Egyptian Ambassador discusses trade relations with Min. Bandula Gunawardana

Minister of Trade Bandula Gunawardana held a discussion last week with Ambassador of Egypt Hussein El Saharty, to explore the potential of enhancing economic relations between Sri Lanka and Egypt, especially bilateral trade.

It was noted during the meeting that although the value of bilateral trade between both countries averaged around $ 50 million during the last few years – clearly not reflecting the huge potential available to both Egypt and Sri Lanka given their strategic locations and complementary production sectors – a number of initiatives have been taken recently on both sides to encourage and enhance economic cooperation, including the proposal of a draft MoU (Memorandum of Understanding) between the Export Development Authority of Egypt and the Export Development Board of Sri Lanka, a draft agreement on Maritime Transport, an efficient mechanism to legalise commercial documents during COVID-19 lockdowns whereby both countries were able to increase mutual trade, and finally the operation of the very first flights of EgyptAir Cargo between Cairo and Colombo as an inaugural step towards re-establishing a regular air transport route between both countries.

Gunawardana and Ambassador El Saharty agreed on the need to follow up on technical meetings within the joint commission on economic cooperation to resolve pending trade issues, expedite pending draft agreements and MoUs, as well as the necessity to revive the Egyptian - Sri Lankan business association, and organise large scale trade fairs and business-to-business meetings in Cairo and Colombo, to reconnect Egyptian and Sri Lankan importers and exporters.

The meeting was attended by Trade Ministry Secretary J.M. Bhadrani Jayawardhana, Sri Lanka Export Development Board Director General Chitranjali Dissanayake, Sri Lanka Export Development Board Director Market Development Anoma Premathilake, and Egyptian Embassy in Colombo Counsellor Karim Abulenein.