Australian firms seek policy consistency to invest in Sri Lanka
ECONOMYNEXT – Australian companies are keen to invest in Sri Lanka but need more consistency in economic policy and regulations, Tim Huggins, deputy high commissioner for Australia in Sri Lanka, said.
“Plenty of Australian companies are interested in investing and trading in Sri Lanka,” he told the annual general meeting of the National Chamber of Exporters.
“But they need more consistency in policies. If you’re investing with a 20-year timeline, you need to be reassured of regulatory consistency and that the rules remain the same over this period.”
It is important to build regulatory consistency for business as it encourages new business o flourish and the economy as a whole to evolve, Huggins said.
Two-way trade between Australia and Sri Lanka is “fairly balanced” and growing at about 10 percent.
Australia would like to see present trade of 901 million Australian dollars rise to about a billion dollars, Huggins said.
“Australian businesses are very keen on the Indian market,” he added. “So if you can promote Sri Lanka as a gateway to the Indian market, you can benefit.”
(Colombo/January 19, 2016)