UK Companies Seeks Partnerships with Sri Lankan Companies in Financial and Professional Services

21st December 2010, www.dailynews.lk

British High Commission, UKT Deputy Head Nadeesha Epasinghe visited to the Colombo Stock Exchange with a delegation from the Council for Business with Britain.

She said the high performing CSE will help Sri Lanka establish itself as a leading global financial services centre.

"Financial and professional services could soon represent a major component of Sri Lanka's economy and account for a significant percentage of GDP. (Currently, they represent 12 percent of GDP in the UK economy.)

The london Stock Exchange (LSE) is home to companies from over 60 countries around the world, the CSE, too, has the potential to continue to grow and be ranked as a top performing stock market globally.

The credit crunch has had a major impact on the global economy and financial institutions around the world over the past couple of years. However, financial markets in both London and Colombo have continued to function efficiently without interruption despite the volatility and challenges facing the financial sector. The key focus for Sri Lanka in the coming years will be to structurally strengthen, diversify markets and establish a strong skills base to become a truly a global financial centre.

A regulatory framework that uniquely balances market confidence and consumer protection while embracing financial innovation underpins UK's success in the financial services sector and is an area where Sri Lanka has growth potential. At UK Trade and Investment (UKTI) at the Colombo British High Commission, we actively support UK companies entering the financial sector in Sri Lanka because we see the potential. At the same time, we are seeking Sri Lankan companies to invest in the UK's financial sector.

The transfer of knowledge between the two countries - as exemplified with the acquisition of Millennium IT by the LSE - would bode well for the future of both countries. "We also look forward to announcing some impressive partnerships between UK companies and Sri Lankan financial services next year," British high Commission said.