Russian Federation to look at bigger trade ties with Sri Lanka during trade meeting in Moscow
The Russian Federation has reportedly decided to move for bigger trade with Sri Lanka and is to ensure that a strong delegation participates in the trade meet scheduled in Moscow this year.
Sri Lanka’s total trade (both imports and exports) with the Russian Federation which was at US$ 435.83 million in 2015, declined to US$ 381.71 million in 2016.
According to report, Russia was the topmost buyer of Ceylon Tea in 2015 at US$ 156.65 million, and the second leading buyer was Turkey. However, in 2016, Russia became the second largest buyer of all types of Ceylon Teas.
The Department of Commerce has noted that nearly 74 percent of Sri Lanka’s exports to Russia in 2016 were Ceylon Tea at a value of US$ 143 million. However, total tea exports to Russia have shown a decline over the years.
The ambassador recently held a meeting with Sri Lanka’s Minister of Industry and Commerce Rishad Bathiudeen on improving trade ties between the two countries.
The decision by the Russian Federation to look at further strengthening trade ties with Sri Lanka is a positive sign for Sri Lankan trade. It could also help improve Sri Lankan tea exports to Russia, which in turn would help the local tea industry. On the other hand, investors currently operating in the Indian Ocean region interested in doing business with Russia could look at basing their operations in Sri Lanka in order to use the current growth momentum in bilateral relations between Sri Lanka and Russia.
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