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.
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.