Sri Lanka's Apex Organisation for Export Promotion
Chairman of FACETS Sri Lanka Juzar Adamaly said that the next goal of FACETS Sri Lanka is to establish Colombo as the Gem and Jewellery Hub of Asia. He made this remark while officially declaring the opening of 25th ‘FACETS Sri Lanka’ International Gem and Jewellery Exhibition in BMICH.
FACETS Sri Lanka 2015, the annual international gem and jewellery show, will be the flagship event of the sector.
More than 150 exhibitors will showcase their products from today till Sunday at the Sirimavo Bandaranaike Memorial Exhibition Centre. . “It is over a 10,000 foot fall this year throughout the four days of the exhibition. A large number of buyers from China have confirmed while over 100 international buyer delegation are expected to attend the show from China, India, Dubai, Singapore, Thailand, Hong Kong, USA, Russia, Norway and Germany,” one of the top gem and jewellery exhibitors Zam Gems Managing Director Ahsan Refai told the Daily News business.
dustrial economy billed as the Tetra Tiger due to its high growth, has revealed for the first time that it wants to synergise Lanka's historic FTAs to penetrate South Asia, and it is also readying for new bilateral efforts of high capacity across the board-in Lanka's wheat production, energy and even defence.
"Our aim is to make Sri Lanka our business and investment platform to South Asia. There are many Slovakian manufacturers ready to invest here, produce and export to South Asian markets using your FTAs with India and Pakistan," said Peter Burian, State Secretary of the Ministry of Foreign and European Affairs of the Slovak Republic recently.
Stepping up its trade cooperation with Sri Lanka, Vietnam said that it was working towards establishing a groundbreaking FTA with Sri Lanka.
In view of this, Sri Lanka has promptly appointed its first-ever trade officer to Vietnam, the world’s fifth largest apparel exporter which is ready to partner with Sri Lanka’s own apparel industry.
“There is huge unrealised trade potential between both countries that we need to explore. Trade need not be mostly the exchange of rice and tea between both countries. Therefore, while in Colombo, I will take up the task of promoting an FTA with Sri Lanka,” said Vietnam’s new ambassador to Sri Lanka, Phan Kieu Thu on 27 November in Colombo.
Sri Lankan exports broke fresh ground on 20 November, as a pioneering MoU between the country’s apex exports facilitator EDB and China was entered into in Colombo. With the commencement of FTA talks, bilateral relations have also further deepened.
“During President Xi Jinping’s recent visit to Sri Lanka this September, he and President Mahinda Rajapaksa reached consensus to deepen the strategic partnership and joint construction of 21 Century Maritime Silk Road. Now the countries have officially started the bilateral FTA negotiations and we believe that the bilateral cooperation would be further deepened in future,” said Zhang Hua, Vice President of CCPIT Guangdong Sub Committee.
Kenya, the newest entrant to Africa’s top 10 list, called for renewed trade with Sri Lanka and in a display of its commitment towards this end requested three trade pacts with Sri Lanka in one go by 2015.
“We are looking forward to more trade interaction and expecting a delegation to Nairobi from Sri Lanka next year. By the time of your visit to Nairobi we are looking forward to conclude current discussions on three agreements being discussed and to sign them,” said Amb. Nelson Ndirangu Ogn (Director, Economic Affairs and International Trade of Kenyan Ministry of Foreign Affairs, Nairobi) on 12 November in Colombo.
As bilateral trade with Bangladesh showed a strong rise, the country has signalled that it has now started moving towards the historic trade pact with Sri Lanka, as revealed yesterday in Colombo, and Bangladesh wants the agreement to be signed fast.
“At my final meeting with Prime Minister Sheikh Hasina just before my departure to Colombo, she advised me to focus strongly on trade during my new tenure in Sri Lanka. I am pleased to inform you that the trade agreement under discussion between both countries at present will come to a successful end,” announced the newly-appointed Bangladeshi High Commissioner to Sri Lanka Tarik Ashan yesterday.
As Lanka-Nepal trade leaped by threefold and showed new signs of revival, the biggest Nepali business delegation to Sri Lanka after almost a decade concluded their visit successfully on 2 November and also gave an unprecedented opening for the country’s artisans to enter two of the highly profitable craft markets in the region through Nepal and Sri Lanka’s creative artisans have been invited to November’s International Fair in Kathmandu.
“Sri Lanka and Nepal have historic relations and now is the time to go to the next step; towards stronger bilateral trade. The main reason we are coming to Sri Lanka is that you have very good gem processing technology – also we need your natural precious stones,” announced Trade and Export Promotion Center (TEPC) Member of Board of Directors and the leader of the visiting Nepali delegation Bikash R. Dhakwa on 29 October in Colombo.
The Export Development Board of Sri Lanka led a trade delegation from Sri Lanka to participate at the International Chamber of Commerce Conference on Global Economic Recovery which was held in Dhaka on 25-26th October 2014.
On the sidelines of the Conference, nine Sri Lankan companies included in the delegation participated in two Business Match-Making sessions with the members of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) and the Dhaka Chamber of Commerce and Industry (DCCI) at two events on 27th October. The participating companies represented printed packaging products, garment and textile accessories, IT and education, food processing and electric cable sectors. The delegation also met with the senior officials of the Board of Investment of Bangladesh and Bangladesh Garment Manufacturers and Exporters Association.
Sri Lanka’s largest global FDI partner Malaysia is mulling a new wave of incremental FDI totalling $ 1 b with an emphasis on SMEs.
It will become one of the largest-ever Private Public Partnership (PPP) ventures in Sri Lankan SMEs and the entry of biggest SME financier in Malaysia to Sri Lanka is the first step in their South Asian leap.
“We are thinking of another $ 1 billion portfolio in Sri Lanka in addition to the current investment portfolio here by EXIM Bank of Malaysia. SMEs are the priority sector in this new $ 1 b rollout while other sectors are also being mapped,” said Syed Zed Al Qudsy, President of SME Factors, Jalan, Malaysia on 15 October, addressing Minister of Industry and Commerce Rishad Bathiudeen at the EDB Building in Colombo.
Talks under the Sri Lanka and US Trade and Investment Framework Agreement (TIFA) concluded yesterday in Colombo, reiterating the commitment to foster greater bilateral economic engagement.
“The US-Sri Lanka Trade and Investment Framework Agreement (TIFA) is the premier dialogue for managing bilateral trade and investment relationship between both countries. This relationship amounts to $ 3 b” said Michael Delaney, the visiting Assistant United States Trade Representative for Central and South Asia yesterday in Colombo.
Delaney, who is leading a 10-member official delegation to Sri Lanka, was addressing the 11th Joint Council Meeting (JCM) under the US-Sri Lanka Trade and Investment Framework Agreement (TIFA) at the Taj Samudra, Colombo.
Sri Lanka’s surging construction sector is not only an indicator of economic health, but also an integrator of an important economic layer, meaning that following international standards in the construction sector could help the country’s ‘Hub Status’ journey, Industry and Commerce Minister Rishad Bathiudeen said yesterday.
“The construction sector claims only 7.3% of our GDP. However, the sector is much more important than these numbers would indicate. There is a strong SME presence in this sub-sector,” the minister expressed.
Minister Bathiudeen was addressing the inauguration ceremony of the International Exhibition on Windows and Doors, Aluminium Extrusion, Roofing and Façade, Glass and the 2nd International Exhibition on Sri Lanka Wood at BMICH.
Several top Lankan manufacturing firms have been enlisted in the first ever industrial energy initiative as announced on 25 September. As a result of the success, a second manufacturing energy initiative is now being mulled. And, Ceylon Electricity Board is slowly ‘getting off’ from expensive oil powered generation!
Minister of Industry and Commerce of Sri Lanka Rishad Bathiudeen (third from left) inaugurates 12th POWER Sri Lanka 2014 International Expo at Sri Lanka Exhibition and Conventions Centre, Colombo joined by (from left): CEMS Sri Lanka CEO Sarwar, Central Engineering Consultancy Bureau Chairman Nihal Rupasinghe, CEMS Global Asia Pacific Group CEO S.S. Sarwar, EDB Chairman & CEO Bandula Egodage and Ceylon Electricity Board Vice Chairman Professor Kapila Perera on 25 September
A well-known Sri Lankan tea brand received the keen attention of global export experts at the UN’s latest 2014 World Export Development Forum in Rwanda, while the role of Sri Lanka’s apex export body, the EDB, in enhancing SME exports was also revealed to global experts.
“Several Lankan brands play an important part in Sri Lanka’s exports success. Some Lankan brands have been able to compete against larger brands from multinational companies,” said EDB Chairman and CEO Bandula Egodage , taking part in the World Export Development Forum (WEDF) on 16 September in Kigali, Rwanda.
Sri Lanka has begun compliance work on the global consumer end of its exports basket on 18 September. And no less than two top experts from Geneva’s WTO are in town to facilitate the pioneering effort.
“Today, more countries around the world continue to reduce their border tariffs, either unilaterally or through an increasing number of free trade agreements, called as RTAs-Regional Trade Agreements. Non-tariff barriers such as SPS and TBT measures have begun to create a significant impact on international trade. Unfortunately, most of these measures appear to be highly complex and increasingly challenging” said Anura Siriwardene (Secretary, Ministry of Industry and Commerce) on 18 September in Colombo.
Sri Lanka will be launching its Free Trade Agreement (FTA) with China making the biggest leap forward in relations between the two countries in more than 60 years, during Chinese President Xi Jinping’s state visit to the island next month, official sources revealed.
Mr. Xi will be accompanied by a 150-member top level delegation including senior officials, billionaire businessmen industrialists and investors.
The Chinese leader will become the first President to visit Sri Lanka since former leader Li Xiannian in 1986. His visit assumes significance in strengthening ties between the two countries, with China investing heavily in the island nation, the sources said. The joint feasibility study on the FTA has been finalised and negotiations on formulating the agreement including the negative list are underway between officials of the departments of commerce between the two countries, a senior government official told Business Times.
