Bilateral trade discussion has been held between Sri Lankan Trade Minister Nalin Fernando and Egyptian Ambassador Maged Mosleh to strength and boost the trade between 2 countries.
The Ambassador said that the Sri Lanka- Egypt Joint Commission on Trade and Economic Cooperation (JCTEC) would be an excellent platform to enhance bilateral economic ties between the two countries. The Minister said that Sri Lanka is considering convening the next session of the JCTEC in June this year.
During the discussion Sri Lankan minister Nalin Fernando focuses about importing big unions from Egypt and the ambassador expressed his willingness towards this matter and exposed his full support to success this task and he ensures the mediation from the Egypt embassy in Sri Lanka about this case.
Ambassador Mosleh appreciated the measures taken by the Sri Lankan government to enhance Food security in the country while noting that the Egyptian government has introduced a program called, “Decent Life” to eradicate poverty in Egypt. He suggested that both countries exchange their experiences on poverty eradication.
In the 1980s Sri Lanka provided 60% of Egypt’s tea requirement, it had presently dropped to only 5% following the imposition of high tariffs and later the emergence of regional trading blocs in Africa. However, premier tea brands such as Dilmah, Superfine, Akbar, Impra and JAFF continue to offer gourmet specialty tea to the discerning tea connoisseurs in Egypt that needed to be expanded.
Egypt is also the largest market of desiccated coconut from Sri Lanka for the purpose of confectionary industry. In addition, Sri Lanka has been exporting rubber products, leather products, spices, coir products, confectionary, cocoa and cocoa based products, porcelain and ceramic ware. Sri Lanka’s imports from Egypt are mainly chemical and plastic products, metal-based products, fertilizer, oils and fresh fruits. Tourism was identified as a potential growth area, while modalities to ensure sustainable investment flows were also discussed during the consultations.
Egypt-Sri Lanka Business Council originally founded in 2004, and to reconvene the Joint Commission on Trade and Economic Cooperation which last met in 2002.
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