Chamber of Commerce launched to increase trade between Australia and Sri Lanka
View(s):The Sri Lanka Australia Chamber of Commerce (SLACC) was officially launched recently at the New South Wales Business Chamber Head Office in Sydney, Australia. Participants included officials, dignitaries, sports personalities and business leaders of the wo nations, the promoters said.
The SLACC is the first, and only integrated bilateral chamber umbrella constituted in Australia, to foster commercial trade and dialogue between Sri Lankan and Australian businesses; and shall be dedicated to providing practical and on-the-ground support for businesspeople who are entering or exploring these markets.
SLACC’s inaugural President, Kalum De Silva noted that, “The launch of the chamber is a momentous juncture on the road to strengthening economic relations between the two countries”.At present, major Sri Lankan exports to Australia include apparel, tea, rubber and clay construction materials while dairy, vegetables, paper and paperboard, and animal feed make up the major Australian exports to Sri Lanka. In fact Sri Lanka is Australia’s largest importer of lentils, importing around 70 per cent of Australia’s lentils. Sri Lanka is also the 8th largest source of students pursuing a tertiary education in Australia.
The two-way merchandise trade between the two countries amounted to AUD $389 million in 2013/14, signalling tremendous potential for further growth.