Australia and Sri Lanka economic and trade ties strong

Australia-Sri Lanka bilateral trade and services grew strong in 2018 to more than the $A 1.5 billion mark for the first time to reach over $ 1.6 billion, an increase of more than 30 per cent against the previous year, said David Holly, High Commissioner of Australia in Sri Lanka.  

He was addressing the National Chamber of Commerce of Sri Lanka (NCC) on Tuesday at its auditorium while making a presentation on ‘Bilateral Trade between Sri Lanka and Australia - Defining Sri Lanka – Australia Trade and Investment: Growing Mutual Interest’.

He indicated that Australia is a worthwhile location for the Sri Lankan entrepreneurs and investors to engage in trade as the fundamentals of the Australian economy are strong and Sri Lankan businessmen are increasingly seeing Australia as a good partner.

The reasons for this, he said are Australia and Sri Lanka have completed 28 consecutive years of annual economic growth; Australia has the world’s 11th highest GDP per capita and is the wealthiest nation in terms of medium wealth per adult; and is the world’s 6th largest pool of investment funds under management.

Mr. Holly said that the strength of the Australian economy has been achieved through an ongoing commitment to economic reform, as well as concerted efforts to open the economy to trade and foreign investment.

It is not surprising therefore, he said that more Sri Lankan businesses and skilled professionals are partnering with counterparts in Australia in Commerce, partnership and investment. He indicated that they take comfort in the large Sri Lankan origin community in Australia numbering almost 200,000 and in their common interest in Sri Lankan national sport – volleyball, cricket and rugby.

He said that Sri Lanka is now on the map for Australian tourists with 110,000 tourists in 2018 – 5th largest source of tourists.  

Against this developments, he was disappointed that bilateral investment between the two countries is low.  Yet he indicated interest remains from Australia in investment in Sri Lanka in areas such as higher education, premium food and beverage, dairy agro-tech, port development and allied industries and resources and energy. (QP)