Oct 22, Colombo: Though Sri Lanka – Canada bilateral trade is moderate, surging Lankan exports to Canada could change it, Minister of Industry and Commerce Rishad Bathiudeen has stated. “Annual Canada-Sri Lanka trade merits at present show an unexploited trade possibility that needs to be explored,” the Minister has made a note when High Commissioner of Canada to Sri Lanka David McKinnon called on the Minister last month,
Minister Bathiudeen and High Commissioner McKinnon had talked about Sri Lanka and Canada’s shared wishes to continue to expand bilateral trade and commercial connections. Going by the Department of Commerce of Sri Lanka, the total Canada-Sri Lanka exchange in 2018 stood at the US $ 436 million, a near 10% growth from the previous year.
Sri Lankan garment exports to Canada are growing, and rubber and other side-products such as tires, coconuts, and seafood are also massively diversifying the export product mix, according to the Ministry of Industry and Commerce. A variety of high-quality Canadian products, notably wheat and lentils, make their way to households across the country and contribute to the diversification of imports to Sri Lanka.
Although moderate, some obvious Sri Lanka-Canada co-operations includes high-tech generation facilities for garments, agriculture value addition such as plant extraction and essences, seafood processing, and ICT partnerships. Other Canadian trade ties to Sri Lanka are inclusive of sophisticated building technologies, engineering, architecture, financial services, and clean technology.
Sri Lanka’s informed and resilient population, fantastic natural parts and strategic location astride important trade paths in the fastest increasing region in the world, produces an enormous potential for bilateral commercial interests and to get sustainable economic and social prosperity for Sri Lankans and Canadians.