Sri Lanka’s Export Development Board drawing up China market entry strategy with specialist global consultancy firm
Sri Lanka’s Export Development Board (EDB) is quoted as stating to the media that the authorities are planning to draw up a China market entry strategy with assistance from a specialist global consultancy firm in a bid to boost local exports.
EDB Market Development Director, Anoma Premathilaka has reportedly said that the strategy will be to enhance the exports of pre-identified products.
Sri Lanka currently exports apparel, tea, rubber, coconut and spices to China.
According to reports, last year China emerged as the sixth largest market for Sri Lankan exports with a record value of US$ 415 million, which is an increase from 2016.
However, the increase has been partly attributed to the re-shipment of boats originally brought down from China for a Chinese-assisted development project.
Sri Lanka’s exports to China have reportedly ranged from a low of US$ 121 million in 2013 and a high of US$ 296 million in 2015.
Given the high potential in China, the EDB is keen to increase local exports to the country and the planned entry strategy is one of the measures.
Others include an e-learning programme ‘How to export to China’, a course on export sales and negotiations, capacity-building programmes, trade facilitation and enterprise development support schemes.
The drawing up of an entry strategy for the Chinese market will expand the opportunities for Sri Lankan exports to China. Sri Lanka already exports apparel, tea, rubber, coconut and spices to China and the EDB’s latest decision would further increase the market for these commodities in the Chinese market. This would provide an ideal opportunity for local exporters to expand their businesses targeting the Chinese market and for foreign investors to form partnerships with Sri Lankan exporters to further their ventures. Sri Lanka and China are also in the process of finalizing a free trade agreement that would further benefit trade between the two nations.
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