Oman-Lanka trade set to reach $ 250 m

MUSCAT: The bilateral relations between the Sultanate of Oman and the Sri Lanka have been on a steadily growing mode and the same is all set to hit a whopping $ 250 million by 2015, according to Sri Lankan Ambassador to the Sultanate Asoka Girihagama.

This growth trajectory is based on the analysis of the past years’ Balance of Trade and Balance of Payments figures and the rate of increase at which the same has been marching is nearly 10 per cent average.

Speaking to the Oman Observer on the sidelines of the announcement of the first Sri Lankan Trade Exhibition and Food Festival, he said that the exports from Oman to Lanka amounted to nearly $ 223 million while the imports to Oman accounted for $ 9 million in 2012.

“Our exports to Oman in 2012 were $ 9 million while our imports from Oman were $ 223 million, making our total bilateral trade figure $ 232 million. The main products imported by Oman from Sri Lanka currently include tea, ceramics and desiccated coconut, while oil products form the bulk of exports.”

“We have identified Oman as one of the potential markets that Sri Lankan exporters and entrepreneurs could enter easily with confidence due to its low competitiveness and rich market conditions. In line with that, we have invited the corporate bodies, business entities and companies in Sri Lanka to take part in the forthcoming exhibition,” he added.