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Chile explores investment opportunities in Sri Lanka

Xinhua, January 12, 2016 Adjust font size:

Chile is looking at the possibility of investing in Sri Lanka and making the island nation a hub to target South Asia, a top official said here on Tuesday.

In discussions with Sri Lanka's largest business organization, the Ceylon Chamber of Commerce, Chilean envoy to New Delhi Andres Barbe said that he would work to bring in a high level Chilean delegation to Sri Lanka soon to further explore cooperation opportunities.

During their discussions, the envoy also explored the possibilities of Chile focusing on exporting to the Indian and the rest of the Asian markets, using Sri Lanka as a platform.

"It takes 60 days for us to ship our products to the Indian market from Chile, which is very time-consuming and also costly," Barbe said.

He said, Minerals, Forestry, Agriculture value addition, such as producing wines and also fruits are some of Chile's biggest industry.

CEO of the Ceylon Chamber of Commerce, Mangala Yapa said that Chile can use the tax free Hambantota Port situated in the south as a hub to focus on the South Asian market and also the rest of Asia. He also emphasized Sri Lanka's strong connectivity to the global maritime route.

Sri Lanka is looking to attract large foreign investments this year in order to develop the country and strengthen its slow pace economy.

Sri Lankan President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe have vowed to set a 5 year plan to develop the nation. Endit