The inauguration of the UK trade mission to Sri Lanka, "Putting British Business on the Front Foot", was held today (Thursday, 27 November, 2014) at the Cinnamon Grand Colombo. 

Organised by the UK Trade & Investment section of the British High Commission, Colombo, the trade mission saw representatives of 21 British companies eager to explore and discuss further opportunities for trade and investment in Sri Lanka.

The keynote address was delivered by the Deputy Minister for Investment Promotion, Hon. Faiszer Musthapha. He spoke about Sri Lanka’s strategic position as a gateway to India and the Middle East because of its trade and transport links. He warmly welcomed all the British companies present and encouraged them to “visit Sri Lanka, enjoy its beauty and make a business decision to make their next investment here”.

In his message to the UK companies, British High Commissioner to Sri Lanka, H E John Rankin, said: “As British High Commissioner one of my key objectives is to increase bilateral trade between UK and Sri Lanka.  The emerging markets of Asia present strong opportunities for British businesses, whose experience and expertise can be matched with the needs of these markets.  The trading relationship between the UK and Sri Lanka is already well established. There are over 100 companies in Sri Lanka with UK affiliation across a wide range of sectors.  2013 was a record year for UK plc with business wins of over USD 3 billion and we are building on that success by organising this trade mission. I am pleased that our visiting UK delegates have expressed interest in a wide range of sectors from construction and particularly tourism related infrastructure to education, ICT, insurance, real estate, aviation and maritime.”

The trade mission is supported by the Council for Business with Britain; the official partners are Sri Lankan Airlines, Cinnamon Grand Hotel and Quintessentially Lifestyle.

It will continue until Friday, 28 November and will focus delegates towards the sectors identified as priority areas for development to make the island a regional hub, namely Aviation, Maritime, Commercial, Knowledge, Tourism and Energy.

Trade & investment climate

•           The UK is Sri Lanka’s 2nd largest trade partner by volume, after India. Latest figures also show the UK is among the top 10 investors in Sri Lanka.

•           Sri Lanka is already home to some of the big companies in the UK includes Marks and Spencer, HSBC, De La Rue Currency, Standard Chartered, George for ASDA, Tesco, Unilever and GlaxoSmithKline.

•           There are over 100 companies in Sri Lanka with UK affiliation across a wide range of sectors.

•           In 2013 UK imports from Sri Lanka amounted to £849 million UK exports to Sri Lanka amounted £167 million (an increase in 14% from 2012).

•           For the Commonwealth Business Forum held last year in Colombo, the UK had the largest delegation with over 50 organisations and 80 delegates in attendance.

•           The Council for Business with Britain has over 144 members that actively do business with the UK. The council is chaired by Mr. Shirendra Lawerence MAS Active CEO.

UK success stories

•           2013 was a record year for UK companies in Sri Lanka with business wins over USD 3.0 billion.  These wins included a contract for Airbus and Rolls Royce to re-fleet Sri Lankan Airlines for USD 2.9 billion, a contract won by Cleveland Bridge to supply 210 steel bridges for USD 58 million, and a USD 75 million contract won by Mabey Bridge for the supply of 85 bridges.

•           Apparel exports play a significant role in the bilateral relationship between our two countries – M&S, Next, Tesco, George have their own sourcing offices in the country which emphasise their long-term interest in increasing the volume of items sourced from Sri Lanka.

•           Cairn Energy PLC has just concluded drilling off the coast of Mannar and has found natural gas deposits. Awaiting the results from the second exploration phase which commenced in 2013.

•           London Stock Exchange Group acquired Millennium IT in 2009 and migrated to Millennium IT’s trading platform.  They have recently invested in further expansion of their work in Sri Lanka.

•           Around 50% of the undergraduate degrees are awarded by private higher education providers in Sri Lanka delivered in partnership with 28 UK universities.  Sri Lanka already has more CIMA qualified students than any other country apart from the UK.  Other popular professional qualifications are CIM, ACCA, BCS, and City & Guilds.  University of Central Lancashire will establish the first UK international branch campus in South Asia to be opened in 2016.

•           In 2010 De La Rue further expanded their Sri Lankan operations with a USD30 million investment.

•           GSK further established their presence in the market with the opening of a USD 11.2 million Panadol manufacturing plant in April 2012.In 2012, Unilever set-up a state-of-the-art manufacturing facility further cementing their 75 year manufacturing history in Sri Lanka.  This factory is one of Unilever’s largest investments in Sri Lanka.  95% of the products marketed by Unilever in Sri Lanka are manufactured locally.