Sri Lankan mission in Japan and EDB to promote targeted products in Japan
Sri Lanka’s Export Development Board (EDB) in collaboration with the Sri Lankan Embassy in Japan has reportedly taken steps to promote identified Sri Lankan export products with high potential in the Japanese market for the next three years.
Based on the statistical analysis and desk research carried out by EDB, a strategy paper has been done for the Japanese market, the Daily FT has reported.
Four specific products viz. value-added black tea, Solid tyres, T-shirts- singlets and pepper (piper – not crushed/ground) have been identified as focused products that have high potential in the Japanese market and strategies were formulated accordingly to promote these products in Japan during the period 2021-2023 on short, medium and long-term basis.
To move forward with the findings of the Strategy Paper, a meeting was held with the participation of relevant institutions, the EDB, Sri Lanka Embassy in Japan, Sri Lanka’s Foreign Ministry, and the Department of Commerce recently.
As part of this initiative, the first sectoral meeting for solid tyres was conducted earlier this month with all stakeholders including private sector companies who are currently exporting solid tyres to the international market. During the discussion, private sector participants had shared their product/company portfolios and specific assistance required from the Sri Lanka Embassy to penetrate/increase the market share in the Japanese market. Based on the discussion, the Embassy and the EDB is to develop a proper mechanism to increase Sri Lanka’s sold tyre exports to the Japanese market and implement the plan of Action during 2021-2023.
According to reports, Japan was the 12th largest export destination for Sri Lankan products, generating US$ 188 million export income in the year 2020 (approx. 2% of total exports). The key export products are apparel, tea, cocopeat, shrimps and prawns, industrial and surgical rubber gloves, pneumatic and retreated rubber tyres and tubes, crepe rubber, silica and quarts, tableware and kitchenware, processed food, and foliage.
EDB has set US$ 230 million export target in 2021 for the Japanese market, and a Plan of Actions has been developed accordingly to achieve this target, the news report has stated. The Plan of Actions include Sri Lanka’s participation at trade fairs/exhibitions in Japan (virtual/physical), business-to-business meetings (B2Bs) with targeted buyers, inward/outward trade delegations sector-specific promotion programs for spices, ayurveda cosmetics, coconut oil, food and beverages, gift and handicrafts, etc. and webinars/seminars to make Sri Lankan exporters aware on market condition/trends and other important information on the Japanese market, it has added.
Sri Lanka’s manufacturing and exports sectors continuously operated during the global Covid 19 pandemic. Sri Lankan authorities are currently engaged in promoting local products to new foreign markets as well as increase the product portfolio that are being exported to foreign markets. The many trade agreements as well as trade concessions enjoyed by the country have provided a further boost to Sri Lanka’s manufacturing and exports sectors. In a bid to further boost to these sectors, authorities have offered many incentives to stakeholders. Foreign businesses/investors could therefore business opportunities in Sri Lanka’s manufacturing and exports sectors. Also, explore the possibility of forming partnerships or joint ventures with local businesses.
|Article Code :||VBS/AT/24032021/Z_2|