Objective to expand and diversify trade:

Business leaders join Minister on trade mission

AN EXCEPTIONALLY high degree of interest was shown by the private sector in Sri Lanka in a mission led by Professor G. L Peiris, Minister of Export Development and International Trade, to the Russian Federation and the Ukraine to expand and diversify trade with these countries. 13 business leaders participated.

The sectors which received priority in the discussions in Moscow and Kiev were tea, rubber, electronics, herbal products, construction, transport, power generation, freight forwarding and edible oil products.

In his address to the Chamber of Commerce and Industry of the Russian Federation, Minister Peiris referred to the robust growth in Sri Lanka’s exports and the unusually strong performance of several sectors including apparel, spices, gems and jewellery and a variety of agricultural products.

He informed George Petrov, Vice-President of the Russian Chamber, and his colleagues of the significant advantages offered by trade with Sri Lanka.

Among circumstances of interest to Russian entrepreneurs, Prof. Peiris explained the far-reaching privileges available in respect of entry into the markets of India in consequence of the Free Trade Agreement, which has been in operation between Sri Lanka and India for 7 years.

Several thousands of items are entitled to duty free entry, subject to compliance with the stipulated criteria relating to rules of origin and value addition.

The Minister referred, as well to the separate Free Trade Agreement with Pakistan. He placed considerable stress on the major concessions available to Sri Lanka’s exports within the framework of the GSP arrangements with the European Union.

Minister Peiris, in informal discussion with members of the Russian Chamber, dealt with the scope and importance of other features of Sri Lanka’s investment and trade environment in particular, constitutional guarantees of the security of investments, the extensive mandate of the Board of Investment and the flexible banking, administrative and financial regimes.

A range of issues relating to tariffs, customs and visa requirements were discussed between the Sri Lankan and Russian business leaders.

The members of the Sri Lankan delegation headed by Minister G. L. Peiris were Suren Madanayake, Managing Director, ACL Cables Ltd, N. Kadawatharatchi, President and CEO and Sampath Hemarathne, Manager Operations of Freight Links International (Pte) Ltd, Ruwan Rajapakse, Vice-President, International Business Development of Haytrans Ltd., (Hayleys Group), Jayantha Karunaratne, Managing Director of Imperial Tea Exports., S. S. W. Kumarasinghe, Chairman and Managing Director of Mutichemi International Ltd., K.W.H. Wegapitiya, Chairman, Laughs Holding Limited, N.M. Manjula Narayana, Managing Director of N. M. K. Group of companies, S. G. Sanjeewa Weerakkodi, Supplies and Export Executive of Samson Intenational Ltd., Mahen Dayananda and Chandana de Silva, Directors of Tea Tang Ltd. Ananda Rajapaksa, Chief Executive Officer and Indika Peiris, Export Support Services Manager of Orient Electric Systems (Pvt) Ltd, Daya Weththasinghe, Chairman and Managing Director of Globe group of companies and Lanka Tractors Ltd, and Harindra Rodrigo, Managing Director of Northern Power (Pvt) Ltd.

The Minister and the delegation had a separate comprehensive discussion with the Moscow Chamber of Commerce and Industry, followed by a question and answer session and one to one meetings between the business delegations.

The Minister was assisted by Udayanga Weeratunge, Sri Lanka’s Ambassador in the Russian Federation.