Ceylon Tea one of Turkey’s biggest imports
Ceylon Tea has been the leading export product from Sri Lanka to Turkey throughout the years, according to Tunca Ozcuhadar, Ambassador of Turkey in Sri Lanka. He was speaking at a presentation on “Turkey your next destination business” this week at the Ceylon Chamber of Commerce (CCC) in Colombo.
Turkish gem and jewellery fairs are getting more and more popular among the Sri Lankan business community which is an important development, he said.
He indicated that the Turkey and Sri Lanka relationship extends to more than 150 years with close political, economic and people to people relations.
In 2017 the trade volume between the two countries was US$184.74 million of which exports from Sri Lanka stood at $11 million. Meanwhile imports to Sri Lanka from Turkey stood at $70.9 million. Compared to 2017, the bilateral trade in 2018 registered an increase of 19 per cent.
He said that until 2017 the balance of trade has been in favour of Sri Lanka whereas it was in favour of Turkey in 2018.
While tea has been the leading export from Sri Lanka in 2018 there are other items such as rubber, apparel and clothing accessories, cinnamon and coconut oil while Sri Lanka imported items like machinery, fabric and plastics. He said that both countries have pledged to increase the trade volume to $500 million by 2020.
Towards diversifying the trade relations, he said that Turkey is to facilitate Sri Lankan companies to take part in trade fairs and to create a platform for leading importers from around the world to explore the Turkish market.
Within this framework, he said that they would provide funds to potential Sri Lankan businessmen to visit Turkey and participate in trade fairs and meetings.
Dhara Wijayatileke, CEO CCC welcoming the ambassador and the guests said that Turkey is becoming one of the important trading partners and noted that Sri Lanka could import construction material such as ceramic tiles and bathroom accessories, pharmaceutical and medical products, generators, solar panels and furniture.
Hakan Karabalik, Coordinator – Protocol Departmrnt. Ministry of Trade, in a presentation indicated that although Turkey has experienced a series of economic challenges last year it still it is the 19th largest economy in the world and 7th in Europe. In 2919 Turkey has been faced with a weakening currency, growing debt, rising unemployment and inflation.