Trade between Sri Lanka-Turkey could reach USD 500 mn

President of the National Chamber of Commerce of Sri Lanka Nandika Buddhipala, Ambassador for Turkey in Sri Lanka Rakibe Demet Sekercioglu, Asian Development Bank Country Director –Resident Mission Chen CHEN and other distinguished officials at the 63rd Annual General Meeting of the National Chamber of Commerce of Sri Lanka. Picture by –Ranjith Asanka

Increasing bi-lateral relations with international financial institutions, Government and foreign central banks is mandatory in increasing the country’s economic positions, said Nandika Buddhipala, President of the National Chamber of Commerce of Sri Lanka.

“It is imperative to seek bi-lateral and multilateral cooperation with foreign nations and their institutions, especially in the exchange of resources, knowledge and trade and investment opportunities.

The normalisation of tourism receipts is expected in the short-term, along with increases in merchandise and service exports. It is no revelation that the impacts of the pandemic have disproportionately impacted Sri Lanka, compared with developed nations. While our containment measures and vaccination programs have shown success, trade and investment has been tremendously impacted,” Buddhipala told the 63 Annual General Meeting of the National Chamber of Commerce of Sri Lanka.

Moreover, policy support in emerging market countries is now being weaned off, while advanced economy nations are expected to maintain policy rates in 2022. This duality in global economic recovery makes it more visible that developing nations such as Sri Lanka require cooperation from external organisations and from friendly nations.

“As a developing market economy, Sri Lanka’s journey towards recovery is not one that could be done entirely on independent means, based on the relatively smaller size of our economy and population.

Obtaining cooperation is inevitable; we entered the pandemic straddled with a heavy debt burden and narrowing fiscal capacities. Therefore, in easing our external liability vulnerabilities we need financial assistance, preferably non-debt Inflows. However, in supporting global multilateral initiatives, customised national policies are required. This is where our state authorities and leaders play a critical role, with calculated, timely action.”

Addressing the event, Ambassador for Turkey in Sri Lanka Rakibe Demet Sekercioglu said bi-lateral trade between Sri Lanka and Turkey has reached over USD 175 million by the end of 2020. However, the ambassador noted that there is immense potential and scope to diversify trade between two countries. During the second meeting of Joint Economic cooperation between Sri Lanka and Turkey, Ambassador Sekercioglu said plans were afoot to increase bi-lateral trade between Sri Lanka up to USD 500 million in the near future.

She said further that Turkey is keen to explore new avenues under the guidance of Joint economic Cooperation and to facilitate communication between business communities in both countries.

“Turkey is ready to enhance cooperation in all possibilities, in particular trade and investment opportunities with Sri Lanka,” Ambassador Sekercioglu added.