Historic Lanka-Vietnam trade link established in Hanoi

Asian Tribune - 22/08/2014

Rishad Bathiudeen (Minister of Industry and Commerce–right) appreciates the souvenir gift from the Minister of Trade and Industry of the Vietnam Vu Huy Hoang (centre) at the Head Quarters of Ministry of Industry and Trade of Vietnam, in Hanoi.

The first ever Sri Lanka Vietnam official trade mechanism went live in Hanoi on 21 August. And the new mechanism, according to the Vietnamese side, is the practical way for bigger trade cooperation in the form of an Agreement.

“Today’s new beginning will open many new opportunities for both countries. I am fully convinced that setting up of a Joint Working Group (JWG) or Joint Trade Sub Committee, would lay a concrete foundation to enhance the existing bilateral trade and economic relations new heights. My Ministry would closely monitor the progress” said n Rishad Bathiudeen (Minister of Industry and Commerce of Sri Lanka) at the Head Quarters of Ministry of Industry and Trade of Vietnam, Hanoi on 21 August.

Lanka export acceleration push begins

Daily FT - 20/08/2014

• Be passionate about your exports!: ITC Geneva
• Leverage Lanka’s global brand ranking for exports: Rishad
• Strategy making for 2015-2020 acceleration begins
• EDB in WTO benchmark: Rishad
• Happy about ITC support: EDB’s Egodage

Exports, the lifeline of Sri Lankan economy, are a national priority. The urgency of the exports accelerating strategy is such that it could kick-start even before its full design cycle is over. Meanwhile, brand Sri Lanka packs hidden potentials that could be leveraged for national export growth.

First hand Syrian account reveals Lanka a destination beyond Gulf

Asian Tribune - 18/08/2014

Rishad Bathiudeen (Minister of Industry and Commerce–left) discusses with Dr Mhd. Moussallam Al Droubi (CEO of Al Droubi Group and the Hon Consul of Sri Lanka in Damascus, Syria) in Colombo on 13 August.

For the first time, Syrian investors' view on trading and investing in Sri Lanka has been revealed in a first-hand account on 13 August in Colombo. And the cash rich Syrians want to set up active projects first, rather than sending a stream of hot funds.

“As countries, Gulf economies are richer than Syria but when it comes to individual countries’ private capital volumes, everyone knows that Syrians are way ahead and much more liquid than private capital in Gulf region. The main issue now is that the Syrian industrial community is on the lookout for an investment hub due to the current unrest in Syria. There are a few keen big investors who are studying Sri Lanka closely” said an upbeat Dr Mhd. Moussallam Al Droubi (CEO of Al Droubi Group and the Hon Consul of Sri Lanka in Damascus, Syria) on 13 August in Colombo.

Finished rubber goods export up

Sunday Observer - 17/08/2014

In 2013, Sri Lanka's natural rubber sheet exports stood at US $71.6 million, while the export of finished rubber goods stood at US $ 887 million, compared to US $ 856 million in 2012, an increase of 4%, said Industry and Commerce Minister Rishard Bathiudeen at the inauguration of the second edition of Sri Lanka PLAST and the first edition of RUBEXPO at the BMICH last week.

“Our plastic exports stand at US $60.11 million compared to US $ 57 million in 2012, an increase of 5%. We encourage value addition for rubber exports. These two sectors have been identified as thrust industries and are expected to contribute significantly to national economic growth and help meet our planned 7.8% GDP target this year,” he said.“Our company exports rubber products and slippers to India in fairly large quantities.

India has the most balanced trade with Sri Lanka: Sinha

Daily FT - 15/08/2014

When it comes to global trade parities of the world’s 10th largest economy, the most balanced trade it conducts is with Sri Lanka, India claimed yesterday.

“India has the most balanced trade with Sri Lanka among its major trade partners. Both sides are involved in continuing discussions to take economic engagement to the next level,” said Indian High Commi-ssioner in Sri Lanka Y.K. Sinha yesterday.

Sinha was addressing the singular inauguration event of two expos on 14 August – the second edition of Sri Lanka Plast and the first edition of RUBEXPO at the BMICH. Also taking part were Minister of Economic Development Basil Rajapaksa, Minister of Industry and Commerce Rishad Bathiudeen, Ministry of Industry and Commerce Secretary Anura Siriwardene, EDB CEO Bandula Egodage and EDB DG Sujatha Weerakoone.

Lanka in first mutual recognition agreement trade call with biggest global supplier

Daily FT - 13/08/2014

• ‘Important development!: Exporters
• 'MRA can help boost FTA biz’: Rishad
• 'Agreed!’: Deputy Indian HC Bagchi
• Trade under ISFTA jumps by 40%!
• Indo-Lanka overall bilateral trade at $ 3.63 b

As bilateral free trade leaped by a huge 40%, Sri Lanka’s biggest supplier in the world nodded in agreement on 7 August that a wider and consistent trade harmonisation push could remove existing barriers in one go -and amplify bilateral business.

“Sri Lankan businesses that invested in India have done very well. I agree with you that a wider Mutual Recognition Agreement will be useful to increase bilateral trade. I also agree that the lack of unified market standards across various states in India could be an issue for Lankan exporters,” said a keen Arindam Bagchi (Deputy High Commissioner of India to Sri Lanka) on 7 August in Colombo.
Deputy High Commissioner Bagchi was addressing Minister of Industry and Commerce of Sri Lanka Rishad Bathiudeen on 7 August during the first courtesy call he made on Minister Bathiudeen. Deputy High Commissioner Bagchi previously served in such stations as Beirut, New York, Spain and was finally functioning as the Director of Indian Prime Minister’s Office (PMO) before he arrived in Colombo. Joining Minister Bathiudeen on 7 August were Department of Commerce of Sri Lanka DG R.D.S. Kumararatne and EDB Chairman/CEO Bandula Egodage.

Branding would give Lankan rubber boost

Daily News - 14/08/2014
Vishmi Wijeratne

The Plastic and Rubber Institute of Sri Lanka CEO Forum recently mooted ideas for improving plastic and rubber industries in Sri Lanka.

While quality adding has been long discussed topic of improvement, it was discussed that branding Sri Lankan rubber will give Sri Lankan rubber a significant boost.

Chairman and CEO of the Export Development Board of Sri Lanka, Bandula Egodage, who attended the event said rubber is one of the chief exports in Sri Lanka and Sri Lanka's rank in the contribution of rubber exported globally is 32% . However, he also said Sri Lanka's solid tyres rank at the first place in exports, which is a clear indication that there is a market for value added goods rather than just the raw form.