Ceylon Chamber strengthens business between Sri Lanka and Saudi Arabia

 A 15-member business delegation organised by the Ceylon Chamber of Commerce visited Riyadh to further promote trade, investment and tourism between Sri Lanka and Saudi Arabia from 28 October-1 November. 

This successful business promotion mission was organised by the Ceylon Chamber of Commerce in collaboration with the Embassy of Sri Lanka in Saudi Arabia.

The delegation participated in a number of business discussions followed by B2B Meetings arranged by the Commercial Section of the Embassy of Sri Lanka in Riyadh in association with Saudi Arabia Basic Industries (SABIC), Council of Saudi Chambers (CSC), Saudi Fund for Development (SFD)/Saudi Export Programme (SEP), Riyadh Chamber of Commerce, ALFANAR Company (manufacturer of electrical items), Othaim Hyper Market, Lulu Group International and the National Industrialization Company (Tasnee) - Saudi Arabia’s second-largest industrial company and one of the world’s largest producers of chemicals, especially titanium dioxide.

In addition, a networking event was organised for delegates to meet Sri Lankan expatriate professionals attached to the Trade and Investment Steering Committees of the Embassy of Sri Lanka in Saudi Arabia to share their experience in doing business in Saudi Arabia. Under the leadership of Ambassador for Sri Lanka in Saudi Arabia Azmi Thassim, steering committees have been formed to promote trade, investment and tourism between both countries.

“Sri Lanka looks forward to further strengthening ties with the Kingdom, especially in the fields of trade, investment, employment and tourism. Since the establishment of diplomatic relations between the two countries, trade and tourism have tremendously increased for the benefit of the people of the two friendly countries,” said Ambassador Thassim at the discussion forums, adding that nearly 40,000 Saudi nationals visited Sri Lanka last year. 

The ambassador stated that Saudi families who had visited Sri Lanka had always opted to repeat their visits because of the island’s natural scenic beauty and the hospitality of its people.

During the discussion forums, Senior Assistant Secretary General of the Ceylon Chamber of Commerce, Lilakshi de Mel, extended invitations to the Council of Saudi Chambers and the Riyadh Chamber of Commerce to organise business promotion missions to Sri Lanka to explore the many business and investment opportunities available. It was further stated that the visit would go down in the history books of the chamber as being the first formal business promotion mission organised to the Kingdom of Saudi Arabia by the Ceylon Chamber of Commerce.

The delegation comprised  Abdul Zubairdeen - Managing Director; Abdeen Ahmed – Manger, Foreign Relations of Adams Peak Group of Companies Ltd; Mohamed Azmeer - Chief Executive Officer, Amana Bank Plc; Kumuditha Perera, General Manager, C.R. Exports Ltd; Prasad Senadeera - Director/CEO of Cropwiz Ltd; Amith Noor - Director, Fanam International Ltd; Devinda Lorensuhewa - Deputy General Manager Marketing, Kelani Cables Plc; Anthony Jacob - Export Manager, Macksons Paints Lanka Ltd; Dr. U.K.M. Ismail - Chief Executive Officer and Imraan Ismail - Director of Lloyds Auto Mart Ltd; Anton Hemantha - Managing Director, Selmo Ltd; Shamendra Panditha - Managing Director/CEO of  Sierra Cables Plc and Lilakshi de Mel - Senior Assistant Secretary General of the Ceylon Chamber of Commerce. Diplomatic relations with the Kingdom were established in 1974 and the two countries have maintained excellent relations in the social, cultural, political and economic fields. Saudi Arabia is the 25th largest export economy in the world and the 62nd most complex economy according to the Economic Complexity Index (ECI). Saudi Arabia borders the United Arab Emirates, Iraq, Jordan, Kuwait, Oman, Qatar and Yemen, Egypt, Eritrea, Sudan, Bahrain and Iran. Saudi Arabia has an oil-based economy with strong government control over major economic activities. Saudi Arabia possesses 25% of the world’s proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. Although there is no bilateral trade agreement between both countries, Sri Lanka has been trading with Saudi Arabia for a considerable time and in January to June 2017, Saudi Arabia ranked as the 28th export destination for Sri Lanka. 

Sri Lanka’s main export products to Saudi Arabia are tea in Bulk, tea packets, vegetables, garments, kernel products, fruits, fresh or dried, tea bags, rubber products, chemicals & plastics products, cloves, gems, wood and wood products. 

The main imports from Saudi Arabia to Sri Lanka are petroleum products, artificial resins, plastic materials cellulose, esters, ethers, confectionery and bakery products, tanning and dyeing, paints, varnishes, chemicals and plastics products, glass and glassware, copper and copper products, transport equipment and parts, iron and steel products.