There is a considerable untapped export potential for Sri Lankan products mainly in the apparel, fishery, tea, spices and processed food sectors in the Israeli market and there is a USD 105 million remaining total untapped potentials in individual products, said Sri Lanka Export Development Board Chairman Suresh de Mel-Chairman.
Speaking further, De Mel said Sri Lanka considers Israel as a very important economic partner and there is a vast untapped potential in trade for both countries to explore for mutual benefit. Israel was the 20th largest trading partner to Sri Lanka in 2021.
“Therefore we will be able to open up new avenues of trade between two countries in various sectors. Strengthening bilateral trade and industrial and technological cooperation with Israel is a top priority for us,” De Mel told a seminar, held on ‘Opportunities in the Israel Market and the objective of this webinar was to create awareness among the business community in Sri Lanka and make a platform for them to explore new business opportunities available in the Israeli market. The virtual event was organized by the Sri Lanka Export Development Board along with the Embassy of Sri Lanka in Israel, the Federation of Israeli Chamber of Commerce and the Israeli –Sri Lanka Chamber of Commerce. He stated further that Israel was the 31st sourcing or import destination of Sri Lanka for the same year. The total export value from Sri Lanka to Israel was USD 128.7 million and total imports from Israel to Sri Lanka were USD 99.8 million in 2021. The total trade between the countries stood at USD 228 million in 2021 with an average growth rate of 8.5 % during the last five years. There was a positive trade balance for Sri Lanka which stood at USD 28.9 million in 2021.
Sri Lanka’s main export products to Israel were diamonds, fish products, tea, made-up textile articles, pneumatic and threaded tires, rubber tires and tubes, coconut-based products, oil and the apparel sector. The island’s main imports from Israel were yarn and other textile articles, electrical and electronic products, processed vegetables, fruits and juices, chemical products, plastics and woven fabric. “I strongly believe that Sri Lanka’s rapidly growing marketplace and Israeli’s complementary technologies create a synergy that will no doubt enhance the overall cooperation and trade volume between our two countries as always the EDB is committed to facilitating the business community in both countries to develop.”
Israel has become a cutting-edge centre of the high-tech and scientific industries in the global markets. The signing of free trade agreements with the major economies in the world allows investment and trade to flourish. Israel has global leaders in scientific and medical research, computer and electronics technology, biotechnology, agro technology and many other fields.
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