Investment Promotion held discussions

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Minister Navin Dissanayake holds discussions with Vietnamese

Deputy Foreign Minister to promote investment to Sri Lanka.

Media release

Media Department

Board of Investment of Sri Lanka

11th August 2009

Hon. Navin Dissanayake Minister of Investment Promotion held discussions with a delegation from Vietnam headed by the Deputy Minister of Foreign Affairs H.E Dao Viet Trung. Dissanayake was assisted by Mr. A.M.C.Kulasekera Deputy Director General (Investment & Promotion) of the BOI and senior BOI and other government officials.

The discussions centered on the need to boost investment from Vietnam to Sri Lanka, and to expand economic relations in general. Current bilateral trade among the two countries are minimal and it is just US$ 10 million worth of Sri Lankan investments in Vietnam. Hence both delegations have agreed that there is considerable potential for upgrading the existing status quo.

Currently both countries have entered into a Double Taxation Agreement and are in an advanced stage of negotiations towards signing of an ‘’Investment Protection Agreement.’’

Minister Dissanayake stated that investment from Vietnam was (Righly positive), particularly for the North and the East of the country where the need for such FDI was particularly stressed.

The Vietnamese side added that Vietnam does have expertise in some areas, which could be of high interest to the conflict affected provinces such as agriculture, agro-industries and aquaculture.

The Vietnamese Minister also agreed that he would convey Sri Lanka’s request to the Vietnamese Chamber of Commerce to start the dialogue with Sri Lanka. One area of interest to the Vietnamese delegation was the international agreements to which Sri Lanka is a signatory such as the Indo- Sri Lanka Free Trade Agreement, Pakistan- Sri Lanka Free Trade Agreement and the European Union GSP+ Agreement.

The Vietnamese delegation was headed by H.E Dao Viet Trung, Deputy Minister of Foreign Affairs, H.E Vu Quang Diem, Ambassador of Vietnam to Sri Lanka, and H.E Tran Hai Hau, Director General of Foreign Affairs Ministry of Vietnam, responsible for East Asia, South Asia and the South Pacific.

Sri Lanka was represented by Hon. Navin Dissanayake, Minister of Investment Promotion, Mr. A.M.C Kulasekera, Deputy Director General (Investment and Promotion) of the BOI, Mr. S.J.S Chandraguptha, Senior Assistant Secretary, Ministry of Enterprise Development and Investment Promotion, Mr. Duminda Ariyasinghe, Executive Director (Promotion), Mr. Dilip S.Samarasinghe, Director (Media & Publicity) and Mrs. Shantha Jayasinghe, Senior Manager (Promotion) from the BOI. Ms Yasoja Gunasekera, Director Economic Affairs represented the Ministry of Foreign Affairs.

DilipS.Samarasinghe Director (Media & Publicity), BOI – 11/08/09

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