EDB PROMOTE TRADE AND BUSINESS PARTNERSHIPS BETWEEN PHILIPINES & SRI LANKA

2016-11-28

EDB PROMOTE TRADE AND BUSINESS PARTNERSHIPS BETWEEN PHILIPINES & SRI LANKA

Export Market diversification is one of the strategies that the EDB has identified to increase Sri Lanka’s export. Considering  Sri Lanka’s present export market concentration mainly to USA and European countries and the importance of the emerging economic power of Asia the Philippines is one of the countries identified to promote our products.

Philippine is 12th most populous country in the world over 100 Mn. population. The GDP growth was 7% in 2013. Also it is an member of ASEAN and only the ASEAN member receiving EU GSP+ facility. This will provide market access opportunity for Sri Lanka.

On 27 th October 2016 a meeting was held between the Chairperson & CE of the EDB and  Mr .Michael lgncio, Commercial Counselor of Philippine Trade and Investment Center of the Philippines in new Delhi together with the Honorary Consul for Philippine in Sri Lanka to discuss the avenues for developing trade between our two countries.

The following areas discussed to be actioned to achieve the above objective.

• B2B interaction session- B2B matchmaking program for the Sri Lankan and Philippines business people. The potential product sectors to promote identified included rubber tyres and components for the auto industry, tricycles, scooters  etc, apparel, edible fish, Gems and  jewellery, Porcelain product, ICT &PBO services.

•  Collaborations for the ITC/BPO sector- discussed to coordinate and facilitate for the Sri Lanka Association  for Software and Services Companies(SLASSCOM)and Philippines service sector associations such as Business Processing Association of Philippines(BPA/P) and IT & Business Process Association of Philippines for effective collaborations in a long time–possibility of signing of a MOU between two parties.

• Philippines ‘Technical Assistance-requested technical assistances in the fields of packaging, dehydration of fruits, and collaborations in coconut industry.

In 2015 Sri Lanka has exported US$ 18Mn.worth of products to Philippines and the export value is growing at an average rate of 27% over the last five years. Our export products to Philippines  included apparel, rubber tyres, processed food products, rubber gloves, tea, table & kitchen ware products. However the imports from Philippines to Sri Lanka in 2015 was US$ 28Mn.with average growth rate of 8% over previous five years.