Sri Lanka, Palestine mull boosting trade cooperation

Sri Lanka is keen to explore trade and business links with US$ 4.5 billion Palestine economy noting that a stronger Palestinian economy in future can present mutual trade opportunities to both.

Minister of Industry and Commerce Rishad Bathiudeen had expressed the desire to boost ties to Dr. Anwar H Al Agha, Ambassador of State of Palestine to Sri Lanka & Maldives when the latter paid a courtesy call.

The Palestinian Territory GDP for the second quarter of 2011 stood at US$ 4.5 billion with the projection that the GDP growth to exceed 3% in 2011. According to the Department of Commerce of Sri Lanka, in 2010, Sri Lanka exported goods to Palestine to the value of US $ 0.02 Mn, with no imports from Palestine. The balance of trade between the two countries has always been  in favour  of Sri Lanka. Sri Lanka’s major exports to Palestine are special yarn twine, coconut, and vegetable textile fibre.

 “The State of Palestine wants to increase its trade cooperation with Sri Lanka from its current levels.  Sri Lankan business delegations are encouraged to visit Palestine and meet Palestinian business community” Dr. Anwar H Al Agha revealed to Minister Bathiudeen.