Sri Lanka steps up efforts for more breakthroughs in Chinese market
Daily FT: The Department of Commerce under the Ministry of Trade, Commerce and Food Security successfully organized the participation of 58 Sri Lankan companies at the China-South Asia Exposition held for five days in Kunming. This was an ideal opportunity for Sri Lankan companies to showcase their products to the Chinese market and find new buyers.
Trade, Commerce and Food Security Minister Nalin Fernando visited the Kunming Expo and encouraged Sri Lankan companies to promote Sri Lankan products in the lucrative consumer market in China. Furthermore, it was an opportunity to understand the dynamic E-commerce and Social media marketing strategies used in the Chinese market.
Further the Minister chaired the Sri Lanka side of the bilateral meeting with the Department of Commerce of Yunnan province and expressed the close collaboration to establish Sri Lanka particularly with Yunnan province. Officials of the Department of Commerce of Sri Lanka, the Officials of the Department Commerce of the Yunnan province and the Commercial Counsellor of the Embassy of Sri Lanka in Beijing represented at the bi-lateral talks.
Kunming Expo has been a major trade expo over the years and could be a great platform for strengthening bilateral trade collaboration. Further the opportunity was used to discuss the areas of market expansion of Sri Lankan products, market access for new products and capacity building that required entry to the Chinese market.
The companies promoted a range of products such as Gems and Jeweler, Ceylon Tea, Confectionery, Processed food, Cashew, Spices, Coconut Kernel products, Batiks and Handicraft.
OSL take:
Sri Lanka and China share strong bilateral and trade ties that will see a further boost when the free trade agreement (FTA) between the two countries that is currently under negotiation. China is also one of Sri Lanka’s key development partners as well as Chinese tourists have been among the highest to arrive in the country. There are many Chinese businesses already operating in all key economic sectors in the country with more Chinese businesses entering Sri Lanka. Also, China has presented a lucrative market for many Sri Lankan products while Sri Lanka also supplies some raw materials for Chinese industries. With Sri Lanka working towards 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 enjoyed by the country, there is an ongoing expansion in Sri Lanka’s economic activities. Given the expanding opportunities in Sri Lanka and the growth potential of the economy, Chinese business/investors could confidently explore the growing opportunities in the country. They could also look at forming partnerships or joint ventures with local businesses with the aim of expanding in the local and international markets.
| Article Code : | VBS/AT/20230906/Z_4 |