A South African trade delegation visiting the country last week said that they are interested in using Sri Lanka as a springboard to forge increased trade ties with India, officials said. “They are interested in establishing trade ties with Sri Lanka and will use Sri Lanka as a springboard to India to further their trade [...]

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South Africa using Sri Lanka as a springboard for trade with India

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A South African trade delegation visiting the country last week said that they are interested in using Sri Lanka as a springboard to forge increased trade ties with India, officials said.

“They are interested in establishing trade ties with Sri Lanka and will use Sri Lanka as a springboard to India to further their trade and maybe even other Asian countries,” a Board of Investment (BOI) official who met with a large delegation from the African National Congress Progressive Business Forum last week, said.

Pic shows Dr. Nihal Samarappuli, Executive Director (Research and Policy Advocacy-BOI at right)) briefing the delegation.

He said that Sri Lanka has Investment Protection Agreements with 27 nations and Double Taxation Agreements with 38 countries. “In addition, the Free Trade Agreements which Sri Lanka enjoys with both India and Pakistan provide access to a market of over one billion, which could be accessed by South Africa enterprises who set up investment projects in Sri Lanka,” he noted. During the visit last week, three major contracts between individual firms of the two countries were signed, he added.

South Africa is the leading trading partner for Sri Lanka in the Southern African region with total trade between the two countries amounting to US $ 65.49 million in 2011, industry statistics say. Asia is South Africa’s second largest trading block, with the result of trade with Asia tripling in the last 17 years.

“Iron and steel has been the biggest import item during the past years followed by spirits. Fruit juices, craft and printing paper, fresh fruits are the other import products from South Africa to Sri Lanka. In 2011 total imports from South Africa has recorded a value of US $ 35.86 million, which is the highest value registered during past five years,” Nimal Karunatilleke, Deputy Director Commerce Department said, addressing the delegates at a forum organised by the Ceylon Chamber of Commerce recently. He added that Sri Lanka has the potential to export semi precious jewellery, pearls, semi precious stones, surgical gloves, furniture, footwear, canned vegetables, tableware and activated carbon to South Africa. The South African business delegation was headed by South African Deputy Minister of Economic Development Hlengiwe Buhle Mkhize. The Sri Lanka Africa and Middle East Business Council of the Ceylon Chamber of Commerce and the African National Congress – Progressive Business Forum singed a memorandum of understanding to further strengthen links.




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