Trade between Seychelles and Sri Lanka looks set to take off following the conclusion of the Seychelles Sri-Lanka trade and investment forum held in Colombo on Wednesday.

According to a press statement issued by the Seychelles Investment Board (SIB) interest in doing business with the Seychelles was high, with over 150 Sri Lankan company representatives from a wide range of sectors including from the food and beverage industry, furniture, building materials, rubber and plastics products in attendance at the forum.

The event was jointly organized by the Export Development Board (EDB) of Sri Lanka and the SIB.

The forum in Colombo comes seven months after a similar Seychelles-Sri Lanka business forum was organized in the Indian Ocean archipelago’s capital of Victoria in January 2014, during which businessmen from both countries were urged to explore the possibility of forging lasting partnerships and joint ventures in specific areas for the benefit of both countries’ economies.

The January business forum saw the participation of over a hundred Seychellois business entrepreneurs and 26 business organizations from Sri Lanka.

Both countries face similar challenges as developing island nations while also experiencing growth in new sectors such as construction and ICT. The two countries’ respective capital cities, Colombo and Victoria, recently signed a twinning agreement that is expected to result in greater opportunities for cooperation such as fisheries and tourism.

Sri Lankan business in Seychelles reports better than expected result

According to the SIB statement, the CEOs of the Sri Lankan firms which have recently started operations in Seychelles – such as the Bank of Ceylon and Sri Lanka’s low cost airline, Mihin Lanka – gave presentations to the forum, with news of better-than-expected preliminary results. Mihin Lanka Chief Executive Nishantha Ranatunga reportedly confirmed that the national carrier would soon be boosting the Seychelles route to three flights per week.

Mihin Lanka started direct flights between Seychelles and Sri Lanka in November last year.

The Seychelles Minister for Finance Trade and Investment Pierre Laporte was leading the Seychelles delegation to Sri Lanka which also included SIB’s Chief Executive Rupert Simeon as well as representatives of various sectors like fishing, tourism and other private sector businesses.

Addressing the forum, Laporte said he was impressed with Sri Lanka’s development and added that he saw ample opportunities in key sectors such as tourism, industries, fisheries, renewable energy, financial services and agriculture.

According to the statement, Laporte also visited some large multinational corporations in Sri Lanka, including Nestlé Lanka and Hayleys plc.

Hayleys is one of Sri Lanka’s largest companies, involved in twelve different industries including supply support to the oil and gas exploration industry, tourism, agriculture, waste collection and freight forwarding.

“During this meeting, discussions included the possible use of Sri Lanka’s Freeport for transit of goods coming to Seychelles that could increase the frequency for container vessels from Sri Lanka. Possible logistical support to companies exploring for the oil and gas in Seychelles’ EEZ [was] discussed,” read the statement.