Lanka seals deals with major players in UK

Naomi Gunasekara in London

UNITED KINGDOM: Sri Lanka finalised trade deals with two major players in the British hotel and retail industry at an investment roundtable held for the first time here.

British hotel group The Grange and retail giant Marks & Spencer Plc (M&S) sealed trade partnerships with Sri Lanka at Marlborough House, London, where a delegation of over 150 trade representatives attended an investment roundtable, aimed at attracting investors from the UK and providing them with information on incentives given to investors.

The event, held as a part of the 'Serendib' trade fair, which ended on Friday, was a part of the wider Sri Lanka trade, tourism and culture promotion 'Refreshingly Sri Lanka' held over a 10-day period in London.

Grange Hotels will start a hotel project in the southern coast of the country, bringing approximately Rs. 500 million as investment while retail giant Marks & Spencer Plc is expected make Sri Lanka their regional warehouse for garment exports.

M&S, which operates more than 400 stores in 30 countries, will purchase garments from 40 local companies in the first phase of operation, employing about 50 people.

It is expected that the warehouse, close to the Bandaranaike International Airport, will increase Sri Lanka's garment exports by 10-20 per cent.

"We've had a very good response and we are delighted that we were able to connect with UK businesses at various levels," Lakshman Watawala, Chairman and Director General of the Board of Investment (BOI) of Sri Lanka told the Daily News.

Speaking at a press conference held following the investor-networking event, Minister of Enterprise Development and Investment Promotion, Rohitha Bogollagama said:
"The success we had will have to be translated into meaningful action in the coming days and months. We will spend time to make things happen, facilitating the process from all agencies associated with the government of Sri Lanka."
Organised by the Board of Investment of Sri Lanka in association with the Commonwealth Business Council, the roundtable provided an opportunity for UK investors to learn about investment opportunities in Sri Lanka.
