Sri Lanka’s exports sector officials discuss with Central European to expand local exports market
Officials from Sri Lanka’s Exports Development Board (EDB) have reportedly met with officials from several Central European countries to discuss opportunities of expanding the local exports market.
A business forum followed by the B2B meetings had been held on April 23 and 24, in Hungary. They were reportedly organized by the Hungarian Export Promotion Agency (HEPA) and the Hungarian Embassy in New Delhi.
The event was attended by the Co-Chairs of the Joint Commission; representing Sri Lanka, Secretary of the Ministry of Development Strategy and International Trade and István Joó, Deputy State Secretary for Export Development of Ministry of Foreign Affairs and Trade of Hungary H. This event was coordinated by Szolt Padazky, the Commercial secretary of Hungary Embassy in New Delhi.
According to reports, there were more than 45 Hungarian companies attending the Forum and more than 30 B2B meetings were conducted. High interest was shown on food products, wellness tourism and coconut products.
Afterwards, a business forum and B2B meetings were also held in Warsaw, Poland.
The European Union (EU) is the number one market for Sri Lanka which represents 30% of total exports and the major export partner countries in the EU are UK, Germany, Belgium, Netherlands, France, and Italy.
Sri Lanka’s state owned Daily News has stated that is important to diversify Sri Lanka’s export product basket from “traditional” to “nontraditional” exports while the National Export Strategy (NES) being implemented from 2018 is focusing on this matter and there are 6 selected product sectors to develop during the next five years aiming at diversifying the export portfolio to intensify and accelerate the economic growth.
In the above context it is important for Sri Lanka to look into new markets which will provide opportunities immediately as well as in the long run.
Therefore, Central Europe is believed to be an economically important region for Sri Lanka with the potential of the region remaining largely untapped.
Sri Lanka’s total bilateral trade with Central European countries was US$ 810 million in 2018 with its total exports to Central Europe being US$ 388 million and imports US$ 422 million.
Sri Lanka looks at the Central Europe primarily as a market for local exports such as tea, apparel, manufactured tobacco, rubber finished products, electrical and electronic products, coconut fiber, coconut kernel products, edible fish products, transport equipments and parts, coconut shell products, parts of footwear, spices, essential oils and oleoresins and processed foods.
OSL take:
Sri Lanka is currently engaged in an aggressive campaign to promote local exports in new foreign markets. Sri Lanka is also looking at promoting new export products as well as more value added products. Since Sri Lanka already has many free trade agreements and enjoys trade concessions with many foreign countries, foreign businesses/investors could explore forming joint ventures with local export companies and explore opportunities in Sri Lanka’s exports sector.
| Article Code : | VBS/AT/09052019/Z_4 |