SL, Philippines to expand bilateral trade

Friday, 9 October 2020 00:00 - - {{hitsCtrl.values.hits}}

Sri Lanka’s Ambassador of Sri Lanka to the Philippines Shobini Gunasekera paid a courtesy call on President of the Philippine Chamber of Commerce and Industry (PCCI) Ambassador Benedicto V. Yujuico on 1 October in order to allow Filipino investors to invest in Sri Lanka’s tea, gemstones, jewellery, food processing and agriculture.

During the very synergetic meeting, Ambassador Gunasekera emphasised that among other traditional export products, the Embassy has also identified the IT-BPM and the precious stones/gems industry as having a good potential in the Philippine market.

In order to broaden opportunities for Sri Lankan jewellery and gems in the local market, the Embassy has been working with the PCCI to support the accession of the Philippines to the Customs Convention on the ATA Carnet for Temporary Admission of Goods which will facilitate the smooth entry and promotion of such products in the country. Notably, the President of the Philippines has recently signed the instrument of accession to the convention.

In the IT-BPM sector, Ambassador Gunasekera mentioned that the Embassy has initiated an exploratory meeting between the IT and Business Process Association of the Philippines (IBPAP) and the Sri Lanka Association for Software and Services Companies (SLASSCOM) to explore potential areas for collaboration in the industry.

On the other hand, Ambassador Yujuico considered the meeting as a catalyst for invigorated trade relations between the two countries. Together with his officers, he relayed the growing interests of the Philippine business sector to venture into Sri Lanka particularly in the tea, gemstones/jewellery, food processing, agriculture, hospitality, and restaurant industry. In addition, the PCCI invited the Sri Lankan business community to join their annual ‘Philippine Business Conference and Expo,’ held virtually on 7-8 October.

As the way forward, a series of virtual meetings will be organised with the PCCI and relevant business support organisations and stakeholders in Sri Lanka.

The PCCI, the biggest business organisation in the Philippines, is the voice of the Philippine business sector recognised by the Government and international institutions. As a proactive catalyst of development, PCCI promotes and supports the drive for globally competitive enterprises in partnership with Government, local chambers, and other business organisations.