Sri Lanka Ukraine Business Council set up

The Sri Lanka Ukraine Business Council was established recently at the Galle Face Hotel on the initiative of the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL). Sachin Vas Gunawardena, Member of Parliament was the Chief Guest.

Office-bearers of the Ukraine Business Council pose with Ukraine Consul Daya Wettasinghe and MP Sajin Vaz Gunawardena

President FCCISL, Kosala Wickramanayake, delivered the welcome address. Chairman, Natures' Beauty Creations, Samantha Kumarasinghe was elected President.

A business delegation organised by the FCCISL accompanied President Mahinda Rajapaksa to Ukraine in early July 2010. Wickramanyake, and President of the Ukraine Chamber of Commerce and Industry, Serhiy Skrypchenko signed a MoU during the visit.

The Sri Lanka Ukraine Business Council was formed under this backdrop.

Sri Lanka's trade with Ukraine is negligible compared to that with other countries. Its exports to Ukraine increased from US$26.8m in 2004 to US$59.0m in 2008 and declined to US$ 41.9m in 2009.

Imports from Ukraine increased from US$1.5m in 2004 to US$ 52.9m in 2008 and drastically declined to US$9.6m in 2009.

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

Though Sri Lanka continues to be the market leader for tea in Ukraine with a share of 32 percent,its prime position has considerably declined from a market share of 47 percent, a few years back.

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