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A program of industrial exchange between Egypt and Sri Lanka which would help Sri Lankan businesses to venture out in Egypt and Egyptian business houses to invest in Sri Lanka was promoted by Commerce and Consumer Affairs Minister, Ravi Karunanayake who was on a trade promotion mission in Egypt recently.

Addressing members of the Egyptian Businessmen's Association in Cairo, the minister said that several proposals and projects had been discussed during the second session of the Sri Lanka-Egypt joint commission including a preferential trade agreement to be signed in the first quarter of next year.

He said that the total trade between two countries stood at an average of US $40 million over the last five years despite the fact that Ceylon tea has lost a major portion of its market share during the period due to zero duty concession granted to Kenyan tea through the COMESA free trade agreement.

Karunanayake said that Sri Lankan joint ventures in Egypt could provide the vital technical assistance in several manufacturing industries such as rubber based products, coir based products, biscuits and confectionery products, tyres and tubes, polymer and plastic products, leather products, garments and ceramic items.

The Minister said that during his visit several Egyptian businessmen had expressed their interest on investing in Sri Lanka and also in manufacturing industries such as chandeliers, ovens and cookers, television sets, vehicles, textiles, leather products, rubber products and food processing.

Karunanayake had appreciated the measurable economic progress achieved by the Egyptian government within a decade after launching their economic reforms and structural adjustment program in the early 1990s which was intended to reform the conventional Egyptian economy to a market based economy.

He said that the purpose of his visit to Egypt was to explore possibilities on enhancing the bilateral trade relations. The minister was accompanied by acting Director General of the Department of Commerce, Manel de Silva.

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