Australian High Commissioner in Sri Lanka Paul Stephens and his team met Mangala Wijesinghe, Chairman/Chief Executive Officer of EDB to strengthen bilateral trade relations between Australia and Sri Lanka.
The High Commissioner explained the potential for Australia to invest in the Mineral Sector in Sri Lanka as well as joint ventures on export led manufacturing. Further he explained the interest of Australian companies to invest in Sri Lanka targeting export-led manufacturing and processing.
Especially, develop Sri Lanka as a Commodity Hub for the value adding of Australian agri commodities targeting export markets under the benefits of free/preferential trade agreements. Sri Lanka and Australia bilateral relationship has vastly expanded over the past 75 years and today Australia is the 11th largest export destination for Sri Lanka with total exports of USD 226.51 million in 2023 and the 24th import origin with total imports of USD 185.89 million in 2023 with favorable trade balance for Sri Lanka of around USD 40 million.
Chairman Wijesinghe emphasized the new government intention on the expediting approval process of FDIs to facilitate the investors. Further, he mentioned that Sri Lanka needs to follow the global trends in manufacturing in order to become a part of global supply chains. For Sri Lanka to connect with global supply chains, it is essential to join hands and promote bilateral trade with Australian counterparts as well, he said.
Australia and Sri Lanka have a strong trade relationship that includes a framework arrangement, and development cooperation. The Australia-Sri Lanka Trade and Investment Framework Arrangement (TIFA) advances economic cooperation between Australia and Sri Lanka. Major exports to Australia in 2023 were recorded as apparel, tea, rubber tyres & tubes, rubber gloves, motor vehicles & parts and edible preparations etc. and the main import products were lentils, cereals, meat preparations, dairy produce pharmaceuticals and paints etc. EDB has identified potential products to Australia as apparel, tea, plastics & rubber products, fish & shellfish, paper products etc.
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