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Aims to increase exports to MENA region by 10%, tourist arrivals by 40%, investments by 20% within next 5 years
By Charumini de Silva
Sri Lanka aims to boost exports to the Middle East and North Africa, along with investments and tourists from the region, through its participation in the World Expo 2020 in Dubai, in the United Arab Emirates.
Officials of the Export Development Board (EDB) said Sri Lanka’s preparations for the six-month World Expo 2020 were gathering momentum with a host of plans and initiatives in the works.
“With an impressive display of products and companies, coupled with aggressive marketing, we hope to increase exports to the Middle East and North Africa (MENA) region by 10% within the next five years,” the EDB officials said.
Sri Lanka also hopes to increase tourist arrivals from the MENA region by 40% and investment by 20% within the next five years.
World Expo 2020 Dubai is slated to be the most diverse expo in the world, with plans to attract over 25 million visitors, 70% of whom will be foreign, to showcase the best products from over 200 countries. It is scheduled be held from 20 October 2020 to 10 April 2021 and spread across a land area of 438 hectares located midway between Dubai and Abu Dhabi.
With dedicated pavilions allocated for each individual country, Sri Lanka too will have its own exhibition area under the subtheme ‘Opportunity’ and will be branded under the title ‘Island of Ingenuity’.
The EDB aims to increase market share for Sri Lankan products mainly in the Gulf region and gain access to regional markets. The UAE is the largest export destination in the Middle East as well as the eighth largest market for Sri Lanka.
“It is important to strengthen the traditional connectivity between the two countries. We hope to capitalise on the UAE’s position as a strategic logistics hub and as a key access point to emerging markets in the Middle East and African continent,” the officials said.
They pointed out that World Expo 2020 Dubai would be an ideal platform for Sri Lanka to showcase the best of its products and services and to create much-needed business links with the rest of the world.
“This is a great opportunity to highlight Sri Lanka’s investment potential and increase foreign direct investment (FDI) inflow which will generate more employment opportunities. The exhibition will benefit SMEs, emerging exporters and mature export industries of Sri Lanka to explore new ideas, gain new knowledge and move into innovation in their respective sectors,” the officials said.
The EDB is expecting the participation of around 30 sectors during the six-month period.
