While bilateral trade between Sri Lanka and Turkey had reached US$175 million by the end of 2021, there is immense potential to diversify trade between both countries. Turkey maintains the first or second position of the largest importer of Sri Lanka teas in recent times. Turkey also imports rubber products, metal and diamonds from Sri [...]

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Tremendous opportunities for local businesses in Turkey

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While bilateral trade between Sri Lanka and Turkey had reached US$175 million by the end of 2021, there is immense potential to diversify trade between both countries. Turkey maintains the first or second position of the largest importer of Sri Lanka teas in recent times. Turkey also imports rubber products, metal and diamonds from Sri Lanka and exports cereals fiber steel to Sri Lanka. Turkey is a key market at the crossroad of Europe, Asia, West Asia and Africa and Sri Lanka too is projected to become an economic hub in the South Asia, said Rakibe Demet Sekercioglu Ambassador for Turkey in Sri Lanka, who was the Guest of Honor at the 63rd AGM of the National Chamber of Commerce of Sri Lanka held at the Kingsbury Hotel Colombo this week.

She said at the joint economic commission between Turkey and Sri Lanka held in June 2021 the countries pledged to increase the bilateral trade to $500 million. But the last two years have been challenging for both countries as pandemic conditions did not allow any interaction between the countries. But as the situation is turning towards normalcy, adding that the emphasis is for National Chamber of Commerce, the BOI and the EDB to facilitate business communication between Turkey and Sri Lanka.

She said Turkey regards Sri Lanka as a friend and as a partner in various spheres from historical times to modern times where social, economic and political cooperation is concerned. Turkey was one of the first countries to recognise Ceylon following independence gained in 1948.

Chen CHEN, Country Director -Sri Lanka Resident Mission , Asia Development Bank (ADB) the Chief Guest said that it was heartening to note that the National Chamber of Commerce of Sri Lanka has extended its support to SME entrepreneurs including women entrepreneurs.

In the past the ADB and the National Chamber have contributed for the development of the SME sector in Sri Lanka which is important for promoting growth and social development of Sri Lanka. “I am happy to learn that the National Chamber of Commerce is reaching out to other organisations outside the country. SMEs account for 45 per cent of employment, 30 per cent of exports and represent 52 per cent of the GDP. Global and regional production chains have been a key driver of growth in Asia and in the Pacific. The rise of service global value chains helps boost economic growth and generate well paid jobs,” he said adding that ADB has plans to finance SME’s in Sri Lanka. As SME access to trade finance is limited, Sri Lanka is one of the biggest beneficiaries of the ADB programme.

Newly elected President of the National Chamber of Commerce Nandika Buddhipala also spoke.

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