Mark Gooding, Deputy High Commissioner of the British High Commission, recently met students of the Department of Business Economics and discussed UK’s economy. At the invitation of Faculty Dean, Professor Sunil Chandrasiri and Course Director, Prof. H.D. Karunaratne, Mr Gooding spoke to around 100 students about the UK’s economic strength, and how the UK can contribute to Sri Lanka’s economic development.
He also explained why, despite recent challenges, the UK economic recovery is underway and the underlying strength of the UK economy will continue to support global economic development and economic growth, according to a press release issued by the UK High Commission.
Commenting on the event, Mr Gooding said, “I am delighted to have met so many able and motivated students at the University of Colombo today to discuss the UK economy and international trade. The UK has long been a global centre for trade and investment.
Its historical links to Sri Lanka mean that commercial ties between our two countries are already well established. The UK is Sri Lanka’s second largest trading partner, and second largest provider of foreign direct investment. And over 100,000 British tourists visit Sri Lanka each year.”
He said after the recent period of global economic turbulence, the UK Government has taken decisive measures to bring about a sustainable economic recovery.
These include steps to eliminate the UK public spending deficit by 2015 and to boost the UK’s international trade and investment. These steps will ensure that successful commercial partnerships between the UK and Sri Lanka will continue to flourish in the years ahead, he added.
The UK is Sri Lanka’s second largest trading partner by volume.
Sri Lankan exports to the UK totalled US $1 billion in 2010, and imports from the UK was US $186 million. UK companies also provided US $300 million of foreign direct investment in Sri Lanka in 2010.
This is over 10% of all foreign direct investment in Sri Lanka, more than any other country apart from China. The statement said there are already over 100 companies with UK affiliations working in Sri Lanka while over 100,000 UK tourists, more than from any other Western nation, are expected to visit Sri Lanka this year.
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