Lanka's exports to UK record 13% growth

British High Commissioner John Rankin said the UK remains Sri Lanka's second largest trade partner by volume, after India. In 2012, Sri Lanka exported goods worth £ 907 million to the UK, a 13% increase over the previous year.

He was speaking at the 13th Annual General Meeting (AGM) of the Council for Business with Britain (CBB) recently.

Work in progress in a garment factory

"UK exports to Sri Lanka amounted to £146 million - a rather large trade balance in favour of Sri Lanka, which I would like to see become more equal," he said.

"The latest figures show that the UK is within the top five investors in Sri Lanka. We have over 100 UK companies operating here and expanding their businesses as the Sri Lankan economy grows. We are also winning new business. In the past quarter, I have been delighted by major multi million pound contracts won by UK companies in the construction sector and in the airline sector for air frames and aero engines," Rankin said.

"These contracts total over £3 billion. They are good for the UK economy and for Sri Lanka. Education is another growing sector, on which we work together with our colleagues in the British Council," he said.

There are now 27 UK Universities providing access to their qualifications here in Sri Lanka with local education partners. One UK University plans to set up the first direct overseas university campus in Sri Lanka in 2015 - a first in South Asia. "There are nonetheless challenges ahead. There has been some softening in Sri Lankan economic growth. Figures for the first quarter of this year show a slight decrease in Sri Lankan exports to the UK. Growth in the UK also remains sluggish.

"But there are some encouraging signs. The UK economy grew in the second quarter of this year, driven by strong performance in the services sector. The manufacturing and the construction sector also expanded after a poor performance in Q1, providing further evidence that economic recovery of the UK is beginning to take hold.

"A study from the British Chamber of Commerce also suggested that export activity is at its highest level since 2007. UK exports to Sri Lanka from January to April 2013, amounted to £53 million, a 11% increase compared to 12 months ago," he said.

CBB, Chairman, Shirendra Lawrence thanked the members for appointing him Chairman of CBB for 2013/14. He commended the great job done by his predecessor Nick Nicolaou and congratulated him for being awarded the OBE, in the Queens' Birthday Honours list for 2013, for promoting business interests and his support in uplifting the English language in the country through the CBB-ELT project. Lawrence said he would take the Council to new heights.

Following the Annual General Meeting, CBB and the British Council signed a contract on phase five of the CBB-ELT project. CBB's CSR initiative, the English Language Teaching (ELT) Project, now in its eighth year and run on their behalf by the British Council in association with the National Institute of Education and the Ministry of Education, to improve the English language skills of pupils in rural schools. The program concentrates on building the capacity of English language teachers to deliver lessons more effectively.