On the invitation by the Embassy of the Republic of Turkey in Sri Lanka, a Ministerial Delegation led by State Minister of International Trade, Sujeewa Senasinghe and representatives from Board of Investment (BOI), Joint Apparel Association Forum (JAAF) and Sri Lanka Export Development Board (EDB) is currently in Turkey attending meetings related to trade and investment promotions.
The delegation is also due to attend the 86th Izmir International Fair opening ceremony and seminar program.
State Minister was awarded a ceremonial welcome by the Minister of Trade and Customs and Deputy Minister of Economy in Turkey.
The State Minister held productive meetings with trade chambers in Ankara, Istanbul and Izmir in addition to attending the Izmir International Fair. Investments and Sri Lanka’s entry into the Turkish Market are stated as at the top of his agenda.
“As our bilateral trade is growing, I invite the prospective Turkish investors to invest in Sri Lanka.
“We have allocated 20,000 acres for five free trade zones, the first of which will be opened in the Kalutara District.
“Also investors could gain immediate access to the South Asia’s huge market through us,” said Senasinghe addressing Ankara Chamber of Industry. He has proposed to initiate Preferential Trade Agreement (PTA) with Turkey’s aggressive attempts to strengthen economic relations between two countries.
The two parties took stock of all exports and investment engagements especially in textiles, tea and boat building sectors.
One of the major highlights of the State Minister’s visit was his effort to introduce Sri Lanka’s new products to the Turkish market.
Senasinghe will attend the Opening Ceremony of Izmir International Fair and address the Turkish Business community during the Sri Lanka business day seminar at the Izmir Fair.
Turkey is the 16th export destination for Sri Lanka and accounted for 1.5% of total exports from Sri Lanka in 2016.
Total export value from Sri Lanka to Turkey was US$ 154 mn in 2016 and total imports from Turkey to Sri Lanka for the same period was US$ 69 mn.
Sri Lanka’s main export products to Turkey in 2016 were tea (value added and bulk), woven fabrics, apparel, pneumatic tyres, activated carbon, coco peat and fibre pith, desiccated coconut, industrial and surgical gloves made of rubber and essential oil.
The main import products from Turkey were electric machinery, animal fat, leather, processed food, woven fabric, and cotton during the same year.
The event was coordinated by the Sri Lanka Export Development Board and the Sri Lanka Embassy in Turkey.