Australian Deputy High Commissioner outlines 3 focus areas to develop trade up to ASD 10b

By Charumini de Silva 

Australian Deputy High Commissioner Tim Huggins recently outlined three key areas Sri Lanka should focus on to upgrade from the current trade of US$1 billion to ASD 10 billion in the next couple of years.

The Deputy High Commissioner’s three suggested focus areas were to make most of the existing trade, find new ways for diversified trade and invest on innovation. He however refrained from giving a particular time frame to achieve the set target of ASD 10 billion.  

He made these remarks at the inaugural IT/BPM business mission held in Colombo jointly organised by the Sri Lanka and Australia Chamber of Commerce (SLACC), Sri Lanka Export Development Board (EDB), Sri Lanka Association for Software and Services Companies (SLASSCOM) and the Information and Communication Technology Agency of Sri Lanka (ICTA). 

Sri Lanka - Australia bilateral trade is currently closing upon US$1 billion with technology collaboration regarded as an area of great potential for future investment and business partnership opportunities between the two countries. 

In terms of improving existing trade between the two countries, Huggins said that the IT sector could play a pivotal role in helping the traditional industries to transform into more diversified and efficient business ventures. 

Pointing out there is a lot of potential to expand trade in terms of service sectors, especially in tourism and education, Huggins said around 6,000 Sri Lankan students are studying in Australia and the numbers are increasing. “Last year, around 60,000 Australians visited Sri Lanka and we are working closely with the Prime Minister’s team on building tourism industry in Sri Lanka.”  

Huggins emphasised on the importance of opening up the economy and looking at new ways of conducting diversified trade, stating that Sri Lanka should look at ways of bringing down the tariffs as it aspires to be a regional hub for trade. 

He further said they were looking at a partnership between Sri Lanka and Australia for research and innovation as there are many Australian Universities operating in the country. “This partnership would help uncover a lot of opportunities for new industries,” the Deputy High Commissioner pointed out. 

Pic by Shehan Gunasekara