Media releases
Tuesday, 12 November 2002 - MVT146/2002
Australia and Sri Lanka Sign Investment Protection Agreement
Australia has signed an agreement with Sri Lanka for the promotion
and protection of investment in both countries, Trade Minister Mark
Vaile announced today.
"The agreement is intended to encourage and facilitate investment
in Australia and Sri Lanka by citizens, permanent residents and companies
by providing a clear set of obligations relating to the promotion
and protection of investments," Mr Vaile said.
"Australia is the second largest foreign investor in Sri Lanka.
Ansell Lanka, a subsidiary of Australia's Pacific Dunlop, operates
the largest single industrial plant in the country. The signing of
this agreement comes at a time of optimism for Sri Lanka as the peace
process currently underway holds the promise of a much more vibrant
economic future for Sri Lanka."
Mr Vaile said it was significant that the agreement was signed for
Sri Lanka by Professor GL Peiris who holds the portfolios of Enterprise
Development, Industrial Policy and Investment Promotion, and is also
the Sri Lankan Government's Chief Negotiator in the peace process
with the Liberation Tigers of Tamil Eelam (LTTE).
"The Australian Government wishes Professor Peiris every success
in these negotiations and we look forward to the positive contribution
their successful conclusion will have on the further development of
Australia-Sri Lanka economic relations," Mr Vaile said.
Media Contact: Robyn Baind +61 02 6277 7420
Local Date:
Friday, 05-Dec-2008 13:37:06 EST
