Sri Lanka's Apex Organisation for Export Promotion
Desiccated coconut (D/C), a basic by-product of coconut with limited technological input has been a foreign exchange earner for the country for a long period of time.
There had been the usual ups and downs or changes in demand patterns for D/C over the years but the international market situation is certainly looking up currently for D/C exports. In addition prices obtainable for the product too are promising which augers well for foreign exchange earnings from this product.
In a major renewal of its economic cooperation with Sri Lanka, World’s ICT innovation leader has announced that it is ready to form a joint Business Council with Sri Lanka for the first time, as revealed on dEC.04-and Lankan ICT start-ups have received a breakthrough invitation to showcase themselves at one of world’s top-tier start-up events in 2015.
“It is time that we establish a Finland-Sri Lanka Business Council for B2B activities. Such a mechanism will kick-start the process. We are also looking forward to see SME level Sri Lankan ICT BPM and business start-ups at the 2015 ‘Slush’ event in Helsinki” said an upbeat Matti Anttonen, Finnish Deputy Minister of External Economic Relations & Finnish Under-Secretary of State on dEC.04 in Colombo.
Sri Lanka’s January-October YoY exports have surged by almost 9% while an export product that recently faced volatile EU markets showed a promising turnaround, as revealed yesterday.
“For the month of October 2014 alone our provisional exports were at $ 900 m and this is only merchandise exports without taking into account of service exports such as ICT,” said EDB Chairman/CEO Bandula Egodage, commenting on the provisional top-line export data presented to him by EDB Directors at a progress review session held at the EDB yesterday.
Sri Lanka’s surging IT and BPO exports would hit the critical dollar one billion mark as early as next year, surpassing previous expectations! And London Stock Exchange and HSBC have praised the Lankan IT sector ‘with joy’, as revealed on 05 December in Jaffna. And the pioneering Northern IT Exports forum by EDB & ICTA was packed with enthusiastic regional IT industry.
“We earned $719 Mn from ICT exports, and our projection for 2014 is $820 Mn. At this rate, we expect to hit dollar one billion mark very soon-as early as 2015. We have seen 123% growth in IT sector over the last five years. London Stock Exchange and HSBC also praised the Lankan IT sector with joy” said Saman Maldeni (Director, Export Services of SLEDB) on 05 December in Jaffna.
Lanka Design Festival (SLDF) 2014, which is backed by local industries and the Government, is scheduled to kick off over the next few days.
The main objective of the festival is to promote design driven exports as a major economic sector for the country. For this reason, SLDF is supported by Sri Lanka’s apex institute for driving exports, the Sri Lanka Export Development Board (EDB).
Sri Lanka could bridge the trade imbalance with China to a greater extent and also increase the US$ one billion overall export target in 2016, if the local gem/precious stone exports were encouraged and developed. At present there is a huge trade gap in favor of China, Director Marketing and Export -National Gem and Jewellery Authority, Rohan Perera said.
"We are now looking at increasing gem export to China being the biggest buyer in the recent past. Since, China being a prosperous country in the world the demand for super luxury items like gems has increased considerably," Perera told the Daily News Business.
Sri Lanka’s apex export facilitator EDB’s first IT event in Jaffna has been boosted by an influx of Jaffna based operators and would be ICT entrepreneurs on 4 December and the event also packs in-depth industry presentations from no less than seven top Lankan IT firms.
“Almost 20 SME IT operators in Jaffna region have registered for 5 December’s IT/BPM Export Forum in Jaffna. Another 30 prospective IT entrepreneurs from Jaffna who are looking to set-up, too have joined making it a total of 50 players,” said SLASSCOM Vice Chairman Mano Sekaram on 4 December in Colombo.
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.
Sri Lanka Design Festival’s 2014 fashion edition is taking shape with a preview into Sri Lanka’s brand-led future in fashion. Taking a giant step forward from the country’s longstanding reputation as a sustainable and technologically advanced manufacturing destination, Sri Lanka is about to forge its reputation as a fashion industry with its own brands. Sri Lanka Design Festival is the platform for this major step for Sri Lanka, and its sixth successful fashion edition is scheduled to unfold this week.
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.
Russia has granted approval to import fish and fish products to the Russian Federation from Sri Lanka, 2014, the External Affairs Ministry said.
The Ministry said the Federal Service of Veterinary Surveillance under the Ministry of Agriculture of the Russian Federation granted approval to import fish and fish products to the Russian Federation as a result of the untiring efforts of the Sri Lankan Government through its Embassy in Russia.
For the first time in Sri Lanka’s apparel history, the Export Development Board has directly linked top Lankan apparel suppliers with the world’s largest textile retailer, Spain’s ZARA and is stepping up its support for apparel market diversification.
“Though the Lankan apparel sector caters to many international brands, we have still not been able to manufacture to Zara brand, the world largest fashion retailer.
This successful effort directly linked our apparels to Zara for the first time,” said Chitranjali Dissanayake (Director-Industrial Products of SLEDB).
For the first time in Sri Lanka’s apparel history, the EDB, Sri Lanka’s apex export facilitator, has directly linked top Lankan apparel suppliers with the world’s largest textile retailer, Spain’s ZARA on 29 October. The facilitator, the Sri Lanka Export Development Board (EDB), is stepping up its support for apparel market diversification.
“Though the Lankan apparel sector caters to many international brands, such as Victoria’s Secret, Gap, Nike, Tommy Hilfiger and Marks & Spencer, we still haven’t been able to manufacture for the Zara brand, the world’s largest fashion retailer. This successful effort directly linked our apparels to Zara for the first time,” said EDB Director – Industrial Products Chitranjali Dissanayake recently.
The Taiwan textile industry is the acknowledged world leader in research, development and manufacturing of fabric and garment accessories. The highly successful Taiwan Textile Fairs brings together leading suppliers of textiles and related products from Taiwan, one of the world’s largest apparel textiles exporting countries to Sri Lanka, at the Taiwan Textiles Fairs in South Asia 2014.
The fairs will showcase innovative and high performance functional textiles for apparel, bags, shoes, rainwear, etc. to Sri Lankan manufacturers. The fair will be held on 24 and 25 November at the Grand Crystal Ballroom of the Taj Samudra Hotel.
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.
A conference and workshop under the theme “Wood Based Industry – Way Forward’ organized by the Wood Based Industrialist Association of Sri Lanka (WBIA), will be held at the Export Development Board (EDB) Auditoriumon on November 28.
Channa Wijesekera, President of the Wood Based Industrialist Association of Sri Lanka, is expected to outline the problems facing the wood based industry in this article. He explains why this important industry has not developed over the years and proposes a series of solutions to remedy the situation.
When analyzing the development of t he various industries in Sri Lanka, the timber and ti mber related industry indicates a comparative downward trend or slow progress in comparison with the other industries.
The Jaffna International Trade Fair (JITF), the most comprehensive and ‘looked forward to’ exhibition in the North will be held for the sixth consecutive year in the heart of Jaffna from the January 23-25, 2015.
The exhibition which was the first of its kind to be held in the Northern region of the country has throughout the years been renowned as the best and most potent platform for the meeting of investors, businesses and the masses in the region.
The Jaffna International Trade Fair (JITF), the most comprehensive and ‘looked forward to’ exhibition in the North will be held for the sixth consecutive year in the heart of Jaffna from the January 23-25, 2015.
The exhibition which was the first of its kind to be held in the Northern region of the country has throughout the years been renowned as the best and most potent platform for the meeting of investors, businesses and the masses in the region.
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.
Sri Lanka's Export Trade sector recorded a relatively a higher growth of 11.1 per cent in second quarter 2014, when compared to the slower growth of 1.2 per cent recorded in the second quarter of 2013, Department of Census and Statistics said in its Quarterly Estimates of Gross Domestic Product report released recently.
According to the Balance of Payment statistics of Central Bank of Sri Lanka, export earnings increased to Rs343,058 million in the second quarter of 2014, from Rs291,274 million in the second quarter 2013, indicating a growth of 17.8 per cent, said the Census and Statistics Department.
