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Tuesday, 9 September 2014 02:10 - - {{hitsCtrl.values.hits}}
In July, a trade and business delegation from Sri Lanka consisting of 40 business leaders, led by External Affairs Deputy Minister Neomal Perera, completed a successful Business Forum in Israel, interacting with their Israeli counterparts, including the well- known L.R. Group and Sri Lanka-Asia Chamber of Commerce. The businesses in the mission shared interests in such sectors as tourism, technology, water, energy, healthcare, apparel, employment, agriculture, greenhouse cultivation, dairy, fishery, flowers, diamonds, gems, jewellery, rubber and education. BOI Chairman Dr. Lakshman Jayaweera, Central Bank Deputy Governor Dr. Nandalal Weerasinghe, business reps from the Chamber of Commerce and various sectors addressed the seminars.
In April 2007, Sri Lanka and the State of Israel signed a historic Trade and Economic Co-operation Agreement of a general nature taking bilateral relations to new levels. Since then bilateral trade has surged by a huge 178%, as of December 2013. According to the Department of Commerce, in 2013, total bilateral trade between Sri Lanka and Israel stood at $175.63 million, rising by 11% from 2012. The balance of trade was in favour of Sri Lanka. Diamonds brought down from Israel to Sri Lanka are value added here and re-shipped to Israel. Annually such diamond imports and exports exceed the $ 50 million mark and in 2013, diamond exports to Israel rose to $79 million, claiming 80% of 2013’s Lankan exports. Tea, fish, pneumatic rubber tyres and special yarns were other Lankan exports to Israel in 2013. In the same year, leading imports from Israel were diamonds, filaments and miscellaneous chemicals.
“Today’s session is a follow-up of one of the most successful Lankan business missions to Israel. Thanks to the support of the EDB, the Ministry of External Affairs and sponsors, this time we took no less than 40 leading businessmen to Israel from Sri Lanka and completed a successful Business Forum,” said Ambassador Wijesinghe.
He added: “We have a proud history of bilateral trade and business cooperation with the State of Israel. Previously in August 2013, we successfully organised Israeli business and investment to Sri Lanka with the support of the Indian-Sri Lankan Chamber in Israel. I also thank the sponsors Bank of Ceylon and Grand Oriental Hotel. More importantly, with the historic visit of President Mahinda Rajapaksa to Israel this January, our bilateral relations have been enhanced to great levels-this being the first visit of any South Asian leader to Israel.
“The Israeli innovators, investors and businesses were highly impressed by the peaceful and stable environment in Sri Lanka during President Mahinda Rajapaksa’s visit. Israel is one-third the size of Sri Lanka but their technology is used today by leading world powers such as the US, China and India. In this background I am sure that the active entry of LR Group, the Israeli agro-tech and communication tech giant to Sri Lanka will be a great boost to our agro and communication sectors.”
The LR Group, an Israeli project development firm, operates globally in finance, construction, and the management of medium- and large- scale projects in developing economies. It also reportedly has a track-record of creating and managing over $1 billion agriculture projects around the globe in Africa (Angola), Asia Pacific, Central Asia, South America and Europe.
Lankan reps in the business and trade mission to Israel who were present at the 4 September session also individually briefed Ambassador Wijesinghe on their business progress since the conclusion of the mission in July 2014, and shared the lessons learnt through their engagement with the Israeli business community.
