Measures to diversify exports to Australia | Daily News


 

Measures to diversify exports to Australia

David Holly, the High Commissioner, Australia and Chairman of Export Development Board, Prabhash Subasinghe
David Holly, the High Commissioner, Australia and Chairman of Export Development Board, Prabhash Subasinghe

Being the largest market in the 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, Prabhash Subasinghe met at the Australia House to discuss on the way forward in increasing bilateral trade relations aligning under the vision of the new government.The post COVID situation and actions being taken to propel the economy was discussed in detail at the outset.

Australia is an important market for Sri Lanka with 6% average growth during the last five years. It is the 13th export destination of Sri Lanka. And it possesses a large ethnic market for Sri Lankan products.

Chairman of EDB 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 a proposals submitted by the EDB, aBusiness Forum & B2B meeting sessions for Seafood sector have been considered to organize 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 organizing a meeting with Australian businesspersons for Sri Lankan Commercial hub operators.

The ICT/BPM sector is recognized 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.

Continuing the discussion, the High Commissioner explained the TIFA initiatives between the two countries and current status of the activities.Chairman, EDB requested to expedite the regulatory requirement process in the Australia market for selected Sri Lankan fresh products such as Moringa, Mango and Herbal products.

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 of the existing FTAs.

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


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