Australia-Sri Lanka explore new trade opportunities

Australian Commissioner David Holly and Export Development Board Chairman Prabhash Subasinghe recently met at the Australia House Colombo to discuss the way forward in increasing bilateral trade relations aligning under the vision of the new government. 

Being the largest market in Oceania region, Australia has been recognised as an economically important country for Sri Lankan exporters to discover new opportunities in product sectors as well as in service sectors. The post-COVID situation and actions being taken to propel the economy was also discussed in detail at the outset. 

The EDB Chairman highlighted the initiatives in progress to promote exports in the recent past and the untapped opportunities available in Australia. 

During the discussion, it was also revealed that based on a proposals submitted by the EDB, a Business Forum and B2B meeting sessions for seafood sector have been considered to organise by the Australian Trade Commission (AUSTRADE) considering the mutual benefits for both the countries.  Opportunities to promote Sri Lanka as a logistic hub for Australian manufacturing companies was also discussed with the possibility of organising a meeting with Australian businesspersons for Sri Lankan commercial hub operators. 

Highlighting that ICT/BPM sector is one of the most important sectors in the export services category, it was noted that there was need for further promotion to strive for full potential.  

The High Commissioner explained the TIFA initiatives between the two countries and current status of the activities. 

EDB Chairman requested to expedite regulatory requirement process in Australia market for selected Sri Lankan fresh products such as moringa, mango and herbal products.

Citing the Australian investments already in Sri Lanka in apparel, ICT, rubber sectors, it was proposed to identify mutually benefitting other export sectors that could be value added in Sri Lanka and export to other markets taking advantage in the existing FTAs. 

The High Commissioner agreed to share the information on Australia Awards opportunities for capacity building/trainings for the Sri Lankan entrepreneurs and the officials to build their capacity to diversify and increase exports to Australian market.  Australia is an important market for Sri Lanka with 6% average growth during last five years. It is the 13th export destination of Sri Lanka and possess a large ethnic market for Sri Lankan products.