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Wednesday, 3 May 2017 00:08 - - {{hitsCtrl.values.hits}}
Sri Lanka has been given a fresh opportunity to showcase its investment and export portfolios to emerging markets as well as the huge Russian region through a premier global forum, dubbed Russia’s Davos.
“The St. Petersburg International Economic Forum (SPIEF) is a unique event in the world of business and economics. We officially invite you to SPIEF 2017,” said Russian Ambassador to Sri Lanka Alexander Karchava yesterday in Colombo.
Ambassador Karchava was speaking to Minister of Industry and Commerce Rishad Bathiudeen while calling on Minister Bathiudeen at the Ministry of Industry and Commerce yesterday. Joining the Minister was Secretary to the Ministry Chinthana Lokuhetti and Director General of Commerce Sonali Wijeratne.
SPIEF is a huge annual conference targeting the highest levels of government across the world, drawing several high ranking participants. Among the global figures at last year’s SPIEF were the Prime Minister of Malta Joseph Muscat, President of the European Commission Jean-Claude Juncker, former UN Secretary General Ban Ki-moon and former Italian Prime Minister Matteo Renzi. “This forum has become a leading global platform for representatives of the business community to meet and discuss the key economic issues facing Russia, emerging markets and the rest of the world. It’s held under the auspices of the President of the Russian Federation. Our Deputy Prime Minister and Chief of Staff Sergey Prikhodko have invited you to join us at SPIEF 2017,” revealed Ambassador Karchava.
“SPIEF clearly strengthens the continuity of Russian-Sri Lankan ties. The basis of diverse cooperation laid down in previous years opens vast possibilities for further development. Our countries have actively developed the positive tendency of interstate relations. Our trade relations are strong and Russia buys more and more Lankan products. Russia’s leading imports from Sri Lanka have been Ceylon tea, fisheries, apparel and yarn,” he added.
According to the Department of Commerce, exports to Russia recorded $ 181.98 million in 2016. Russia became the 12th leading buyer of Lankan products, taking 22% of Sri Lanka’s total exports to the world in 2015. Tea, apparel and fibres are the main exports to Russia. Tea accounts for more than 70% of total exports. Among the top imports from Russia to Sri Lanka in 2016 were iron, steel, wheat, asbestos and coal.
Minister Bathiudeen, responding to Ambassador Karchava, said Sri Lanka’s participation at SPIEF 2017 will enhance the country’s appeal in the Russian region. “Sri Lanka-Russia bilateral relations have a history of close cooperation in many products. We are also looking to expand our trade with Russia, which is less than $ 400 million at present. There are unexplored trade potentials that can be worked on through our participation at SPIEF. SPIEF can also open doors to new Russian Federation markets for Sri Lanka’s exports.”
Total bilateral trade between the two countries stood at $ 382 million in 2016. At 2016’s SPIEF, more than 350 economic agreements were signed, of which the total value exceeded $ 15 billion. Among last year’s SPIEF partnering multinationals were Gazprom, PwC, Aeroflot, Mercedes-Benz Russia and VTB Bank.
Minister Bathiudeen and Ambassador Karchava also discussed other aspects of bilateral business and trade cooperation during their meeting yesterday.
