First Asean held its first promotional seminar at Colombo recently, says a press release. A team of professionals from England presented the services offered to Sri Lankan businesses looking to expand into or invest in Europe. First Asean provided an alternative to the US market for Sri Lankan business as they advised that the market in Europe was far larger than that of the USA.

First Asean plans to open its Asian headquarters in Colombo, Sri Lanka. Sri Lanka will be the hub for the company’s Asian operations (currently in Delhi, Bombay, Hyderabad, Singapore and Malaysia). European operations are based in England and all the directors are based in the UK.

The focus for Sri Lanka is in the IT industry, travel and tourism, manufacturing and exports such as jewellery, textiles and products based on raw materials like coconut and rubber. First Asean is a global alliance of international banks, e- commerce and trading companies, financial institutions and professional advisers (lawyers, accountants, trademark and patent agents, marketing professionals) based in Europe who will provide service to the Sri Lankan small and medium enterprises (SMEs) using internet and telecommunications technology. This international business gateway will give direct access to the European market. The gateway enables an SME to contract for services in Europe by contacting First Asean on the internet.

First Asean with its service providers provides an ‘all inclusive’ service to business in developing countries specifically addressing the needs of SMEs which wish to expand and take advantage of the opportunities for growth in the West. One of the key features offered to local businesses is an E commerce payment gateway enabling on line debit and credit card transactions.

The rationale behind the service offered by First Asean is that Sri Lankan business can use the internet to facilitate communications, promote business, have access to specific trading opportunities in Europe and seek advice from professionals in Europe. This unique concept enables Sri Lankan directors to remain in Sri Lanka whilst controlling and operating a business in Europe.

The advantages to SMEs in launching a business presence in Europe through a sophisticated business gateway were highlighted at the conference. The key advantage was the fact that many services would be available to the Sri Lankan SME without incurring the cost of setting up a physical presence in Europe at the initial stages. These include the ability to manage and monitor the expansion of a local business into Europe from Sri Lanka, the ability to operate and manage a bank account with full banking facilities in Europe and the launching of a marketing presence through European marketing professionals to target European buyers and customers. Also to be made available to SMEs is the latest information on various markets, trade news, exhibitions, trade shows and investments in Europe so that the local directors could make decisions and direct the marketing strategy from Sri Lanka.

At the Colombo conference, First Asean CEO Anila Wickramasinghe Preston also advised that First Asean would be able to assist Sri Lankan SMEs to seek private funding in Europe for growth, applying for institutional funding, venture capital or find strategic partners, seek flotation on a recognised exchange (London) eg. OFEX, AIM and also access investment opportunities in Europe.