The Minister of Labour and Foreign Employment, Manusha Nanayakkara extended an invitation to Kuwaiti investors, highlighting the country’s attractive investment climate.
He emphasized the availability of special fiscal incentives, including reduced corporate taxes and benefits offered in Special Economic Zones, under the Agreement on Promotion and Reciprocal Protection of Investments. This agreement aims to foster mutually beneficial investment opportunities between the two nations.
The Minister extended this invitation during the diplomatic reception held at Cinnamon Grand Hotel yesterday (26th) to commemorate the National Day of the State of Kuwait.
The Minister noted that Sri Lanka and Kuwait signed the Agreement on Promotion and Reciprocal Protection of Investments in 2009, emphasizing that the benefits of this agreement should now become a reality.
He pointed out that a similar framework for trade facilitation has already been established under the Memorandum of Understanding (MoU) between the National Chamber of Commerce of Sri Lanka and the Kuwait Chamber of Commerce & Industry, signed in February 2020.
“I wish to reiterate the massive potential for trade expansion between the countries and propose visits by business delegations from both nations to enhance bilateral trade,” he added.
The Minister addressing the gathering went on to say;
“This commemorates the day His Highness Sheikh Abdullah Al-Salim Al-Sabah became the ruler of Kuwait in 1950.
On behalf of His Excellency President Ranil Wickremesinghe, the Government, and the people of Sri Lanka, I consider it an honor to convey sincere greetings and best wishes to His Highness Sheikh Mishal Al-Ahmad Al Jaber Al Sabah, the Amir of the State of Kuwait, the Government, and the friendly people of the State of Kuwait, on this special occasion.
Sri Lanka and the State of Kuwait have enjoyed close and cordial relations since establishing formal diplomatic ties between the two countries over fifty years ago. The friendly relations between Sri Lanka and Kuwait were further cemented with the opening of resident missions in the two countries, Colombo and Kuwait, in 1995 and 1981, respectively.
The people-to-people contact, bilateral relations between governments, and business partnerships accurately reflect the abiding friendship, mutual understanding, and trust we have enjoyed for several decades. There is much potential for further strengthening and consolidation.
High-level interactions also contribute to enhancing the relations between our two countries. I wish to mention the recent meeting between Hon. Ali Sabry, Minister of Foreign Affairs of Sri Lanka, and H.E. Abdullah Ali Abdullah Al-Yahya, Minister of Foreign Affairs of the State of Kuwait, on the sidelines of the Munich Security Conference. I understand it was very productive and fruitful.
The assistance extended by the State of Kuwait in infrastructure development projects in Sri Lanka by way of extending concessionary loans through the Kuwait Fund for Arab Economic Development is particularly noteworthy in terms of improving the quality of life of people in Sri Lanka, and it is well recognized and appreciated.
Today, Kuwait has become a home away from home for approximately 110,000 Sri Lankan migrant workers employed in Kuwait, making valuable contributions to the economies of both countries. I want to express my deep appreciation to the Government of Kuwait for providing employment opportunities and looking after their welfare. We want to be a development partner of the progressing Kuwait by providing more professionals for development projects in Kuwait.
I want to inform you of Sri Lanka’s readiness to sign the MoU on Bilateral Consultations between the Ministries of Foreign Affairs and the Mutual Visa Exemption for holders of Diplomatic and official Passports between Sri Lanka and Kuwait, either in Kuwait City or in Colombo.
Sri Lanka and Kuwait signed the Agreement on Promotion and Reciprocal Protection of Investments in 2009, and the benefits of signing this agreement must be a reality. In this regard, I invite Kuwait investors to come to Sri Lanka by taking advantage of special fiscal incentives, including reduced corporate taxes and investments offered in Special Economic Zones.
Similarly, the framework for trade facilitation is already established. The MoU between the National Chamber of Commerce of Sri Lanka and the Kuwait Chamber of Commerce & Industry was signed in February 2020. I wish to reiterate the massive potential for trade expansion between the countries. I propose visits by business delegations of both countries to enhance bilateral trade.
I also want to mention the solid and mutual support in the multilateral fora between the two countries. I am writing to express our sincere appreciation to the Government of the State of Kuwait for its supportive interventions and constructive recommendations during the 4th Cycle of the Universal Periodic Review of the UNHRC in 2023.
The close bonds of friendship and cooperation between our two countries wouldn’t have been possible without the leadership provided by His Excellency the Ambassador, M M Bu Dhhair, and I am sure that it will be further diversified and deepened with his support and leadership.
In that spirit of friendship and goodwill, I would like to convey good wishes for the health and well-being of His Highness Sheikh Mishal Al-Ahmad Al Jaber Al Sabah, the Amir of the State of Kuwait, and the people of the State of Kuwait, on behalf of H E President Ranil Wickramasinghe and the people of Sri Lanka.”
