Increasing Sri Lankan exports to Australia

Being the largest market in Oceania region, Australia has been recognized as an economically important country for Sri Lankan exporters to discover new opportunities in product sectors as well as in service sectors.
Continuing healthy trade relations between two countries, David Holly, the High Commissioner, Australia and Chairman of Export Development Board (EDB) , Prabhash Subasinghe met at the Australia House this week to discuss on the way forward in increasing bilateral trade relations aligning under the vision of the new government. The post COVID-19 situation and actions being taken to propel the economy was discussed in detail at the outset, the EBD said in a media release. 

Australia is an important market for Sri Lanka with six per cent average growth during last five years. It is the 13th export destination of Sri Lanka and it possess a large ethnic market for Sri Lankan products. 

The EDB Chairman highlighted the initiatives carried out by the EDB to promote exports in the recent past and the untapped opportunities available in Australia. During the discussion, it was revealed that based on  proposals submitted by the EDB, a Business Forum and B2B meeting sessions for the seafood sector have been considered to be organised by the Australian Trade Commission (AUSTRADE) considering the mutual benefits for both the countries.  

“Opportunities to promote Sri Lanka as a logistic hub for Australian manufacturing companies was highlighted in the discussion with the possibility of organising a meeting with Australian businesspersons for Sri Lankan commercial hub operators,” the statement said.  

The ICT/BPM sector is recognised as one of the most important sectors in the export services category to promote in Australian market highlighting the need for further promotion to strive for full potential.   

Citing the Australian investments already in Sri Lanka in Apparel, ICT, Rubber sectors, it was proposed to identify mutually benefitting other export sectors that could be value added in Sri Lanka and export to other markets taking advantage in the existing FTAs.  

The High Commissioner agreed to share the information on Australia Awards opportunities for capacity building/trainings for the Sri Lankan entrepreneurs and the officials to build their capacity to diversify and increase exports to Australian market.