investment Board (Sib).

The two-year deal, which is automatically renewable, was entered into by the Board of Investment of Sri Lanka and the Sib.

Seychelles’ Minister for Finance, Trade and Investment  Pierre Laporte and Sri Lanka’s Investment Promotion Minister Lakshman Yapa Abeywardena witnessed the signing.

Minister Abeywardena said through the MoU there would be an exchange of information between the two investment promotion agencies to create a favourable environment for investment.

It will also build relationships between investors from both countries who will identify and promote business opportunities.

“Under the MoU, both countries will assist investors by arranging field trips,” the minister said.

“I am also very pleased that this MoU will lead to promoting manpower training and creating hope and opportunities for our greatest treasure, our youth. I think that this will develop cooperation in the tourism sector, which is an important industry for both our countries,” he said.

The MoU will be implemented by a joint committee that will consist of an equal number of officials from both countries.

The Seychelles delegation, which was led by Minister Laporte, included the Seychelles high commissioner to Sri Lanka, Waven William; principal secretary for tourism, Anne Lafortune; chief executive of the Sib, Rupert Simeon; chief executive of the Islands Development Company, Glenny Savy; Aubrey Lesperance from the Seychelles Fishing Authority; representatives of the Seychelles Trading Company and of the private sector.

Roy Fonseka, the Sri Lankan Consul in Seychelles, also attended.

On June 1, President Mahinda Rajapaksa made a state visit to Seychelles. During the visit a number of key agreements were signed, including one covering investment and committing both parties to sign an MoU promoting cooperation in investment.

“The visit was very fruitful and developed cooperation and also resulted in a small but significant Sri Lankan economic presence in Seychelles,” the minister said.

Sri Lankan institutions such as Mihin Lanka Airlines, Nawaloka Medical Centre and the Bank of Ceylon have already set up branches in Seychelles.

Seychelles has seen cooperation with Sri Lanka flourish since President Michel’s state visit to Colombo in 2012.

Source: Daily FT