Canada Sri Lanka Business Opportunities Grow

13th October 2010, www.dailynews.lk

Canada is interested to do business with Sri Lanka and there are opportunities to pursue, Canadian High Commissioner in Colombo Bruce Levy said.

Addressing a luncheon meeting organised by the Sri Lanka - Canada Business Council of the Ceylon Chamber of Commerce he said.

Canada welcomes foreign direct investment (FDI) and offers the kind of stability, low costs and taxes, a talented and diverse workforce, and world-leading research, innovation and transport infrastructure that businesses need to innovate, grow and succeed in the global economy.

Total trade between Canada and Sri Lanka stood at $456 million in 2009 with Canadian imports at $115.7 million with nearly 50 percent in woven and knitted apparels. Canadian exports were at $335 million.

He said Export Development Canada (EDC) is open to consider new exposure under all of its programs.

Investment Cooperation Program (INC) an important Canadian Government program promotes and encourages responsible, sustainable Canadian private sector investments in developing countries, and through the participation of Canadian private sector, creating sustainable employment and economic growth in developing countries leading to poverty reduction.

INC is part of Canada's Official Development Assistance for developing countries and is managed by Foreign Affairs and International Trade.