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EDB market study, trade promotion program in China

The Export Development Board (EDB) will carry out a market study and trade promotion program in China, Shandong in August. It will be executed by a high level trade delegation which will include front line exporters of tea, rubber, coir, floriculture, gems, mineral products, spices and herbal products, an EDB official said.

This is the first time that the EDB is organising a trade delegation to China. The EDB has already had discussions with the Embassy of the People's Republic of China in Sri Lanka to expand trade with China. This has paved the way for the Chamber of Commerce and Industry in the Shandong Province in China to invite a Sri Lankan delegation to visit Shandong. They have also agreed to arrange business meetings in Quingdao, Tai-an and Jinan.

A Chinese delegation that visited EDB in March this year was interested in importing mattress fibre from Sri Lanka. An exporter from Marawila has been successful in obtaining an order for 10 containers of mattress fibre. The company has already signed a contract to this effect with the Chinese Embassy.

China is considered an important market for Sri Lanka. It could be regarded as a potential market due to introduction of new economic policies, reforms, facilitation of expansion of market economy and also the recent entry into the WTO. China has a population of 1.3 billion people. This growing economy will attract foreign investments including multi-nationals and claim a share of the Chinese market. Sri Lanka has exported US$ 4.574 million worth of goods to China for the year 2001. China has imported US$ 220.412 million worth of goods from Sri Lanka. The trade balance is US$ 215.8 million which is in favour of China.

Sri Lanka's major exports to China are woven fabrics, coconut fibre products, tea, natural rubber and prawns. The major imports from China are chemicals, machinery, tractors and tyre cord fabrics.

China accounts for 4.6% of world exports and imports 3.7% of the world trade and is regarded as an important partner to Sri Lanka because of its historical, cultural and economic relationship. The Rubber-Rice Pact is an important landmark in trade relations with China. A number of Business meetings has been organised by the EDB in addition to the market study and trade promotion program in China. This program will be a great opportunity for Sri Lanka in order to penetrate the Chinese market as well as find joint ventures.

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