EDB and International Consultants UK pave way for Lankan firms to explore US $ 3.4tn Africa

The Export Development Board (EDB) is paving the way for Sri Lankan entities to explore the US $ 3.4 trillion African market and reap the benefits offered when engaged in business in that region. 

As most local companies and corporations in Sri Lanka are currently facing challenges in accessing capital, International Consultants UK, which is working in partnership with the EDB, said it would assist local entities to tap into financing in Africa.

Some of the funding available for the region include the US $ 170 billion pledged by the EU for investment in Africa, as it seeks to gain influence on the continent and become its partner of choice. Similarly, America has pledged US $ 55 billion in economic, health and security support for Africa, over the next three years. 

“International Consultants can access this type of funding for projects in the African continent, as we have been liaising extensively for several years on different projects and have a working relationship with financial providers,” said the consulting firm in a statement released by the EDB. 

In a first step towards this endeavour, International Consultants UK, in collaboration with the EDB, Sri Lanka High Commission in South Africa and Investment and Export Promotion Agency of Mozambique, has planned a webinar titled ‘Gateway to Africa’, targeting the local companies. The webinar that will be held on March 28 will focus on the key sectors from Sri Lanka, such as the power and energy, civil construction, engineering and telecommunication sectors. 

Pointing out that the event allows Sri Lankan companies and corporations to look at the alternative African market, International Consultants said it would allow “Sri Lanka to export itself out of the current economic crisis, which has beset the island”.

The African Union Free Trade Agreement, which is in force, has created a continent-wide market, embracing 54 countries, with 1.3 billion people and a combined GDP of US $ 3.4 trillion. 

Under the African Union Free Trade Agreement, the manufactured goods and services will not incur duties and tariffs. 

“This is a great opportunity for some of the companies in Sri Lanka to take full advantage of exporting the goods and services,” noted International Consultants. 

Further, as African countries are deemed as least developed economies, as per the UN categorisation, its nations are eligible for free access to the European and American markets duty free. 

“This indicates Sri Lankan companies could even manufacture goods in the African continent, creating three accessible markets. The African free trade agreement areas can be a tremendous opportunity,” International Consultants said.