The Sri Lanka Business Council (Dubai & Northern Emirates) hosted a successful dinner and networking event last week to discuss investment opportunities and to welcome Mr. Sarath Wijesinghe, Sri Lanka’s newly appointed ambassador to the UAE.
The event, attended by the country’s top Sri Lankan businessmen and professionals, highlighted the growing trade between the UAE and Sri Lanka as well as the various investment opportunities available to UAE investors in Sri Lanka.
“UAE remains to be our largest trading partner in the Middle East with a combined trade valued at US$ 527million in 2009,“ said Ambassador Wijesinghe. Our most popular export product in the UAE is tea, but demand for Sri Lankan textile, clothing and other agricultural products are also on the rise. The end of the decades long civil war not only increased Sri Lanka’s production capability but also attracted foreign investors who want to take advantage of the lucrative opportunities in various sectors of the economy.
Data from Sri Lanka’s Board of Investment shows direct investment from UAE-based firms exceeded US$ 16 billion in 2009 alone. Foreign direct investment is expected to increase to take advantage of the country’s growing consumer market and economic stability.
“Travel and tourism are the fastest growing industries in Sri Lanka with an annual growth forecasted at 5.5% until 2019. The number of tourists from the Middle East, particularly from the UAE and Saudi Arabia, has already risen by 85% after the war due in part to its close proximity to Sri Lanka. Demand for hotel rooms and short-term accommodations are expected to far outstrip supply in the foreseeable future,†added Ambassador Wijesinghe.
Commenting on the event, Farook Kassim, President of Sri Lanka Business Council said, “I would like to thank Ambassador Wijesinghe for sharing his insight and also wish him the best in his new position. Sri Lanka and the UAE have been trading goods and services with one another for hundreds of years. Our group’s objective is to continue to build upon that solid foundation and create new ways of cooperation between the two countries.
