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Israel-Asia Chamber of Commerce explores trade expansion with Sri Lanka

Israel-Asia Chamber of Commerce explores trade expansion with Sri Lanka

Daily FT: Israel-Asia Chamber of Commerce President cum Israel-Sri Lanka Chamber of Commerce Chairperson Anat Bernstein-Reich met Export Development Board (EDB) Chairman Dr. Kingsley Bernard on 28 August.
This official meeting was initiated by the Ambassador of Sri Lanka in Israel M.H.M. Nimal Bandara. The Sri Lankan delegation was represented by Foreign Ministry of Sri Lanka Additional Secretary Shanika Dissanayake, senior EDB officials, as well as representatives of private sector companies from Sri Lanka’s export community. The participants had a fruitful discussion to explore avenues to promote trade and economic cooperation between Israel and Sri Lanka.
The deliberations were aligned with the efforts of the Sri Lankan Embassy in Israel to maximize opportunities for Sri Lanka’s dynamic private sector and create a fertile ground for export businesses.
Anat Bernstein highlighted the substantial potential that lies within various sectors. She underscored the surging demand for high-tech, medical, pharmaceutical, and electronic products, noting that these segments present ample investment prospects while stressing that Israel’s renowned expertise and advanced solutions in these fields could be harnessed to create fruitful partnerships in the future. Furthermore, Bernstein identified sustainable agriculture, electronic products, and IT services as high-potential areas where Sri Lanka and Israel can forge new partnerships.
The delegates also discussed about organizing business delegations and mutual visits, highlighting the importance of face-to-face interactions in building strong business relationships. To provide a platform for comprehensive discussions, a joint business forum will be convened during 2024, bringing together stakeholders from both nations.
The officials of private sector companies Nelna Agri Development, Orel IT, Galgo from Ceylon and M/S Zahir Raheem took part in the discussion. An understanding was reached to strengthen connections with the Israeli business community with the support of Bernstein, and it was proposed to organize sector-wise activities such as B2Bs, outward/ inward delegations, participation in each other’s’ events, start-up mentoring programs, technology transfers, export-led investments, etc. Both nations look forward to a future of expanded cooperation, and these efforts are poised to create enduring partnerships in addition to capitalizing on the abundant opportunities that lie ahead.

OSL take:
Sri Lanka is currently engaged in reviewing and revamping the country’s existing trade ties while also looking at expanding ties with more foreign countries. It is in such a backdrop that Sri Lanka is exploring the expansion of ties with Israel. Sri Lanka has many trade agreements as well as trade concessions enjoyed by the country that have helped boost the country’s manufacturing and export sectors. Sri Lanka is also looking at reaching new free trade agreements (FTAs) with several new foreign markets to help the further expansion of local economic sectors. Given that Sri Lanka is currently looking at becoming an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and the strong trade ties, the country provides a host of new and lucrative business/investment opportunities to foreign businesses/investors exploring opportunities in the Asian region. The growth and business potential in Sri Lanka could be further explored by Israeli businesses/investors while also looking at the opportunities to form partnerships or joint ventures with Sri Lankan businesses.

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Article Code : VBS/AT/20231004/Z_6

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