Sri Lanka to benefit in trade, investment and tourism:

Huge potential to capture Saudi Arabian, UAE markets

Sanjeevi Jayasuriya

Sri Lanka has a huge potential to capture Saudi Arabian and UAE markets by building close contacts with the Ambassadors designated. The country could benefit in the areas of trade, investment and tourism to generate valuable foreign exchange, said National Chamber of Commerce of Sri Lanka President Lal de Alwis.

The National Chamber of Commerce of Sri Lanka (NCCSL) has called upon its members to use the chamber to build business relationships with foreign countries.

The chamber will offer services of trade information and also circulate member information in other countries for match-making purposes. Saudi Arabia is well developed with a high level of discipline. Bilateral trade between the two countries should be promoted as Sri Lanka is entering in to a great era of development. The country could benefit from the technological transfer too, he said.

The NCCSL organized a meeting with the Ambassadors designated to Saudi Arabia and the United Arab Emirates (UAE) with the chamber members to discuss trade related issues and assist them to establish contacts for future business promotion activities in the two countries.

A trade delegation from Sri Lanka will visit Saudi Arabia and the UAE shortly to explore market opportunities and attract direct foreign investments.

A divided approach to trade and investment is detrimental and a face to face exchange of ideas would be an advantage to set up business ventures in Saudi Arabia as it is considered a lucrative market for Sri Lanka said Ministry of Foreign Affairs - Economic Affairs, Director General and Ambassador Designate to Saudi Arabia Ahmed A. Jawad.

The labour market in Saudi Arabia is growing and Sri Lanka is a major contributor. However, we need to change our focus from labour to other avenues including trade, investment and tourism, he said.

In 2008 imports from Saudi Arabia accounted for US $ 19.11 million and exports from Sri Lanka accounted for US $ 53.47 million.