Lanka, Eu trade on the rise
As bilateral trade volume closes in on the crucial $ 5Bn mark,
historic dialogue between Sri Lanka and the European Union appears to
bolster even further. “We look for better trade levels and also thank EU
for its on-going support,” said Rishad Bathiudeen, Minister of Industry
and Commerce.
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Minister Bathiudeen with Ambassador Bernard Savage |
Minister Bathiudeen was addressing Ambassador Bernard Savage (Head of
the Delegation to Sri Lanka and the Maldives from the European
Commission) on 20 June during Amb. Savage’s farewell courtesy call on
Minister Bathiudeen at the EDB premises, Colombo.
According to the Department of Commerce of Sri Lanka, there is an
increasing trend in trade and the balance of trade between the two
parties has been in favour of Sri Lanka during last nine years.
Total trade between Sri Lanka and EU which was at $ 3 bn in 2004 rose
$ 4,946.18 mn in 2012. Sri Lanka’s major export items to EU are apparel,
diamonds, tea and rubber products.
EU is also one of the most diversified investors in Sri Lanka, with
leading European companies operating in almost all sectors of
economy-specially, FMCG, higher education, apparel, infrastructure,
manufacturing, agro, technology and even in strategic development
projects.
Such EU multinationals as Unilever and British American Tobacco are
well embedded to Sri Lankan lifestyle with their decades long FMCG
presence.
The UK, Germany, Italy, Belgium, France and Sweden are the leading EU
members with investments in Sri Lanka. EU’s specific investment segments
include hosiery, knitwear, surf sails, electronic products, light
engineering, rubber based products, (e.g. tyres), coir based products,
gem and jewellery, diamond processing, tourism and recreational
products, security printing, infrastructure development, activated
carbon, food processing, computer software, ICT etc. “EU is our number
one global trade partner. Our bilateral trade volumes show continuous
growth and it has become a major element in our relations.
We look for better trade levels and also thank EU for its on-going
support not only on trade aspects but even in various development
initiatives here” said Minister Bathiudeen.
“Our cooperation with Sri Lanka is wide ranging including the
assistance in tsunami and development. Even bilateral trade levels are
showing a rising trend” Amb. Savage added.
According to the EU delegation, more than $ 148 mn (€ 112 mn) also
has been earmarked for Sri Lanka under the 2007-2013 “Development
Cooperation Instrument”. |