Sri Lanka looking at further boosting bilateral trade with Canada
The increasing Sri Lankan exports to Canada is expected to further boost Sri Lanka – Canada bilateral trade, which is at modest levels at present.
“Annual Canada-Sri Lanka trade values at present show an unexploited trade potential that needs to be explored,” Sri Lanka’s Minister of Industry, Commerce, Resettlement of Protracted Displaced Persons, Cooperative Development, Skills Development and Vocational Training Rishad Bathiudeen has reportedly told the High Commissioner of Canada to Sri Lanka David McKinnon while hosting him for a courtesy call recently.
According to local media reports, Minister Bathiudeen and High Commissioner McKinnon had discussed the shared desire between the two countries to continue to expand bilateral trade and commercial ties. According to the Department of Commerce of Sri Lanka, the total Canada-Sri Lanka trade in 2018 stood at US$ 436 million, a near 10 percent increase from the previous year.
Sri Lankan garment exports to Canada are on the increase, and rubber and other by-products such as tyres, coconuts and sea food are also rapidly diversifying the export product mix.
Although modest, some notable Sri Lanka-Canada collaboration includes high-tech production facilities for garments, agriculture value addition such as plant extraction and essences, sea food processing, and ICT partnerships. Other Canadian trade connections to Sri Lanka include sophisticated building technologies, engineering, architecture, financial services, and clean technology, reports further state.
OSL take:
Sri Lanka has been recording a continuous growth in its trade sector through the adoption of the latest techniques and technologies. Also, 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 the trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region. All these have resulted in further strengthening Sri Lanka’s trade and bilateral ties with many countries. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka for lucrative returns.
| Article Code : | VBS/AT/24102019/Z_8 |