Strengthening economic bonds: Israel-Asia Chamber of Commerce explores trade expansion with Sri Lanka

Israel-Asia Chamber of Commerce President cum Israel-Sri Lanka Chamber of Commerce Chairperson Anat Bernstein-Reich met Export Development Board (EDB) Chairman Dr. Kingsley Bernard on 28 August.

This official meeting was initiated by the Ambassador of Sri Lanka in Israel M.H.M. Nimal Bandara. The Sri Lankan delegation was represented by Foreign Ministry of Sri Lanka Additional Secretary Shanika Dissanayake, senior EDB officials, as well as representatives of private sector companies from Sri Lanka’s export community. The participants had a fruitful discussion to explore avenues to promote trade and economic cooperation between Israel and Sri Lanka.

The deliberations were aligned with the efforts of the Sri Lankan Embassy in Israel to maximise opportunities for Sri Lanka’s dynamic private sector and create a fertile ground for export businesses.

Anat Bernstein highlighted the substantial potential that lies within various sectors. She underscored the surging demand for high-tech, medical, pharmaceutical, and electronic products, noting that these segments present ample investment prospects while stressing that Israel’s renowned expertise and advanced solutions in these fields could be harnessed to create fruitful partnerships in the future. Furthermore, Bernstein identified sustainable agriculture, electronic products, and IT services as high-potential areas where Sri Lanka and Israel can forge new partnerships.

The delegates also discussed about organising business delegations and mutual visits, highlighting the importance of face-to-face interactions in building strong business relationships. To provide a platform for comprehensive discussions, a joint business forum will be convened during 2024, bringing together stakeholders from both nations.

The officials of private sector companies Nelna Agri Development, Orel IT, Galgo from Ceylon and M/S Zahir Raheem took part in the discussion. An understanding was reached to strengthen connections with the Israeli business community with the support of Bernstein, and it was proposed to organise sector-wise activities such as B2Bs, outward/ inward delegations, participation in each other’s’ events, start-up mentoring programs, technology transfers, export-led investments, etc. Both nations look forward to a future of expanded cooperation, and these efforts are poised to create enduring partnerships in addition to capitalising on the abundant opportunities that lie ahead.