The United Arab Emirates’ (UAE) total investments in Sri Lanka have sharply decreased from US$ 213 million in 2012 to US$ 12.904 million in 2016.
The UAE’s total investments in Sri Lanka stood at US$ 111 million, US$ 31 million and US$ 17 million in 2013, 2014, and 2015 respectively, according to official statistics.
UAE Ambassador to Sri Lanka, Abdul Hamid Al Mulla, speaking at the ‘Meet the Ambassador’ programme on ‘Bilateral Trade between Sri Lanka and the UAE’ organised by the National Chamber of Commerce of Sri Lanka, said that since the end of war, Sri Lanka’s economy was going through a strong phase.
He further said that both countries need to work together to consolidate bilateral cooperation and help in bringing new business engagements.
In addition, the UAE has opened a visa centre in Colombo to enable the speedy issue of visit visas for Lankan businessmen who wish to travel to the UAE on business visa.
The total trade between the UAE and Sri Lanka accounted for US$ 1.3 billion in 2016.
However, the total trade which stood at US$ 1,822 million in 2013 has decreased to US$ 1,342 million in 2016.
The balance of trade has been in the favour of the UAE and trade balance between Sri Lanka and the UAE which stood at US$ 1,327 million in 2014 has decreased to US$ 793 million in 2016.
Tea, apparel, natural rubber, desiccated coconut, copra, cashew nuts, essential oil, fruits and vegetables, processed food, sea food, and rubber products are the major Sri Lankan exports commodities to the UAE, while petroleum oils, gold, precious stones, plastics, sugar, aluminum, electronic equipment, and machinery are the major imports to Sri Lanka.
The Ambassador further said the UAE is looking to sign two agreements on Protection and Promotion of Investment and Cooperation and Technical Assistance in Customs Affairs.
He said the UAE is also planning to sign two Memorandums of Understanding (MOUs): one on establishing a Joint Committee for Consumer Affairs and another on Social, Cultural and Educational Matters. Negotiations are currently underway between Sri Lanka and the UAE to this end.
“Under UAE 2021 Vision, we want to make the UAE among the best countries in the world by 2021 while further consolidating our international ties and political stability in a bid to attract foreign direct investments into the UAE,” the Ambassador said.
The UAE is the largest export market for Sri Lankan products and the largest source of imports to Sri Lanka in the Gulf region.
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