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Australia-Sri Lanka bilateral trade and services record strong growth in 2018

Australia-Sri Lanka bilateral trade and services record strong growth in 2018

Australia- Sri Lanka bilateral trade and services have recorded a strong growth in 2018 to more than $A 1.5 billion mark for the first time to reach over $ 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 observation while addressing the National Chamber of Commerce of Sri Lanka (NCC) last week at its auditorium 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.
According to the High Commissioner, Australia and Sri Lanka have completed 28 consecutive years of annual economic growth; Australia has the world’s 11th highest GDP per capita and is the wealthiest nation in terms of medium wealth per adult; and is the world’s 6th largest pool of investment funds under management.
Holly has said the strength of the Australian economy has been achieved through an ongoing commitment to economic reform, as well as concerted efforts to open the economy to trade and foreign investment.
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 and that interest remains from Australia in investment 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 statement by the Australian High Commissioner to Sri Lanka is a positive note on the growing bilateral and trade ties between the two countries. Due to the increase in trade between the two countries, Australian businesses/investors could look at exploiting the benefits enjoyed by Sri Lanka in international trade. 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.

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Article Code : VBS/AT/20191114/Z_8

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