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| Sunday, 11 December 2005 |
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China, Lanka reciprocal trade to hit $1 billion by Elmo Leonard Reciprocal trade between China and Sri Lanka was expected to reach the magical $1 billion mark for the current year, China's ambassador in Sri Lanka, Sun Guoxiang said. For the first nine months of this year, two-way trade is an official, $720 million, 45 percent in excess of reciprocity, achieved during the corresponding nine months of last year, the envoy said at the 8th AGM of the Sri Lanka-China Business Cooperation Council (SLCBCC) held in Colombo. President, SLCBCC Nihal Mallikaaratchi, said that China's GDP is $ 1.6 trillion and foreign trade $1.15 trillion. China has a $609 billion foreign exchange reserve. China's economic growth rate is 9.4 percent and within the next 20 years China will lead the world as an economic powerhouse. Many Chinese entrepreneurs were now investing in Sri Lanka and looking forward to invest here, in industrial and agricultural ventures, solely, or in partnership with local entrepreneurs. Exploiting the India-Sri Lanka Free Trade Agreement, the island nation can be the gateway for Chinese products to enter the vast Indian market, following a 30 percent value addition, here. SLCBCC can act as brokers in acquiring such gains, Mallikaaratchi said. With reciprocal trade highly tipped in China's favour, deputy president of SLCBCC, Jagath Savanadasa called for an identification of local products which have a need in China. He proposed the holding of Sri Lankan trade fairs in China on provincial basis as a mode of knowing Chinese market needs. Sri Lanka was in the process of acquiring industrial technology and agricultural know-how and must seek Chinese assistance to lessen her post-harvest losses, known to be around 30 percent, Savanadasa said. Mallikaaratchi said that Chinese provincial government agencies and business chambers who had visited Sri Lanka as trade delegations had afforded the SLCBCC opportunities to meet them and hold discussions on building and strengthening economic and commercial ties between the two nations. Sri Lanka had made its presence well-known in Beijing, Jiangsu, Zhejiang and the Guangdong Chinese provinces through SLCBCC's association with the China Council for Promotion of International Trade (CCPIT). SLCBCC and CCPIT are scheduled to enter into a Memorandum of Understanding early next year, Mallikaaratchi said. |
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