If you are an Australian based company looking to doing business with Sri Lanka, this blog post may be of import to you. With a partnershing between the two countries spanning over seven decades, since before the Sri Lanka became an independent nation, there are many partnerships formed between Sri Lanka and Australia since. From migration and education to economic and development partnerships, there have been many improvements over the years concerning innovation and research to bilateral agreements.
In terms of doing business with Sri Lanka, agreements between the two countries for economic cooperation have strengthened relations for trade. These are elaborated on the Department of Foreign Affairs under the Joint Declaration of Enhanced Cooperation between Australia and Sri Lanka back in 2017.
These agreements for economic cooperations includes the following;
- to commit to harnessing opportunities for trade and economic integration in the Indo-Pacific regions via bilateral trade expansions and investments in industries such as agribusiness, energy, education, tourism, hospitality, and mining.
- to commit to improve market access opportunities, trade promotions, and further investment facilitations. Australia has also committed to support Sri Lanka in technical advice for trade facilitation and reform, as well as improving better business enabling environments.
- to commit to recognise and grow opportunities for greater energy cooperation, whereby Sri Lanka’s changing energy requirements will require Australia who is a major energy supplier to step in. Furthermore, Australia is home to private sector investment expertise which may aid Sri Lanka in energy infrastructure for economic growth.
- to commit to recognising opportunities in the minerals and mining sectors for Australia to aid Sri Lanka in mapping its natural resources and in the establishment of sustainable mining sectors
- to commit to recognising tourism opportunities and its importance to national economic with Australia aiding Sri Lanka in developing sustainable tourism practices and continue to promote investments
With the prevailing situations in Sri Lanka getting back to a sense of normalcy after the April 2019 Easter Attacks, Sri Lanka has returned to normal with many returning to work and doing business in Sri Lanka.