Economic relations with India crucial for SL economic hub: Ceylon Chamber CEO

Tuesday, 10 February 2015 00:58 - - {{hitsCtrl.values.hits}}

Ceylon Chamber of Commerce CEO Mangala P. B. Yapa says that economic relations with India will play a crucial role in making Sri Lanka an international logistic hub. He says, with India consistently growing as a big manufacturing and a consumption base coupled with its growing middle class, Sri Lanka’s

relations with India will help tap the growing market opportunity. Yapa made these observations during a discussion held with Darja Bavdaz-Kurat, New Delhi-based Slovenian Ambassador for Sri Lanka and India, when she visited the Ceylon Chamber. “Sri Lanka needs to appreciate the unprecedented opportunity that is emerging in India and within South Asia. We can see a new developments in the India-Sri Lanka relationship: our President will be visiting India and the Indian Prime Minister is expected to visit Sri Lanka shortly and these high-level visits will set the pace and direction for further enhancing of economic ties between the two nations,” Yapa further said during the meeting. He also invited Slovenia to use Sri Lanka as a platform to exploit the Indian as well as other South Asian markets taking the full advantage of the FTA’s in force. “Sri Lanka is geographically located in the most enviable position to access the Indian market and therefore makes an ideal location for Slovenian businesses to invest and engage in business with one of the largest emerging markets,” he told the Slovenian Envoy, who was accompanied by Sanath Ukwatta, Slovenia’s Honorary Consul in Sri Lanka. Slovenian Envoy Bavdaz-Kurat said that her country was looking to explore opportunities existing in pharmaceuticals and food processing, among many other sectors. Sri Lanka’s exports to the Central European country during 2013 stood at just $ 2.61 million with major exports coming from paper yarn and woven fabric of paper yarn and rubber related items, etc., while Slovenian imports to Sri Lanka during the same year stood at $ 1.08 million with the island importing medical or surgical items, paper and paper board and electrical machinery.