ALL OF THIS Indicates The Untapped Potential

The trade-romantic relationship between Sri Lanka and France has recorded a significant growth before two years. Reviewing the trade performance between Sri Lanka and France we see a motivating revival with healthy upsurge in both imports and exports, despite challenging business conditions. 160 million set alongside the prior yr Sri Lanka France Business Council RECENT PAST President Nirmali Samaratunga said. The clothing exports accounted for the major talk about, notwithstanding the removal of the service plus GSP.

152 million as against the prior calendar year, with 46% of the full total been due to imports of electrical equipment and equipment, she said at the kept AGM in Colombo lately. The first quarter figures of 2011 indicated an upward trend, with exports showing an 11% increase and imports a 154% increase over the previous period, which is encouraging.

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The economy of France, which was influenced by the downturn of 2009 has shown resilience and recovery in the years that adopted. ‘We need to be geared to reduce the threat of a possible global economic slowdown which would impact both our countries,’ he said. 300 million this year 2010, with the balance of trade remaining towards Sri Lanka.

It is the only portion of the country’s total trade, exports being 1.9% of total exports and imports just 1.2% of the country’s total imports. 45 million again highlighting the prospect of greater French investments especially with the growing opportunities in the recently liberated areas in sectors such as agriculture and fisheries as well as in the rebuilding and strengthening of the country’s infrastructure. All of this indicates the untapped potential, which our Council can are likely involved funneling especially in view of France being the 5th largest economy globally.

The strategy is to recognize industries, hitherto untapped, where there is growing potential for Sri Lanka products, and where our products, notwithstanding the loss of duty concessions and preferential trade facilities, can take its own. These include top quality, value added products, marketed especially through niche market marketing and branding. Furthermore, it’s important to identify and concentrate on the emerging market trends in Europe including France, where demand is growing for friendly to the environment and health products such as natural products and herbal medical products such as Ayurveda products. We need to focus on such areas where our products have a competitive edge.

The recent Budget 2011 proposals that are development focused with strong concentrate on exports and upgrading technology and research and development is a further support. France’s advantages also need to be exploited to a larger level in key sectors such as telecommunication, pharmaceuticals, and machinery, through higher advertising and consciousness and linking Sri Lanka business with French counterparts. The outward and inward trade delegations can play an extremely valuable role in facilitating this, Samaratunga said.

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