The initiative by the Ceylon Chamber of Commerce to bring together companies in Southern Europe and in South Asia to pool their collective expertise and forge productive links among them will result in immense benefits to both regions, Professor G. L. Peiris, Minister of Export Development and International Trade, said.

He was delivering the keynote address at the South Europe Meets South Asia – 2009 seminar at the BMICH, recently.

Bernard Savage, Ambassador and Head of Delegation of the European Commission, who was guest of honour, expressed his pleasure that the European Commission has been able to support this timely and practical initiative.

Jeyampathy Bandaranayake, Chairman of the Ceylon Chamber of Commerce, said that three countries in Southern Europe – Spain, Greece and Slovania – are joining with Sri Lanka, Nepal and Bangladesh in South Asia in this exercise.

The corporate sector, which is today bearing the brunt of the fallout from the global economic meltdown, will no doubt find the synergies and complementarities among South Asian and European companies a useful means of alleviating their problems and increasing their competitiveness during a challenging period, Prof. Peiris said.

He pointed out that European companies could derive benefits from the inherent strengths and advantages of Sri Lanka. Among these strengths, he noted, are the country’s geographical location, its bilateral trade relationships especially in the form of Free Trade Agreements with India and Pakistan, its market friendly economy, combined with strong banking, financial and administrative systems, and the effective mechanisms of the Board of Investment.

More significant than all these, the Minister continued, are the unique vistas of opportunity now available for economic development with the advent of a stable peace.

He explained to the entrepreneurs present the main elements of the relief measures adopted by the Government to help local industry, especially export oriented industry, overcome the challenges posed by the global economic situation.

The Export Development Board is currently in discussion with representatives of key sectors of the economy to ensure implementation of these measures in the most beneficial manner, he said.