Sri Lanka and Egypt discuss measures to boost bilateral trade
Daily FT: Trade Minister Nalin Fernando had recently met the Egyptian Ambassador Maged Mosleh to discuss measures to boost bilateral ties.
The Ambassador said that the Sri Lanka- Egypt Joint Commission on Trade and Economic Cooperation (JCTEC) would be an excellent platform to enhance bilateral economic ties between the two countries. The Minister said that Sri Lanka is considering convening the next session of the JCTEC in June this year.
The Ambassador said that Africa is a potential and fast-growing and highly potential market and Sri Lankan exporters can exploit this potential by investing in Egypt. And Sri Lanka has an additional advantage through relatively relaxed rules of origin under a free trade agreement.
During the meeting, the Minister explored the opportunity to import big onions from Egypt, and the Ambassador expressed willingness to assist with such imports.
The Ambassador appreciated the measures taken by the Sri Lankan Government to enhance food security in the country and said that the Egyptian Government has introduced a program called, “Decent Life” to eradicate poverty in Egypt, and as a majority of the rural population, both countries can exchange their experiences on poverty eradication.
Both sides discuss ways to enhance the existing trade and economic cooperation between both countries through exhibitions and foreign delegations.
OSL take:
While Sri Lanka is targeting on achieving regional hub status, it is also in the process of further strengthening the country’s existing trade ties by reviewing and revamping existing trade agreements and forming new trade ties with more countries. Local exports sector authorities are focused on expanding the sector through several measures that include promotional campaigns in foreign markets while exploring new markets and promote the expansion of the existing export products list through innovative methods including value addition. Sri Lanka’s missions overseas have also been roped in to promote the local exports sector and there are many trade ties being formed with some countries as a move to promote bilateral and trade ties. Given the growth and business potential in Sri Lanka’s exports sector, foreign businesses/investors could explore the expanding business/investment opportunities in the sector while also looking at the possibility of forming collaborations with local businesses engaged in the exports sector with the aim of further expansion.