Sri Lanka keen to strengthen industrial ties with Viet Nam
Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka addresses members of the visiting Vietnamese business delegation on Friday 14 October at Hotel Galadari, Colombo.
Vietnamese businesses can use Indo Sri Lanka Free Trade Agreement and the Pakistan Sri Lanka Free Trade Agreement as a base to penetrate these two promising markets from Sri Lanka. On its part, Sri Lanka can use Viet Nam as a springboard to reach far eastern markets. I also invite Viet Nam delegations to Sri Lanka Expo 2012, says Rishad Bathiudeen, Minister of Industry and Commerce of Sri Lanka.
Minister Bathiudeen was addressing members of the visiting high powered Vietnamese business delegation on Friday 14 October at Hotel Galadari, Colombo.
The 40 member high powered business delegation from Vietnam was visiting Sri Lanka to coincide with the October 14 visit of His Excellency the President of Vietnam H.E. Truong Tan Sang. Among the Vietnamese business delegates at Minister Bathiudeen's session on October 14 was Pham Quang Thinh, Deputy Director General of International Relations Department of Vietnam Chamber of Commerce and Industry. Among the notables from Sri Lankan private sector was Deshamanya Harold Jayawardena (widely known as Harry Jayawardena).
“There are opportunities for Vietnamese investments in Sri Lanka in the thrust sectors such as manufacture of agricultural machinery and agro processing, plastic products, fisheries, infrastructure and tourism. I am happy to inform you that the Indo Sri Lanka Free Trade Agreement and the Pakistan Sri Lanka Free Trade Agreement that are now in force, offer the potential for Vietnamese investors to use Sri Lanka as a base to penetrate these two promising markets” Minister Bathiudeen said.
“Sri Lanka is also keen to strengthen industrial ties with Viet Nam and use it as a springboard to reach the far eastern markets by leveraging the various resources, and also lower manufacturing costs that Viet Nam offers. For example, the Viet Nam garments industry could synergise with Sri Lanka for international mutual gains. Viet Nam and Sri Lanka can jointly produce garments by combining chains of production. I am pleased to mention that some Sri Lankan companies have already established operations in Vietnam in various sectors."
"We have also identified that there are opportunities for Sri Lanka in Vietnam for the promotion of intermediate goods for construction, hotel industry, tea industry and garments industry. Sri Lanka also can offer consultancy/professional services in the fields of engineering, architecture, construction, hotel management and business management”.
Minister Bathiudeen said and added “I warmly invite Viet Nam business and industry delegations to Sri Lanka Expo 2012, the premier international trade fair organized by Sri Lanka Export Development Board which will be held from 28th to 30th of March, 2012 at BMICH in Colombo.”
According to the Department of Commerce of Sri Lanka, Vietnam enjoys competitive advantages in the international markets particularly due to availability of unutilized resources after four decades of civil war, high population with comparatively cheap labour in the region, high inflow of US investment with latest technological industries etc. Vietnam and Sri Lanka mutually extend favorable tariff concessions for each other's export products which included under the Global System of Trade Preference (GSTP).