Sri Lanka and Türkiye chart new path of cooperation at 3rd JCETC session
Daily FT: The third session of the Sri Lanka-Türkiye Joint Committee for Economic and Technical Cooperation (JCETC) was successfully held on 24 July at the Hilton Colombo, marking a major milestone in deepening bilateral ties between the two nations.
The meeting underscored both countries’ renewed commitment to expanding cooperation across a wide range of sectors, from trade and investment to agriculture, education, maritime affairs, transport, health, tourism, and technology and innovation.
The Sri Lankan delegation was led by Trade, Commerce, Food Security and Co-operative Development Minister Wasantha Samarasinghe while the Turkish delegation was headed by its National Education Minister Yusuf Tekin. Trade, Commerce, Food Security and Co-operative Development Secretary K.A. Vimalenthirarajah, and Türkiye Director General of the Directorate General for International Agreements and EU Affairs Hüsnü DİLEMRE led the technical-level discussions. The Department of Commerce of Sri Lanka, as the focal point for the Joint Committee, organised the session.
Bilateral trade between Sri Lanka and Türkiye has shown encouraging momentum, reaching $ 257 million in 2024. Sri Lanka’s exports stood at $ 137 million, while imports from Türkiye totalled approximately $ 120 million. Ceylon Tea remains the dominant export product from Sri Lanka, accounting for nearly 70% of total exports to Türkiye. Other expanding categories included apparel, activated carbon, coconut-based products, and retreaded tyres.
Recognising the untapped trade potential, it was emphasised that all avenues should be explored to diversify export basket and enhance market access, particularly in emerging sectors such as processed foods, rubber-based apparel, and wellness products. Special emphasis was placed on strengthening business-to-business ties and leveraging Türkiye’s Generalised System of Preferences (GSP) to enhance the competitiveness of Sri Lankan exports. Looking ahead, both countries also discussed a calendar of events aimed at boosting trade promotion, including Sri Lanka Expo 2026, scheduled for June next year.
The Committee also discussed avenues to enhance Turkish investment in Sri Lanka, with both sides identifying several high-potential sectors for targeted promotion. These include food processing, renewable energy, information and communication technology (ICT), medical devices, and rubber-based products.
The conversations also emphasised the potential for future collaboration in innovation, digital transformation, and collaboration in science and technology.
Cooperation in maritime transport focused on strengthening logistics and connectivity. In the field of health, both nations signalled their interest in pursuing joint research and development, especially in the area of emerging medical technologies.
Tourism featured prominently in the discussions, marked by a 78% rise in Turkish tourist arrivals to Sri Lanka in 2024. Turkish Airlines, which operates daily flights to Colombo, has significantly contributed to improving the connectivity. Health and wellness tourism was also recognised by both countries as a promising area for future expansion.
Both countries recognised key bilateral instruments, such as the Customs Cooperation Agreement and the Double Taxation Avoidance Agreement, as vital for facilitating trade and investment, enhancing the business climate, and strengthening investor confidence.
Minister Samarasinghe said that the current Government is pursuing an ambitious reform agenda under the national vision “A Thriving Nation – A Beautiful Life”, with a strong focus on export-led growth, infrastructure renewal, and digitalization.
OSL take:
Sri Lanka is currently on the path to further expanding the country’s trade and economic ties with many foreign countries. With Sri Lanka poised as an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and strong trade ties, Sri Lanka is noting an increased attention among foreign businesses/investors. Sri Lanka’s ongoing economic activities have also presented a host of new business/investment opportunities as well. It is in such a backdrop that Sri Lanka and Turkiye are looking at further enhancing business and trade ties between the two countries. Given the ongoing economic expansion in Sri Lanka and the increasing business potential of the country, Turkish businesses/investors could explore the expanding business/investment opportunities in Sri Lanka while also looking at expanding operations through partnerships or joint ventured with local businesses. On the other hand, Sri Lanka’s strong and expanding business and trade ties with many foreign countries also make the country the ideal destination for other foreign businesses/investors to set up bases to engage with other countries using the preferential treatment enjoyed by Sri Lanka with many foreign countries.
| Article Code : | VBS/AT/20250811/Z_6 |