May 28, 2015 (LBO) – Sri Lanka is keen to attract German investments due to their high standards of manufacturing, a Minister said in a statement.
“With regard to German companies we are keen to attract investments due to their excellence in engineering and very high standards of manufacturing,” Eran Wickramaratne, deputy minister for highways and investment promotion said in a statement issued by the BOI.
“Currently Germany is Sri Lanka 5th largest market and exports and export to Germany mainly comprise apparel, solid tyres, tea, gloves and other items.”
The Minister made these comments while addressing members of the Indo German Chamber of Commerce at an event held to promote Sri Lanka to German investors in Mumbai, recently.
“There are also parallels between Germany’s past experiences and Sri Lanka’s current changes,” the Minister said.
“Sri Lanka was at a seminal point of its history and benefits of peace have now accrued to the people and the new President was promising a future which would include an inclusive and nationally representative Government,”
“There are many parallels with Germany and lessons to be learnt.”
The Minister also added that the major changes Sri Lanka would undergo would be strengthening of the rule of law, creating a healthy balance between the executive and the parliament and establishment of an independent judiciary.
“Furthermore the country’s foreign policy has been rebalanced.”
The event saw a wide range of companies participating and an opportunity for Sri Lanka to promote investments from Germany.
The German side also showed keen interest in forging stronger ties between Sri Lanka and German Companies, the statement said.
The German Ambassador in Sri Lanka H.E. Dr. Jurgen Morhard also addressed this gathering and encouraged them to consider investing in Sri Lanka.
There are already a number of German Companies which are operating Sri Lanka and their involved in a wide range of sectors including manufacturing, tourism and infrastructure development.