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Friday, 1 November 2019 00:00 - - {{hitsCtrl.values.hits}}
Further strengthening the longstanding relations between Sri Lanka and Turkey, bilateral trade between both countries continues to grow.
“Both countries have regularised our dialogue and cooperation through the Turkey-Sri Lanka Joint Economic Commission. This provides a structured platform to develop and further advance the bilateral economic and technical partnership. Diversifying and broadening our economic agenda is a priority for both governments. Turkey is becoming one of Sri Lanka’s important trade partners,” announced Sri Lanka’s Industry, Commerce, Resettlement of Protracted Displaced Persons, Cooperative Development, Skills Development and Vocational Training Minister Rishad Bathiudeen on 29 October.
Addressing the ‘96th Anniversary of the Proclamation of the Republic of Turkey’ celebrations held in Colombo, Minister Bathiudeen expressed that Turkey was no longer a modest trade partner to Sri Lanka.
“Total bilateral trade turnover in 2018 was $ 351.18 million,” he revealed.
According to the Sri Lanka Department of Commerce (SLDOC), total bilateral trade in 2017 was $ 318 million, which means total trade between both countries had grown in 2018 (YoY) by 10.4% and in comparison to 2016, 2018 trade had surged by a significant 57% (from $ 224 million).
“Both countries are also formalising the legal framework for cooperation in sports, education, agriculture, SME development, customs and defence. We have also recognised the need to diversify our basket of exports to Turkey,” Minister Bathiudeen declared.
According to the SLDOC, in 2018 Sri Lanka’s exports to Turkey stood at $ 218.4 million. Seventy-five percent of exports to Turkey in 2018 were Ceylon Tea (at $ 163 million), followed by yarn (8%), apparel (3.5%) and rubber tyres (2%).
