Sri Lanka-Turkey trade talks resume

• Let’s start work: Rishad
• Both countries mull November schedule
• Keen on Lankan infrastructure projects: Turkish Ambassador
• Bilateral trade surpasses $ 300 mark
• 2014 YoY trade at $ 311 m, up by 34%

As Sri Lanka-Turkey bilateral trade surpassed the $ 300 m mark for the first time, both countries have launched preparatory work towards resumption of hitherto paused trade talks. The resumed schedule could become active as early as this November.

Addressing Minister of Industry and Commerce Rishad Bathiudeen, Ambassador of Turkey Tunca Ozcuhadar said: “We would like to enhance our relations with Sri Lanka, which are already excellent. Still, there is great scope to increase bilateral economic and trade relations. There is huge room for much more joint trade and investments, especially with the new Government of Sri Lanka and new incoming Government of Turkey from early November.

“Once the new Government of Turkey is in place in the first week of November, the second Lanka-Turkey bilateral trade talks since the first sessions of 1992, will be decided. Since both countries have their embassies opened this could be easily achieved. Sri Lanka is a growth economy and infrastructure development projects are highly attractive to our reputed construction sector.”

The Turkish construction sector is globally reputed and is around 15% of its GDP with an annual growth of 12% per year. Turkey is also considered as a top producer of building materials in the world.

“The Agreement on Economic and Technical Cooperation between Sri Lanka and Turkey was signed on in August 2002 to further strengthen bilateral cooperation,” responded Bathiudeen.

“This was entered into force in November 2007. The First Joint Economic Commission was held in 1992. We have already requested the Turkish authorities to propose dates for the first Session of the Sri Lanka-Turkey Joint Committee to be held in Turkey and awaiting a response. In such a background, I am pleased to note your interest to resume the JEC session in November. We too are keen and I shall instruct my officials to work towards this schedule with your officials’ support. I am also pleased of the establishment of Turkey Ceylon Business Chamber this September so that our growing bilateral trade would be greatly boosted.”

Sri Lanka’s trade with Turkey has been increasing over the last few years. In 2014, total bilateral trade surpassed $ 300 m for the first time, recording a total of $ 311 m, which is a growth of 34% from 2013’s total. Over a nine year period of 2005-2014, bilateral trade leaped by a huge 219%.