A delegation of senior
Slovenian diplomats visiting Sri Lanka recently held talks in Colombo with
Chairman of the Sri Lankan Investment Board, Susantha Ratnayake. The delegation
headed by Slovenian Ambassador to Sri Lanka based in New Delhi, Marjan Cencen,
and Minister Plenipotentiary, Ms. Mateja Vodeb Ghosh.
The ambassador
visited Sri Lanka to present his credentials to the President of Sri Lanka and
to explore more opportunities for economic cooperation as well. The delegation
also had several meetings arranged by the Foreign Affairs Ministry. Ambassador
Cencen expressed his willingness to establish commercial relations between
Slovenia and Sri Lanka, adding that Slovenia was interested in two-way
cooperation, which would benefit both countries. Slovenia was interested in
investing in specific projects.
Although a small
country Slovenia is a member of the European Union, the most significant
trading group in the world, and also a part of the euro currency zone. Slovenia
provides travel benefits as well as being a part of the Schengen zone. The
Ambassador said Korean Hyundai Cars are manufactured in Slovenia and shipped to
countries in the European Union.
The BOI Chairman
has shared some of the Government of Sri Lanka's ideas and priorities. He
briefed the Slovenian delegation on the strategic goal of the President to
establish the assimilation of smart technology in Sri Lanka that would lead to
an increase in the level of digitalization of the country. He also spoke about
the Regime's plans to grow renewable energy sources and make it the country's
leading source of energy by 2030.
In light of the
recent global trade tensions, Sri Lanka also stood to gain from rising Chinese
investment. The benefit of Sri Lanka, as the Chairman said, was that the
country enjoyed friendly relations with all nations, as well as market access
through free trade agreements with India, Pakistan, and Singapore.
Several critical
sectors were identified during the discussion and discussed as areas of
possible future cooperation. These included pharmaceutical, where Slovenia has
a strong industry, and Sri Lanka is keen to develop as part of a policy on
import substitution. In the area of renewable energy, too, Slovenia is good and
could share some of its experience with Sri Lanka. The European country has
also set up an artificial intelligence center at its capital, Ljubljana.
Specific fields
of cooperation addressed include car parts manufacturing and tourism cooperation.
In the future, both sides agreed to establish more exceptional economic
relations.
OSL Take: Sri
Lanka has recorded overall growth in the export manufacturing sector during the
past few years and the growth momentum expected to further improve in the future.
Sri Lanka’s many trade agreements, as well as trade concessions enjoyed by the
country, have given the edge to local exports in the global market. Like the
ceramic and brick manufacturing sectors, Sri Lanka has many products targeted
at the export market. Slovenian businesses/investors could, therefore, explore
business opportunities in Sri Lanka’s export manufacturing sector.
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