UK Trade Envoy Lord Davies concludes three-day visit to Sri Lanka

November 11, 2022 11:59 am

UK Prime Minister’s Trade Envoy for Sri Lanka, Lord Davies of Abersoch, who arrived in Colombo for a three-day visit from November 09 - 11 has concluded his stay.

During the visit, Lord Davies had meetings with Trade Minister Nalin Fernando, finance State Minister Shehan Semasinghe, and Central Bank Governor Dr. Nandalal Weerasinghe.

The discussions focused on Sri Lanka’s trade and investment landscape, and plans on reforms and improving ease of doing business to support Sri Lanka’s path towards sustainable economic recovery.

Lord Davies engaged with wide-ranging representation from across the business community. This included economic analysts, UK transnational education providers, senior business representatives, women business leaders, and members of the committee of the Council for Business with Britain.

He also visited UK companies in the market, including the London Stock Exchange Group, and Jaguar Land Rover’s showroom.

The British former banker and former Labour government minister was appointed as the UK Prime Minister’s Trade Envoy for Sri Lanka by then Prime Minister Boris Johnson in October 2020.

Lord Davies is Chairman of Corsair, where he serves as a member of the Investment Committee, having joined the company in 2010. He is also Chairman of LetterOne and Intermediate Capital Group.

He was UK Minister for Trade, Investment and Small Business from January 2009 until May 2010, a joint role between the Department for Business, Innovation and Skills and the Foreign and Commonwealth Office, with responsibility for Infrastructure UK.

Speaking on his visit to Sri Lanka, Lord Davies said he has had some insightful conversations and saw first-hand the innovative and hi-tech operations of some of the UK companies in the market.

While economic challenges continue, Lord Davies remarked that it was encouraging to hear from companies about ambitions to increase their business in-country.

Lord Davies said he had an “impressive discussion” with women business leaders on the efforts to support more female leadership in the workplace and the encouragement of female entrepreneurship.

“I was also struck by the significant impact that UK educational qualifications delivered in Sri Lanka makes towards the country’s talented workforce,” he added.

Lord Davies also had some engaging conversations with government stakeholders and economic analysts on the necessity of free and open market conditions which the UK champions globally, along with discussions on overcoming economic challenges.

He said he looks forward to continuing his support to UK companies as they look to enter or grow their existing business with Sri Lanka.

In a statement on Lord Davies’ visit to Sri Lanka, the British High Commission in Colombo said the UK is keen to see the island nation reduce market access barriers and improve ease of doing business which will further boost the UK - Sri Lanka trade and investment relationship.

Noting that Sri Lanka is a valuable trading partner for the UK, with bilateral trade in 2021 worth £1bn, with the trade balance in Sri Lanka’s favour, the British High Commission stated that the UK is keen to boost the trade relationship particularly in the areas of education, and financial services sector, while also finding ways to support Sri Lanka’s ambitions on renewable energy and clean transport.

Discussion with women business leaders