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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

The Morning: Israel-Asia Chamber of Commerce President and Israel-Sri Lanka Chamber of Commerce Chairperson Anat Bernstein-Reich met Sri Lanka Export Development Board (EDB) Chairman Kingsley Bernard on 28 August, according to a recent press release. The meeting was initiated by the Ambassador of Sri Lanka in Israel M.H.M. Nimal Bandara, the statement noted. The Sri Lankan delegation was represented by Foreign Ministry Additional Secretary Shanika Dissanayake, senior EDB officials, and representatives of private sector companies from Sri Lanka’s export community. The participants discussed avenues of exploration 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 private sector and create a fertile ground for export businesses, it was further noted.
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 could forge new partnerships.
According to the statement, the delegates also discussed organizing business delegations and mutual visits, highlighting the importance of face-to-face interactions in building strong business relationships. In order to provide a platform for comprehensive discussions, a joint business forum will be convened in 2024, bringing together stakeholders from both nations, it was noted.
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. It was further proposed to organize sector-wise activities such as B2Bs, outward/inward delegations, participation in each other’s’ events, startup 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, the statement concluded.

OSL take:
Sri Lanka is currently engaged in reviewing and strengthening the country’s trade pacts and ties with other countries. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have helped boost the country’s trade and export sectors. With Sri Lanka working towards becoming an emerging business destination in the South Asian region and the economy once again on a growth path after facing the challenges posed by the global pandemic and the economic crisis that followed, there are many trade and investment opportunities growing in the country. Foreign businesses/investors could confidently explore the expanding opportunities in Sri Lanka due to the growing business potential in the country. It is in such a backdrop that Sri Lanka is exploring business, trade and investment opportunities with Israel. Given Sri Lanka’s economic resilience and return to the growth path, Israeli businesses/investors could confidently explore the expanding opportunities in Sri Lanka. They could also look at forming partnerships or joint ventures with local businesses with the aim of expanding locally and internationally.

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Article Code : VBS/AT/20230919/Z_5

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