Opportunity Sri Lanka | » Vietnamese delegation explores opportunities in Sri Lanka’s agriculture industry
Vietnamese delegation explores opportunities in Sri Lanka’s agriculture industry

Vietnamese delegation explores opportunities in Sri Lanka’s agriculture industry

The Morning: The Ceylon Chamber of Commerce (CCC) hosted a high-level delegation from the Ministry of Agriculture and Rural Development of Vietnam, engaged in a working visit to strengthen bilateral relations between Vietnam and Sri Lanka, in the fields of agricultural, forestry and fishery.
Organised in association with the Sri Lanka–Greater Mekong Business Council and the Embassy of Vietnam in Sri Lanka, the delegation led by Le Minh Hoan, Minister of Agriculture and Rural Development of Vietnam, comprised high-ranking officials of the Ministry and prominent entrepreneurs of Vietnam’s agriculture sector.
Accordingly, a roundtable discussion explored opportunities for collaboration in agriculture, forestry, and fisheries and facilitated exchanges of trade and industry models, establishing connections with business and industry associations in Sri Lanka.
Ceylon Chamber of Commerce Chairman Duminda Hulangamuwa, welcomed the delegation’s opportune timing, stating that following on from the gateway of opportunities presented by the recently inked Sri Lanka-Thailand Free Trade Agreement Sri Lanka will continue to explore prospects for increased collaboration in the region.
“Sri Lanka is strong in several agricultural sectors, with tea, fruit and vegetables especially, having strong export potential to Vietnam. Similarly, Vietnam’s progressive technology can strengthen the agriculture sector in Sri Lanka,” he added.
Highlighting Vietnam’s competitive advantage in agricultural, forestry, and aquatic products and the country’s global ranking in agricultural exports, Minister of Agriculture and Rural Development for Vietnam Le Minh Hoan stated that bilateral agricultural trade between Vietnam and Sri Lanka has potential for growth.
Further, he highlighted the respective strengths of the two countries to complement mutual progress and development.
Ambassador of Vietnam to Sri Lanka Ho Thi Thanh Truc added that given the similarities in topography and climate between the two countries, partnerships to develop the agriculture sector were particularly relevant, and invited the delegates from both countries to make use of the opportunity to forge connections.
President of Sri Lanka–Greater Mekong Business Council S.M.D. Suriyakumara assured the delegation of the Council’s cooperation in facilitating trade and investment cooperation in the agricultural sectors of Sri Lanka and Vietnam.

OSL take:
The country’s agriculture industry has become one of the fastest growing industries in Sri Lanka in line with the ongoing economic activities. The expansion of the country’s economy following the global pandemic and the economic crisis that followed it has resulted in an increase in the food crop cultivation sector. Also, the focus on expanding Sri Lanka’s export product portfolio has resulted in the growth in export crop cultivation sector. The growth in these two sectors under the agriculture industry have opened up a host of new business/investment opportunities in the overall agriculture industry. From providing high yield seeds for cultivation to providing technical expertise and the machinisation of the agriculture industry are business/investment opportunities for foreign businesses/investors. Foreign businesses could also look at investing in export crop cultivation given Sri Lanka’s growing exports industry that is being boosted by strong trade ties enjoyed by Sri Lanka with other countries. Given the growth potential in Sri Lanka, investments in the agriculture industry would guarantee quick returns on investment.

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Article Code : VBS/AT/20240306/Z_3

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