“Lack of support or mechanisms to solve legal issues faced by Sri Lankan companies dealing with Maldivian counterparts [is causing] serious frustration in trading,” writes the President of the Sri Lanka – Maldives Bilateral Business Council, Hussain S. Hashim.
“It is necessary to establish a commercial mediation centre as an alternate means of trade dispute resolution,” he said, reports Sri Lanka’s Daily News.
Hashim was reported as saying that there had been a marked increase in Sri Lankan exports to the Maldives between 2010 and 2011, resulting in a positive trade balance for Sri Lanka.
He also noted that Maldivian visitors to Sri Lanka has increased from 35,791 in 2010 to 44,018 in 2011 .
“We anticipate a positive solution for the shortage of US dollars in the Maldivian market which has caused an impact on trade,” Hashim said.