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| Sunday, 17 March 2002 |
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Developing Latvia, Lanka trade by INDUNIL THENUWARA Latvia accounts for only one per cent of Sri Lanka's total trade with the CIS countries. Russia is Sri Lanka's main trading partner in the region, accounting for 96 per cent of the trade, while Lithuania and Belarus account for two and one per cent respectively. "This shows the immense potential for developing trade between Sri Lanka and Latvia," Director General of the Export Development Board L.S.G. Tillekeratne told a 15-member Latvian delegation which was in the island recently. This is the first time that a trade delegation from this European country visited Sri Lanka. Tea, fresh and desiccated coconut, retreaded and used pneumatic tyres and garments are Sri Lanka's main exports to Latvia. Imports from Latvia include vacuum cleaners and floor polishers, office machinery parts and electrical apparatus for switching and line telephony. This is worth only three to five per cent of the total exports. "Even most of the tea that Latvia consumes goes through the European Union and not directly, which is an area that we can look into," he said. Deva Rodrigo, Deputy Chairman of the Ceylon Chamber of Commerce, which organised meetings between the delegates and their local counterparts, expressed the same sentiments regarding possible business opportunities. Sri Lanka's exports to Latvia reached Rs. 72.2 million in 2000, a 74 per cent growth over the Rs. 41.6 million in 1999. However, imports from Latvia had declined by 19 per cent to Rs. 2.2 million in 2000 from Rs. 2.7 million in 1999. The balance of trade between the two countries is in favour of Sri Lanka, he said. Board of Investment's Deputy Director General - Promotions Shehara De Silva, who expressed pleasure about the large number of women in the delegation, explained to the delegates why they should consider investing in Sri Lanka. "It is the only country in the region to consistently maintain a growth of around five per cent, although this may have changed last year due to the war and global recession. Being cash-strapped is a problem the country has and that is why it warms towards foreign investors," she said. Sri Lanka's strategic location close to the South and East Asian markets as well as being in the midst of international shipping lanes, the quality of life of its people, the skilled and literate human resources and the potential of tapping the Indian market through the Free Trade Agreement are some of the benefits foreign investors stand to gain, she said. |
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