The Board of Investment of Sri Lanka and Czech Republic Business Mission held a series of meetings to discuss possibilities of greater economic co-operationin Sri Lanka, especially in the area of investment.
The visiting Czech delegation was led by Ivan Jancarek, Junior Deputy Minister for Non-European Cooperation who was on an official visit to Indonesia and Sri Lanka.
The Deputy Minister led a delegation of 11 business entities which included leading Czech Companies including banks and companies engaged in manufacture as well as various the developments of infrastructure projects.
The first meeting was the Czech-Sri Lanka Business Forum held at the Hilton Hotel which served as an introduction to the other discussions.
The forum was inaugurated by Ambassador Hovorka who is accredited to Sri Lanka but based in New Delhi.
According to the Ambassador, there is also need to build up trade between the two countries; Sri Lankan enterprises should look at the possibility of developing trade with the Czech Republic.
Ivan Jancarek, Deputy Minister, who followed, highlighted the commonalities existing between Sri Lanka and the Czech Republic.
Both are middle sized countries with the Czech Republic having a population of 10 million people against Sri Lanka’s 22 million.
Currently there was about US$78 million worth of trade which could be further developed. The Minister stated that what the Czech Republic could offer Sri Lanka was knowledge, trade, technology and also the fact that it was part of the European Union, the world’s largest trading block.
The next speaker was Borijov Minar the Vice President of the Czech Chamber of Commerce who described some of the business opportunities available and also the composition of the visiting trade delegation.In his address he stated that the Czech Republic is a leading exporter of machinery to Sri Lanka while his country imports textiles and tea from the Island.
The delegation was interested in taking business opportunities forward and in particular in identifying and entering into joint ventures withreputed Sri Lankan enterprises.
Minar noted that the delegation consisted of some of the leading Czech enterprises in areas such as energy, wine production, banking and other sectors. Well-known Czech Companies Skodaand Jawa were also present.
Upul Jayasuriya, Chairman of the Board of Investment briefed them on the political transformation that the country had undergone since January 2015. Jayasuriya said that Sri Lanka was the second country in Asia to start an open economy, in 1977 just after Singapore and long before countries such as India, Malaysia and China.
He also added that as Chairman of the former Tractor Corporation, he was very familiar with products made by then Czechoslovakia which supplied Sri Lanka with a large number of tractors.
Whilst these were reputed products, they were not assembled in Sri Lanka. Products such as these tractors are now needed in Sri Lanka since the process of mechanized farming has begun, but still have a long way to go.
He welcomed the Czech delegation to look at fresh new opportunities in Sri Lanka. Czech companies are free to engage in business on their own without needing a local partner.
Czech Companies may look at setting up Regional Headquarters in Sri Lanka.In the case of industry for example all capital goods and raw materials are free of custom duties. Furthermore profits can be repatriated free of charged. BOI also assists with handling of custom issues as well as exchange control matters.
Jayasuriya welcomed Czech investors to the BOI and the following day the Czech delegation headed by Minister Ivan Jancarek visited the BOI where they were welcomed by the Chairman and Senior Officials of the BOI.
Jayasuirya stated that the BOI is overwhelmed by the enthusiasm of the delegation from the Czech Republic and it was important for that country to see Sri Lanka as a gateway to the South Asian Region.
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