Sri Lanka Ukraine Business Council formed

Monday, 11 October 2010 22:46 - - {{hitsCtrl.values.hits}}

The Sri Lanka-Ukraine Business Council was established during a meeting held at the Galle Face Hotel yesterday resulting from the initiatives taken by the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL).

Sachin Vas Gunawardena , Member of Parliament was the Chief Guest. The welcome address was delivered by Kosala Wickramanayake, President, FCCISL.

Samanatha Kumarasinghe, Chairman Natures’ Beauty Creation was selected as the President of this Council. The Council consists of many members representing leading companies

During the visit of President Mahinda Rajapaksa to Ukraine in early July 2010 a business delegation was organised by the FCCISL.

The FCCISL also signed a Memorandum of Understanding (MoU) with the Ukraine Chamber of Commerce and Industry during this visit. It was signed by Kosala Wickramanyake, President, Federation of Chambers of Commerce and Industry of Sri Lanka and Serhiy Skrypchenko, President of Ukraine Chamber of Commerce and Industry on behalf of the two respective Chambers. Establishment of Sri Lanka-Ukraine Business Council emerged under this background.

Presently Sri Lanka’s trade with Ukraine is small compared to its Trade with the World. However, Sri Lanka’s exports to Ukraine have increased from US$ 26.8 mn in 2004 to US$ 59.0 mn. in 2008 and has declined to US$ 41.9 mn in 2009.

Imports from Ukraine has increased from US$ 1.5 mn in 2004 to US$ 52.9 mn in 2008 but has drastically declined to US$ 9.6 mn. in 2009.

Sri Lanka’s main exports products to Ukraine include tea in bulk, tea packets, tea bags, green tea, tyres and tubes, garments, mixed coir fiber, activated carbon and ceramic and porcelain products.

In 2009 too, though Sri Lanka continued to be the market leader for tea in Ukraine with a share of 32%; the prime position has considerably declined from a market share of 47% a few years back.

Sri Lanka’s main imports from Ukraine in 2009 were fertiliser (82.4%), export crops, confectionery and bakery products, beverages, boilers/machinery and parts, tanning and dying /paint/varnishes, vegetables, artificial resins/plastic materials, cellulose and fruits.

This Business Council was established with the objective of exploiting and further expanding business between Ukraine and Sri Lanka for both potential products and services sector.