‘Japanese concepts improved our manufacturing processes’ - Rishad

Japan continues to be a top partner of Sri Lanka as our bilateral trade with the Land of the Rising Sun topped $ 1.2 billion in 2011. And knowledge transfer of Japanese manufacturing practices to Sri Lanka helped improve quality of manufacturing in Sri Lanka.

“Japan has always been a key trading partner as well as a generous donor nation for Sri Lanka.”

Minister Bathiudeen was addressing the ‘JASTECA Exhibition and Trade Fair 2012’ organised by Colombo’s Japan Sri Lanka Technical & Cultural Association to commemorate 60 years of Japan - Sri Lanka diplomatic relations.

Nobuhito Hobo, Ambassador of Japan in Colombo, addressing the event, said: “Developing the industrial sector is of vital importance for countries trying to sustain economic growth while addressing the Balance of Payments and living standards of the people. Moreover now that Sri Lanka has emerged as a middle income country it is vital that due emphasis is given to industrialisation, quality improvement and overall productivity. I hope this trade fair would provide a valuable opportunity for Sri Lankan industries and services to showcase their products and services to enhance marketability.”

The total bilateral trade, which stood at US$ 493 million in 2002, has increased to US$ 1249.03 million in 2011.

Balance of trade with Japan is unfavorable to Sri Lanka, due to imports of high value motor vehicles, in particular. However, the total trade has significantly dropped in 2009 due to the impact of the global recession.

But it has increased in 2011. Tea has been the main item of exports from Sri Lanka to Japan.