Estonia to boost trade with Lanka

By Lalin Fernandopulle

Estonia will boost trade with Sri Lanka and South Asia with the expansion of diplomatic relations in the region, Estonian Ambassador Viljar Lubi told a seminar on strengthening Sri Lanka-Estonia bilateral ties organised by the National Chamber of Commerce of Sri Lanka last week.

Sri Lanka has maintained cordial relations with Estonia over the years and it is one of the sought after tourist destinations in Europe.

Estonia borders Russia in the East has a population of 1.3 million, and is one of the least-populous member states of the European Union.

"We are confident that Sri Lanka which has immense potential in various sectors will be an excellent destination for trade, tourism and investment. The setting up of the Estonian embassy in New Delhi which also oversees the affairs in Myanmar will help strengthen trade and investment ties in the region," Lubi said.

Estonia, bestowed with natural beauty is a developed country with advanced technology and a high income economy.

Estonia is a member of the Organisation for Economic Cooperation and Development and it ranks high in the human development index. Estonia is known as one of the most wired countries in Europe.

"Estonia's presence in Asia has been limited and now with the extension of diplomatic ties we will explore opportunities for trade and investment in the region.

Sri Lanka has the ideal infrastructure for tourism which Estonia in keen to explore to set up joint ventures and offer tour packages between the two countries," Lubi said.

Lack of awareness of both countries has been a stumbling block to develop relations. People of Estonia do not know Sri Lanka and Sri Lankans do not know Estonia, the ambassador said.

A high-level Estonian business delegation led by Estonian Foreign Minister Urmas Paet visited Sri Lanka in 2013 to explore business and investment opportunities.

"An Estonian delegation comprising representatives of 10 travel agencies will visit Sri Lanka next month on a fact finding mission to explore opportunities for cooperation in tourism.

The delegation will hold meetings with officials of the Sri Lanka Tourism Promotion Bureau to seek possibilities of offering tour packages for travel to and from Estonia," the Ambassador said.

Sri Lanka Tourism has launched an aggressive promotion drive to woo visitors from non-traditional markets in Europe and Asia. Room rates have been made competitive and the infrastructure uplifted to cater to the discerning traveller.

Sri Lanka Tourism has lined up a series of programs along with the cultural festivals in the country to lure more visitors with the aim of attracting around 1.5 million visitors by end of the year.

"Sri Lanka has good services, quality hotel resorts, friendly services, the good words of those who had visited the country, fascinating beaches and other diverse attractions," Lubi said.

"A large number of Estonians travel out of Europe during winter from October to April. We hope to encourage more travellers from Estonia to visit Lanka," he said.

Around 2,000 Estonians visit Sri Lanka each year. Sri Lanka's key tourism markets are UK, Germany, France and Italy.

"Launching charter flights to Sri Lanka is one area that we hope to look into to promote tourism," the Ambassador said.

The EU residence service website, e-estonia.com is a gateway for start ups in Estonia. Discussions were also centred on promoting trade in sectors such as tea, timber, gem and jewellery, processed food, electronic items, dairy products, logistics, construction, IT related services and joint venture and investments.

Honorary Consul for Estonia, Dudley Thambinayagam said that the dairy industry could be a key area in which both countries could enhance trade and investment. Estonia has a vibrant dairy industry and a major exporter of meat products.

"Sri Lanka is on a solid path to growth and there are many areas for Estonian companies to explore investment and trade opportunities and Sri Lankan corporates to look for business in Estonia.

There is great potential for inbound and outbound tourism in both countries," he said.

IT related products, logistics and electronics are some of the major exports of Estonia to Sri Lanka. There is also potential for trade and investment in furniture in both countries.

Estonia is a major exporter of log houses and has expanded its footprint across Europe and Asia. NCCSL Deputy President Sujeiva Samaraweera said that the Chamber will set up a business cooperation council shortly to facilitate trade and investment between the two countries.