Sri Lanka-Bulgaria economic cooperation:

Trade on the increase

A Sri Lanka-Bulgaria Business Forum (SLBBF) was organized by the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) with the Ministry of Foreign Affairs recently at Hotel Taj Samudra, Colombo. The Forum was organized on the occasion of the visit of the Bulgarian President Georgi Parvanov to Sri Lanka a delegation of leading businessmen.

The Bulgarian delegation to the Business Forum was led by Economy, Energy and Tourism Minister Traicho Traikov, and included, the Bulgarian Chamber of Commerce and Industry President Tsvetan Simeonov; the Economic Secretary to the President of Bulgaria Ertan Kara and Economy, Energy and Tourism Deputy Minister Evgeni Angelov.

The members of the visiting business delegation comprised those involved in a range of industries including construction, electronics, steel and ferrous metals, mining, industrial products, renewable energy, paint, travel trade, agriculture; and real estate and infrastructure projects.

The Sri Lanka Government was represented at the Business Forum by Export Development and International Trade Minister Prof. G.L. Peiris; Board of Investment Chairman Dhammika Perera, and Export Development Board Chairman Anil Koswatte. The Forum was attended by members of the leading Chambers of Commerce and Industry in Sri Lanka including the FCCISL led by its President Kosala Wickramanayake; the Ceylon Chamber of Commerce; the National Chamber of Commerce; the Chamber of Construction Industry; and the travel trade.

The Business Forum included One-on-One Business Meetings among the Sri Lankan and Bulgarian participants.

The signing of a Cooperation Agreement between the Bulgarian Chamber of Commerce and Industry and the FCCISL during the Forum marked a significant step in intensifying interaction and cooperation among the two Chambers as well as among the business communities of the two countries.

Bulgaria has not been a regular or a significant trading partner of Sri Lanka. However, the total trade turnover between the two countries which was US$ 5.19 million in 2007, saw an 82 percent increase in 2008 to US$ 9.45 million. Sri Lanka's main exports to Bulgaria comprise tea; margarine; edible mixtures or preparations of meat and vegetable products; retreaded or used tyres; coconut, abaca; and knitted or crocheted fabrics. Tea accounted for 27 percent of Sri Lanka's total exports to Bulgaria in 2008.

The Business Forum also received the support of the Board of Investment, the Export Development Board, the Tourism Promotion Bureau of Sri Lanka, and the Bulgarian Embassy in New Delhi.