Colombo hosts e-commerce meet to boost lagging SAARC trade

Minister of Industry and Commerce Rishad Bathiudeen joins the opening session of ‘SAARC CCI’s Regional Workshop on E-Commerce’ by Islamabad-based SAARC Chamber of Commerce and Industry at Mt. Lavinia Hotel on 13 October

To boost trade within the region, SAARC is working to go high-tech.

“South Asia is emerging as the one of fast-growing regions in the world and is expected to play a dynamic role in shaping the ‘Asian Century’. However the share of trade taking place between South Asian countries is only 5% in comparison to South Asia’s overall trade with the world at 20%,” said Minister of Industry and Commerce on 13 October in Mt. Lavinia, addressing the opening session of ‘SAARC CCI’s Regional Workshop on E-Commerce’ by Islamabad-based SAARC Chamber of Commerce and Industry (SAARC CCI). 

The interdisciplinary, high profile event to explore the prospects of e-commerce as a medium of trade in the region was joined by Friedrich Naumann Foundation for Liberty (FNF) South Asia Regional Director Ronald Meinardus, FNF Country Representative Sagarica Delgoda, SAARC CCI President Ruwan Edirisinghe, SAARC CCI’s former Senior VP Nawaz Rajabdeen, SAARC CCI Secretary General Ajith Perera and more than 20 representatives from SAARC countries.

Bathiudeen added: “Despite low trade within the region, there is great potential for using information and communication technologies to contribute to social and economic progress across South Asian countries. By international standards the e-commerce sector is in its early stage in South Asia. However it is growing at a fast pace and provides a profitable and untapped market for businesses and investors within and across South Asia. The need of the hour is for countries in the region to embrace e-commerce fully as it will enhance their economic and social development. Inadequate infrastructure acts as a major obstacle for e-commerce in this region. 

“Governments need to invest in legal financial logistical and telecommunication infrastructure which is the backbone of any e-commerce initiative. Despite the challenges, the e-commerce and related sectors in the South Asian countries offer huge business and investment opportunities. My Ministry officials and I shall extend our fullest support to SAARC CCI when its officials want to link with Sri Lankan Government officials in taking this initiative forward. Sri Lanka is also fast catching up on the global e-commerce trend.”

“These Colombo sessions overview existing strategies, user experience, discovery, and metrics in current e-commerce business models in the South Asian region and beyond,” said SAARC CCI President Ruwan Edirisinghe. “The session also explores best practices and how to creatively collaborate on strategies, and e-commerce landscape and current trends. Importantly the session evaluates the current policy frameworks on e-commerce and even devising of an e-commerce policy guideline, roadmap and initiatives for SAARC CCI.”

In 2015 the Sri Lanka e-commerce sector grew by a mere 1% and is now expected to grow by 4% in the coming years.  The total revenue from Sri Lankan E-commerce sector was estimated at $ 8 million in 2016. Sri Lankan e-commerce experts now say that it will grow to $ 4 billion by 2020.