Sri Lanka represented by a 50 plus business delegation in the UK to boost trade ties with Commonwealth nations
Sri Lanka has reportedly dispatched one of the country’s largest-ever business and trade delegations to the UK targeting the Commonwealth nations. The Commonwealth Business Forum is to be held on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) in the UK this week.
According to reports, Sri Lanka is also scheduled to unveil its new country branding and slogan for its ICT sector in London next week.
“Sri Lanka is one of the Strategic Partner Countries of 2018 CBF. Therefore the Department of Commerce is organising many informative country presentations, B2Bs and roundtables on Lankan sectors of investment for CBF in London,” Minister of Industry and Commerce Rishad Bathiudeen has said.
Bathiudeen has made this observation while addressing a preparatory meeting organized by the Department of Commerce of Sri Lanka (DoCSL) with Lankan business and government representatives on the forthcoming CBF.
Also present at the meeting were Director General of Commerce, Sonali Wijeratne and Kosala Wickramanayake who leads the International Business Council (IBC) of Sri Lanka.
Bathiudeen is scheduled to lead the 50 plus delegation to London from Sri Lanka – the largest-ever Lankan delegation in CBF’s history.
The CBF will be held in London from Monday (16) till Wednesday (18).
According to reports, Sri Lanka is considered one of the major “emergent FDI attracting Commonwealth Destinations” (along with Bangladesh and Singapore). Around 27% of Sri Lanka’s annual global trade in “goods” is being done with the Commonwealth while 40% of Sri Lanka’s global trade in “services” is done with the Commonwealth.
Sri Lanka’s country share of Intra-Commonwealth imports is around 3%, reports further state.
The Commonwealth plays a silent but significant role in Sri Lanka’s new trade reforms.
In 2016, Commonwealth Secretariat’s Head and Adviser of Trade Competitiveness Dr. Rashmi Banga has said in Colombo that the Secretariat is “providing technical assistance to the Department of Commerce in Sri Lanka in the Department’s (work on) Free Trade Agreement negotiations”.
The Secretariat has already analyzed and identified 40 new products and 15 new markets for Sri Lankan exports that could add US$ 2 billion more to the present Lankan export revenues, Sri Lanka’s Commerce and Industries Ministry states.
OSL take:
The large business delegation visiting the UK to boost trade ties with other Commonwealth nations as well as Sri Lanka’s close working relationship with the Commonwealth Secretariat where it receives technical assistance when preparing free trade agreements (FTAs) indicates a strong position held by Sri Lanka in the Commonwealth. It would work to boost the interest of businesses/investors in Commonwealth nations to explore opportunities in Sri Lanka. Also, businesses/investors outside the Commonwealth interested to engage in business with Commonwealth nations could use Sri Lanka as a base to carry out their businesses.
| Article Code : | VBS/AT/18042018/Z_2 |