Consulate General of the Democratic Socialist Republic of Sri Lanka
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Trade Policy:Following the trade liberalization initiativesintroduced since late 70s, Sri Lanka continue to expand its liberaltrade policy regime, while simplifying and rationalizing thecountrys tariff structure to a larger extent.The prime objective of the governments economyand trade policy measures are to integrate Sri Lanka with theglobal economy within positive attributes of the free marketeconomy. The governments current trade and economic policymeasures aim at transforming Sri Lanka into a strategicallyimportant economic centre of the world particularly, taking theadvantage of its geographic location.Sri Lanka recognizes that the process ofglobalization presents both opportunities and challenges. Within this context, government encourages the private sector toplay a leading role in economy in almost allsectors.Being a pioneer member of GATT and the WTO, SriLanka remains committed fully towards pursuing a rule basedmultilateral trading system that will ensure transparent andpredictable trading environment to the international businesscommunity. Sri Lanka at present receives and grants tariffpreferences under following trade agreements/arrangements atbilateral and regional level.1.  Indo Sri Lanka Free TradeAgreement2.  Pakistan Sri Lanka Free TradeAgreement3.  South Asian Free Trade area4.  Asia Pacific TradeAgreementSri Lanka also a beneficiary country under theGeneralized System of Preferences (GSP), granted by majormarkets such as EU, USA, Japan, Australia, Canada, Switzerland,Norway, New Zealand and Russia.InvestmentPolicy:Sri Lanka has gained a reputation as the firstcountry to liberalize its investment policy regime in theregion. Foreign ownership is welcome in almost all sectors ofthe economy, except in a few regulated areas. Investors arepermitted to repatriate 100% their profits and exempted from mostof the exchange control regulations. They can also enjoypreferential tax benefits and constitutional guarantees on theirinvestment.SriLanka: A Regional Trading HubBeing strategically located at the cross roadsof east-west sea routes and serving as an entry point to the vastIndian market, Sri Lanka is well poised to become the trading hubin the region. According to the Lloyds Register, the Port ofColombo ranks as no. 1 port in South Asia and 26th in theworld. While 23 major shipping lines and 7 feeder services operateout of Colombo, the port is computerized and linked to all majorfreight stations.A number of major airlines operate flights fromBandaranaike International Airport (BIA), Colombo to many importantcities in Europe, Middle-East, Australia and Indian sub continent.The national carrier, Sri Lankan airlines now covers about 50destinations in 28 countries.Strategic location with sea and airconnectivity, high literacy rate, well educated and easilytrainable workforce, market-friendly and transparent governmentpolicies, improved infrastructure, high quality education andhealthcare facilities have made Sri Lanka an ideal location forforeign investors.Preferential Access to ForeignMarkets:The Free Trade Agreements (FTAs) Sri Lanka hassinged with India and Pakistan provides duty-free access to a verylarge number of products exported from Sri Lanka to the respectivemarkets. For instance, Sri Lanka can now export over 4,000 productlines to the vast Indian and Pakistan markets atzero-duty.In addition, the South Asian Free Trade Area(SAFTA), which groups Bangladesh, Bhutan, India, Maldives, Nepal,Pakistan and Sri Lanka enables entrepreneurs, who set up businessesin Sri Lanka to export their products to all the respective marketseither duty free or at reduced rate of duty.Being a beneficiary country under theGeneralized System of Preferences (GSP), Sri Lanka can also enjoy awide range of duty concessions in many countries including majormarkets such as EU, USA, Japan, Australia, Canada, Switzerland,Norway, New Zealand, and Russia.For most specific details on the businessenvironment, infrastructure facilities, incentives in investmentopportunities for investors etc. Details are available at thewebsite of the Board of Investment of Sri Lanka www.boi.lk. Further details could also be obtained from contacting the officeof the Consulate General.
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