Sri Lankan SMEs at 19th China International SMEs Fair in Guangzhou
Daily FT: A delegation of 49 Sri Lankan small and medium-sized enterprises (SMEs) made a strong impact during the 19th China International Small and Medium Enterprises Fair (CISMEF), held from 15 to 18 November at the China Import and Export Fair Complex in Pazhou, Guangzhou. The event was organised by the Sri Lanka Export Development Board (EDB) in collaboration with the Industrial Development Board (IDB) and with the active facilitation of the Consulate General of Sri Lanka in Guangzhou.
The delegation represented key product sectors, including food and beverages, gem and jewellery, coconut-based products, lifestyle goods, spices, and garments etc.
The CISMEF 2024 proved to be a robust platform for SMEs, enabling them to connect with international buyers and potential business partners within mainland China and beyond. This marked the 9th consecutive year of Sri Lanka’s participation, demonstrating a consistent commitment to fostering SME growth through international trade exposure.
Participants gained invaluable insights into:
Technology upgrades: Observing the latest advancements in production techniques and sourcing equipment to enhance productivity.
Product development: Learning innovative approaches to packaging, quality standards, and market-driven product improvements.
Export readiness: Understanding the complexities of entering export markets and leveraging opportunities cost-effectively.
The participating SMEs achieved immediate success, securing a spot sales value of $ 100,000 and confirmed export orders for cinnamon, coir products, and jewellery. Additionally, several promising business negotiations are in progress, showcasing the potential for long-term trade partnerships.
Delegates expressed gratitude to the EDB and IDB for organising the event, praising the opportunity to gain international exposure and market insights. One entrepreneur stated: “This event was a turning point for our business. The knowledge we gained on product standards and market entry strategies will help us improve and expand our exports.”
OSL take:
Sri Lanka’s ongoing economic drive while opening many business/investment opportunities in the country has also expanded opportunities for local businesses to further strengthen and develop operations. With Sri Lanka’s private sector showing impressive resilience during the recent economic crisis, the country’s SME sector has become a fast growing business/investment opportunity for foreign businesses/investors looking for opportunities in the South Asian region, especially Sri Lanka. Given that Sri Lanka is targeting on becoming a regional hub supported by the country’s geographical positioning in the Indian Ocean, strong trade ties and incentive schemes on offer, foreign businesses/investors could explore the growing business/investment opportunities in the country, especially in the local SMEs sector. The many agreements and trade concessions enjoyed by Sri Lanka, local SMEs could provide the best platform for foreign businesses/investors looking for business opportunities in the country.
| Article Code : | VBS/AT/20241204/Z_7 |