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HomeNewsSL and Ivory Coast to enhance business ties using investor-friendly rules

SL and Ivory Coast to enhance business ties using investor-friendly rules

By: Staff Writer

Colombo (LNW): The IMF-economist – turned Côte d’Ivoire (Ivory Coast) President sought enhanced business ties with Sri Lanka and hailed President Ranil Wickremesinghe for stabilizing the economy.

The two countries are exploring the possibilities of enhancing cooperation in field of tourism, IT and trade in accordance with Sri Lankan President‘s far reaching policy of instituting stronger ties with African nations

Chambers of Commerce of the two countries are to sign MoU to strengthen ties and Plans afoot to organise a mission for potential investors.

Sri Lanka is to make use of Ivory Coas’s investor-friendly rules, tax regime and trade agreements with Europe and USA attractive to foreign investors.

He made these remarks when Sri Lankan Ambassador Kana Kananathan called on him at the Presidential Palace in Abidjan, marking a significant step towards enhancing bilateral relations and fostering cooperation between Sri Lanka and Côte d’Ivoire.

“The President expressed his commitment to strengthening the ties between the two countries.

The President emphasized that this is a positive development in diplomatic relations between the two countries and a promising sign of strengthened ties,” said Ambassador Kananathan and reiterated Sri Lanka’s eagerness to further engage with Côte d’Ivoire to realize the full potential of their relationship.

“At the outset, President Ouattara who is an economist and had previously worked for the IMF expressed commendation for the swift and timely effective actions taken by President Wickremesinghe to stabilize the Sri Lankan economy,” a source said.

Ambassador Kananathan and President Ouattara reviewed the current state of bilateral relations and expressed their commitment to expanding cooperation in various sectors such as; trade, and Agriculture.

Both President Ouattara and Ambassador Kananathan acknowledged the potential for mutual benefit in these areas, recognizing the need to explore new avenues for collaboration and to create opportunities for their respective business communities.

Key points discussed during the meeting included; Bilateral Relations, Strengthening Economic and Trade Ties and African Growth and Opportunity Act (AGOA) Trade Opportunities to support Sri Lankan Businessmen to start operations in Côte d’Ivoire.

President Ouattara highlighted the benefits of AGOA and encouraged Ambassador Kananathan to invite Sri Lankan businessmen in the textile and Garment sectors to explore the advantages of AGOA.

AGOA offers Sri Lankan entrepreneurs to set up operations in Côte d’Ivoire, an opportunity to export garments into the United States tariff-free, presenting significant potential for Sri Lankan Businesses to expand their presence in the Americanmarket.

Côte d’Ivoire is the world’s top exporter of cocoa beans, raw cashew nuts, a net exporter of oil and with a significant manufacturing sector. Côte d’Ivoire is the largest economy in the West African Economic and Monetary Union.