Sharp increase in Lanka's industrial exports to EU

by Jayampathy Jayasinghe, Sri Lanka's industrial exports to

The European Union (EU) have increased by leaps and bounds over the years. The Chairman of the Ceylon National Chamber of Industries, A. K. Ratnarajah said that it was encouraging to note that the export of industrial goods such as leather, rubber and plastic to the European countries had grown by 16 per cent each year. He was addressing the 46th AGM in Colombo last week.

He said consolidation of the apparel sector too was vital for the country that needed the support from the state. The Ceylon National Chamber of Industries continues to promote and safeguard local industries. But it had become increasingly difficult to maintain sustainability when considering the political, economic and social situation of the country.

However, the government should be commended for maintaining the health, education, transport and the power sectors despite these setbacks. Credit should also go to the government for the 7.4 per cent growth rate under these circumstances.

He said the high cost of the war, spiralling inflation, high interest rates, and the escalating cost of living has had an impact on the well-being of the industry and the economy as a whole. The ever increasing oil prices too will have a serious impact on the economy.

Referring to the discussions on bilateral trade between the Ceylon National Chamber of Industries and the High Commissioner for Pakistan in Sri Lanka, he said it was possible because of the close alliance.

The Ceylon National Chamber of Industries visited the Business Karachchi Export exhibition where the High Commissioner addressed a well attended seminar on the Free Trade Agreement. It was organised by the Karachchi Chamber of Commerce and industries. There is constant communication between the Ceylon National Chamber of Industries and the Embassy of Pakistan, he said.

The High Commissioner of Pakistan, Shahzad A. Chaudhry said the temporary suspension imposed on Pakistan by the Commonwealth of Nations wasn't good for the country. However, it was great when many Sri Lankans expressed its support and sympathy to Pakistan. "We greatly appreciate and were encouraged by this gesture and are grateful to all Sri Lankans and Pakistanis.

"The historical ties between both nations were deeply rooted. We have supported each other in times of need," he said.

Referring to the Free Trade Agreement signed by both countries, he said exports to Pakistan have increased tremendously. However exports to Pakistan had seen a reduction of 11 per cent since June this year. "Businessman here should pay attention to the reduction of exports to Pakistan. Investments in Pakistan have been made easy. Anybody can invest in Pakistan with a capital of US 150,000.

Director General of Customs, Sarath Jayathileke also spoke.