According to Theresa Cutajar, the Malta's High Commissioner for India and Sri Lanka, the Mediterranean country of Malta is eager to invite Sri Lankan investment and means to close a formal deal in this respect, Sri Lanka's Ministry of Industry and Commerce stated.
In a press release issued by the Ministry, Cutajar said that, the Sri Lanka's and Malta's economies are quite favourable and thus she believes that the two nations can ink a Memorandum of Understanding (MoU) to enhance their mutual trade relations.
Cutajar said this while in talks with Rishad Bathiudeen, Sri Lanka's Minister of Industry and Commerce during a recent visit to Colombo's Export Development Board.
She said that, setting up garment producing facilities in Malta may provide Sri Lanka with the cost competitive advantage that it seeks for the European Union (EU) markets. Sri Lanka can utilize Malta as a focal point to gain access to the 27 EU member nations and also to the North African nations in the vicinity, she said.
Bathiudeen informed Cutajar that even in absence of the preferential tax breaks, with its premium quality, Sri Lanka's apparel industry has been able to retain its competitiveness in the EU markets.
He said that, he is aware that Malta follows a gradual economic liberalisation policy which allows greater role for market forces, and has thus carved a way for partnership between the two nations.
The efficient workforce and cheap labour availability helped Malta to earn recognition as a manufacturing hub for entire Europe.
Fibre2fashion News Desk - India