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Trade volumes to China to reach US$ 1 billion

Sri Lanka-China trade and economic relations has grown by over 45 percent in the first nine months in 2005.

The total volume of bilateral trade was 720 million US dollars.

Chinese Ambassador Sun Guoxiang who was the chief guest at the eighth annual general meeting of the Sri Lanka China Business Co-operation Council (SLCBCC) last Saturday at the BMICH said that the trade between the two countries are increasing rapidly in accordance with the growth of Chinese economy and Foreign trade. "I can predict that the total volume of trade would reach one billion US dollars by the end of the year," he said.

"From January to September 2005, China's GDP achieved 1,370 billion US dollars, with an average annual growth rate of 9.4 per cent. Now China became the main driving force for the global trade growth. China ranked the third largest trading nation, right after the USA and Germany in the world. "From January to October 2005, the total volume of China's foreign trade was 1,147 billion US dollars, a 24 per cent increase over the same period last year.

China's export and import were 614 billion US dollars and 534 billion US dollars respectively. This year, China will utilise FDI worth 65 billion US dollars and even more," he said.

Participation of Sri Lankans in trade fairs such as the Canton Fair has also helped to increase trade while the direct air links between Colombo and Beijing too would enable more businessmen from the two countries to meet up said an official of the SLEBCC said.

Sri Lanka also hosted China Jaingsu Expo 2004 at the BMICH, which also opened an opportunity for Sri Lankan businessmen to meet with Chinese counterparts. "Sri Lanka is also looking at training opportunities in China and the transfer of technology," he said.



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