Top German companies renew their commitment to Sri Lanka

ECONOMYNEXT – Delegation of German Industry and Commerce in Sri Lanka said that a record 176 German companies have pledged their commitment to Sri Lanka’s market.

“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 per cent compared to last year,” Andreas Hergenröther, Chief Delegate of German Industry and Commerce in Sri Lanka said at the launch of the Top German Brands 2021.

Top German Brands is an annual event organized by the German Industry and Commerce in Sri Lanka, a business promotion arm of the Federal Ministry for Economic Affairs and Energy of German to promote their businesses in Sri Lanka.

About 200 German Brands are invited to join the event and the participating brands will have the opportunity to meet and network with industry leaders and fellow experts.

“To increase the presence and to encourage further FDIS of German companies, a reliable legal framework and a level playing field are of crucial importance,” Holger Seubert the German Ambassador said.

Noting that Sri Lanka exports three times more to Germany than importing, 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 had decreased by 26.8 per cent in November 2020, while Sri Lankan exports to Germany had decreased by 5.8 per cent.

Sri Lanka’s exports to German amounted to about 664 million euros in 2020 while imports from German amounted to Sri Lanka 215 million Euros.

“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, Head of Risk Management Solutions of Deutsche Bank said.

In order to support current and future German investments in Sri Lanka, the German – Sri Lankan Fast Track Dialogue, which was initiated in 2019 by former Minister Malik Samarawickrama, the German Embassy and AHK Sri Lanka, will be continued on 25th of February.

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German companies will have the opportunity to discuss with the BOI Chairman and other Sri Lankan authorities about the challenges and opportunities with regards to their existing or future investments.
(Colombo/Feb09/2021)

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