Sri Lanka-Canada Business Council Delegation Meets with Surrey Board of Trade

The Sri Lanka-Canada Business Council (SLCBC) delegation of the Ceylon Chamber of Commerce met with the Surrey Board of Trade on 21st October to explore and strengthen economic ties between Sri Lanka and Surrey, Canada. The discussions emphasized mutual opportunities for trade, investment, and collaboration between the two regions.

The meeting was organized by Mr. Lionel Silva, Past President of the SLCBC, with the support of Ravinder Safaya, a close business associate of Mr. Silva. Key attendees included Surrey City Councillor Linda Annis and Jim Bennett, the Honorary Consul of British Columbia to Sri Lanka, along with members of the Sri Lanka Friendship Association.

Mr. Jasroop Gosal, Policy and Research Manager of the Surrey Board of Trade, introduced the organization’s mission as a non-profit entity supporting and attracting businesses to Surrey through advocacy at local, provincial, and federal levels. Surrey is projected to become the largest city in British Columbia by 2029, with an estimated population of 1 million by 2040, driven by industries such as retail, transportation, finance, and agriculture.

Mr. Priyantha Chandrasekera, leader of the SLCBC delegation, provided an introduction to the council, which has been operational for 33 years and is visiting Canada for the first time. The Sri Lanka-Canada Business Council aims to foster tourism, trade, joint ventures, and investment promotion between Sri Lanka and Canada.

Mr. Mohamed Hameez, Vice President of the council, highlighted investment opportunities in Sri Lanka, noting the attractive incentives available, including a 50% tax benefit for primary investors over the next 10 years and 300% capital allowances. Sri Lanka has Investment Protection Agreements with Canada and other countries, offering constitutional guarantees for investors. The delegation also emphasized Sri Lanka’s free trade agreements with India, Pakistan, Singapore, and Thailand, which provide access to 35-40% of the world’s population.

During discussions on international trade, both parties expressed interest in establishing a Memorandum of Understanding (MOU) to facilitate business interactions between Canada and Sri Lanka. The Surrey Board of Trade committed to providing information and support to Sri Lankan businesses seeking to establish themselves in Canada, and reciprocally, Canadian businesses entering the Sri Lankan market.

The opportunities in Surrey were also discussed, particularly the region’s expansive industrial land, which is the largest in the lower mainland, and a rapidly growing business environment, with $2.5 billion in building permits issued this year. The potential for collaboration between Sri Lanka’s emerging economy and Surrey’s thriving business landscape was seen as a key area of interest.

Challenges were raised regarding Sri Lanka’s current economic conditions, with concerns over high productivity but low sales, which could affect potential business relationships. However, the Port City initiative in Sri Lanka was presented as a significant opportunity for Canadian companies, offering numerous incentives for offshore businesses to establish themselves in the region.

The meeting concluded with plans to establish the Sri Lanka Business Council in British Columbia, enhancing business connections between Sri Lankan and Canadian enterprises. Discussions will continue to explore integrating the Sri Lanka Friendship Association into this framework to further strengthen ties between the two communities.

With both regions poised for growth, the meeting marked a significant step forward in enhancing bilateral economic relations between Sri Lanka and Canada. Sri Lanka-Canada Business Council Delegation Meets with Surrey Board of Trade The Sri Lanka-Canada Business Council (SLCBC) delegation of the Ceylon Chamber of Commerce met with the Surrey Board of Trade on 21st October to explore and strengthen economic ties between Sri Lanka and Surrey, Canada. The discussions emphasized mutual opportunities for trade, investment, and collaboration between the two regions.

The meeting was organized by Mr. Lionel Silva, Past President of the SLCBC, with the support of Ravinder Safaya, a close business associate of Mr. Silva. Key attendees included Surrey City Councillor Linda Annis and Jim Bennett, the Honorary Consul of British Columbia to Sri Lanka, along with members of the Sri Lanka Friendship Association.

Mr. Jasroop Gosal, Policy and Research Manager of the Surrey Board of Trade, introduced the organization’s missionas a non-profit entity supporting and attracting businesses to Surrey through advocacy at local, provincial, and federal levels. Surrey is projected to become the largest city in British Columbia by 2029, with an estimated population of 1 million by 2040, driven by industries such as retail, transportation, finance, and agriculture.

Mr. Priyantha Chandrasekera, leader of the SLCBC delegation, provided an introduction to the council, which has been operational for 33 years and is visiting Canada for the first time. The Sri Lanka-Canada Business Council aims to foster tourism, trade, joint ventures, and investment promotion between Sri Lanka and Canada.

Mr. Mohamed Hameez, Vice President of the council, highlighted investment opportunities in Sri Lanka, noting the attractive incentives available, including a 50% tax benefit for primary investors over the next 10 years and 300% capital allowances. Sri Lanka has Investment Protection Agreements with Canada and other countries, offering constitutional guarantees for investors. The delegation also emphasized Sri Lanka’s free trade agreements with India, Pakistan, Singapore, and Thailand, which provide access to 35-40% of the world’s population.

During discussions on international trade, both parties expressed interest in establishing a Memorandum of Understanding (MOU) to facilitate business interactions between Canada and Sri Lanka. The Surrey Board of Trade committed to providing information and support to Sri Lankan businesses seeking to establish themselves in Canada, and reciprocally, Canadian businesses entering the Sri Lankan market.
The opportunities in Surrey were also discussed, particularly the region’s expansive industrial land, which is the largest in the lower mainland, and a rapidly growing business environment, with $2.5 billion in building permits issued this year. The potential for collaboration between Sri Lanka’s emerging economy and Surrey’s thriving business landscape was seen as a key area of interest.

Challenges were raised regarding Sri Lanka’s current economic conditions, with concerns over high productivity but low sales, which could affect potential business relationships. However, the Port City initiative in Sri Lanka was presented as a significant opportunity for Canadian companies, offering numerous incentives for offshore businesses to establish themselves in the region.

The meeting concluded with plans to establish the Sri Lanka Business Council in British Columbia, enhancing business connections between Sri Lankan and Canadian enterprises. Discussions will continue to explore integrating the Sri Lanka Friendship Association into this framework to further strengthen ties between the two communities.

With both regions poised for growth, the meeting marked a significant step forward in enhancing bilateral economic relations between Sri Lanka and Canada.