Reliable legal framework, level playing field crucial for German FDI | Daily News

Reliable legal framework, level playing field crucial for German FDI

German Ambassador Holger Seubert opined that to increase the presence and to encourage further FDIs of German companies in Sri Lanka a reliable legal framework and a level playing field are of crucial importance.

Referring to the fact that Sri Lankan exports to Germany were three times higher than German exports to Sri Lanka he said, “ Germany is committed to free and fair trade. Bilateral trade degenerating into a one-way street is neither free nor fair.”

German exports to Sri Lanka decreased until the end of November by 26.8%, while Sri Lankan exports to Germany decreased by 5,8%. Until the end of November, German exports to Sri Lanka were about Euro 215 million.

In 2020, Sri Lankan exports were more than three times higher reaching about Euro. 664 million.

He was speaking at the virtual launch of the 7th edition of Top German Brands in Sri Lanka in presence of the BOI Chairman Sanjaya Mohottala and Chief Delegate of German Industry and Commerce in Sri Lanka Andreas Hergenröther where more than 100 representatives of German brands participated.

“We are very proud that finally -despite the Covid-19 pandemic-176 German brands have joined Top German Brands 2021, which is an increase of 13% compared to last year,” stated Chief Delegate Andreas Hergenröther.

Top German Brands logos will be shown during the upcoming year at the premises of the German Embassy, the Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) and the frame of multiple events.

After presentations of BOI Chairman Sanjaya Mohottola on investment conditions in Sri Lanka and Head of Risk Management of Solutions of Deutsche Bank Dhakshitha Serasundera on foreign exchange development, the participants had the opportunity to continue the discussion with the speakers.

“It has become increasingly difficult for clients to manage their FX exposure, given the unprecedented current market environment and volatility which could continue in the near term. Deutsche Bank has been operating in Sri Lanka for 40 years and has been supporting its clients to meet their daily transaction banking and foreign exchange requirements through many different economic cycles,” Dhakshitha Serasundera said. To support current and future German investments in Sri Lanka, the German -Sri Lankan Fast Track Dialogue, which was initiated in 2019 the German Embassy and AHK Sri Lanka, will be continued on February 25. German companies will have the opportunity to discuss in a result-oriented way with the BOI Chairman and other Sri Lankan authorities concrete challenges and opportunities with regards to their existing or future investments.