More French firms to invest in Sri Lanka, says French envoy
While Sri Lanka is gearing up to attract more foreign investments, French conglomerates are also eyeing the country for business opportunities particularly infrastructure, says French Ambassador in Sri Lanka, Jean-Marin Schuh. “A lot of French companies are eyeing to invest in Sri Lanka if they are successful in initial geophysical surveys. French companies are more focused on water management, urban transportation and port facilities while they are also interested in some of the tenders issued by the Sri Lankan authorities,” he told the Business Times on the sidelines of the Sri Lanka-France Business Council networking event organized by the Ceylon Chamber of Commerce at the Colombo Swimming Club held recently.
Large French corporates that are already set up in Sri Lanka doing businesses here say that Colombo is strategically placed especially the Colombo port and are hoping to expand their businesses in the country. This year in late April or early May a brand new French freight will be arriving at the Colombo port which will strengthen the relationships between the two nations, he said. On the economic perspective Mr. Schuh stated that last year trade between Sri Lanka and France doubled. “French connections with Sri Lanka have been in terms of aeronautics, water management, water supply and water sanitation since the companies are big and quite integrated.
In terms of energy management, a French oil and gas firm ‘Total’ has come forward to provide services to Sri Lanka. France has invested in Sri Lanka in the cement industry, Lafarge which is today owned by Holcim, textile and many other sectors,” he added. He also noted that as it was observed in 2009, hardly 30,000 tourists came to Sri Lanka from France but last year it was close to 100,000, more than triple that number. “I hope that this trend will continue to grow because there are so many opportunities to do business in Sri Lanka while lots of developments are taking place in terms of tourism, safety, security, beaches, and so on.”