Australia-Sri Lanka bilateral trade and services record strong growth in 2018
Australia- Sri Lanka bilateral trade and services have reportedly recorded a strong growth in 2018 to more than $A 1.5 billion mark for the first time to reach over US$ 1.6 billion, which is an increase of more than 30 per cent against the previous year, David Holly, High Commissioner of Australia in Sri Lanka has said.
The High Commissioner has made this statement while addressing the National Chamber of Commerce of Sri Lanka (NCC) recently at its auditorium while making a presentation on ‘Bilateral Trade between Sri Lanka and Australia – Defining Sri Lanka – Australia Trade and Investment: Growing Mutual Interest’.
Holly has stated that Australia is a worthwhile location for the Sri Lankan entrepreneurs and investors to engage in trade as the fundamentals of the Australian economy are strong and Sri Lankan businessmen are increasingly seeing Australia as a good partner.
He has further noted that Sri Lanka is now on the map for Australian tourists with 110,000 tourists in 2018 – 5th largest source of tourists.
Against these developments, the envoy has expressed disappointment that bilateral investment between the two countries is low.
However, Holly has indicated that interest remained from Australia on investments in Sri Lanka in areas such as higher education, premium food and beverage, dairy agro-tech, port development and allied industries and resources and energy.
OSL take:
The growth recorded in bilateral trade between Sri Lanka and Australia is a positive sign on the possibility of further strengthening trade ties between the two countries. Australian businesses/investors could explore business/investment opportunities in Sri Lanka and vice versa. Afterall, Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region.
| Article Code : | VBS/AT/20191127/Z_3 |