Srilanka is to explore business opportunities in African countries, studying carefully and entering cautiously into the African continent with a total population of 1.3 billion and a combined GDP of over USD 2.6 trillion, beneficial for foreign policy makers and businessmen.
Business wise, the recent Sri Lankan Airlines direct connection to Nairobi is beneficial. It will support business relations beyond Kenya with the pan-African flight connectivity of Kenyan Airlines.
Also supporting business diplomacy are 6 Sri Lankan diplomatic missions believed to be sufficient based on trade and investment priorities in Europe and Asia.
While resource constraints suggest this limited number is understandable, it would be unfortunate if wider resident mission connectivity in Africa is perceived better left to the big guns in the global arena.
A few Sri Lankan companies have grasped opportunities in Africa. Apart from tea exporters, companies that come to mind include Neil Marine, Hela Clothing and the rapid African expansion planned by LOLC’s microfinance operation.
Sri Lankan mini hydro companies have set up projects and the African Continental Free Trade Area could benefit its manufacturing outward investors.
As part of the Foreign Ministry’s Economic Diplomacy initiative, a Business Forum to expand and intensify Sri Lanka’s presence in the African continent was held at the Foreign Ministry this week under the patronage of Foreign Minister M.U.M. Ali Sabry.
The meeting brought together over 50 business leaders representing the sectors of apparel, pharmaceuticals, construction, finance, manufacturing, renewable energy, vessel manufacturing, logistics, FMCG, confectionery and tea along with leading Business Chambers.
The forum was a follow-up to President Ranil Wickremesinghe’s “Look Africa” orientation which was initiated during the 75th anniversary of Sri Lanka’s Independence. In parallel, the first Sri Lanka-Africa Business Forum was held on 3 February 2023 at the Foreign Ministry to coincide with the 75th Independence Day Celebrations of Sri Lanka.
Foreign Minister Ali Sabry, opening the follow-up forum, emphasized the timely nature of the Government’s policy to reinvigorate, accelerate and amplify Sri Lanka’s political and economic agenda in Africa and stressed on the importance of strategising a closer economic narrative to build synergies with countries in Africa.
The Minister further stated that Sri Lankan entrepreneurs should look at the targeted priority sectors where Sri Lankan companies have a comparative advantage.
Price Water house Coopers made a presentation on the potential sectors for Sri Lankan companies to look at gaining a foothold in the African region for a stronger economic partnership and a representative from LOLC Holdings elaborated on their success in the micro finance and financial sectors in the African region.
Africa’s Honorary Consuls based in Sri Lanka were also associated with the forum. A large number of leading business leaders and companies seeking to share and expand their experiences in the African continent were active participants.
