Sri Lanka wants to bridge trade deficit with NZ
View(s):Recognising New Zealand’s importance as a friendly nation that Sri Lanka supported at the UN Security Council, Tourism Minister John Amaratunga on Monday highlighted the need to bridge the trade gap between the two nations.
Tourism Minister John Amaratunga with the NZ delegation. Pic by M.A. Pushpa Kumara.
New Zealand’s exports to Sri Lanka was US$254 million in 2016 compared with US$55 million in exports from Sri Lanka, the minister explained and pointed out that this trade gap needs to be bridged. He was addressing the trade delegation that arrived in the country for a 3-day visit in a bid to venture into business relationships with Sri Lankan companies.
Key exports to Sri Lanka are milk powder, butter and dairy spreads, apples, pears and quinces; while New Zealand imports tea, retreaded or used pneumatic rubber tyres, rubber and clothing.
He pointed out that Sri Lanka has the potential to be to India what Hong Kong is to China adding that the bilateral ties between the neighbouring states is expected to open a gateway to some Asian nations.
The minister explained that it was possible to use Sri Lanka as a manufacturing and trading base to access the vast Indian market adding that the country had also signed a FTA with Singapore as well.
Sri Lanka’s attempts to expand its export market is clearly supported by the visit of trade missions of this nature, the minister said.
He noted that tourism would be able to provide an “equitable pathway to balance the trade deficit” between the two countries.
Sri Lanka had seen 10,332 arrivals from New Zealand in 2017, a growth of 14.2 per cent from 2o16.
Trade Delegation Head Ralph Hayes said that Tourism New Zealand was the number one earner and noted that adventure tourism was a specialty in this sector.
He pointed out that New Zealand had expertise in food service and production, environment, education and training. This is the fourth visit of a New Zealand trade delegation to Sri Lanka. A number of companies participating in this delegation comprise those having interests in South Asia already.
(SD)