First ever Baltic Tiger delegation in town

Thursday, 14 February 2013 00:18 - - {{hitsCtrl.values.hits}}

A nine-member delegation from Estonia described as the Baltic Tiger due to its rapid economic growth and also considered the ‘bridge between Europe and Russia’, arrived in Sri Lanka yesterday, to explore opportunities in the country.

Welcoming the first ever official delegation from Estonia to Sri Lanka which is a high profile team, the Industry and Commerce Minister Rishad Bathiudeen said, “We believe that this visit is not only a major development in trade cooperation, but is a historical bilateral relationship as well.”

The visiting nine-member Estonian delegation is led by the Estonian Foreign Minister Urmas Paet and will consist of undersecretaries, private sector representatives such as Vesimentor OÜ, an industrial cable and plastic manufacturer and business innovation experts.

Being an EU member country Estonia, is also known for a very high economic freedom ranking among the Eastern European nations.

Estonia is also technologically advanced and was the first country in the world to conduct its national elections over the internet way back in 2007.

According to the Department of Commerce, the total trade between Sri Lanka and Estonia has gradually increased from US$ 1.8 million in 2007 to US$ 8.51 million in 2011, an increase of 372% despite low volumes.

Sri Lanka has been maintaining a favourable balance of trade with Estonia over the past years except in 2009 and 2010.

Activated carbon has been the main item of exports from Sri Lanka to Estonia which accounts for 36% of the total value of Sri Lanka’ s exports to Estonia in 2011 .

The other main items of exports to Estonia are hats, tea, pneumatic tyres and solid tyres, apparel and clothing, artificial flowers, coconuts, natural rubber, rubber gloves, toys, tableware and kitchenware.