Home » Egypt proposes Arab Sri Lanka Business Council to promote trade, investments

Egypt proposes Arab Sri Lanka Business Council to promote trade, investments

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By: Staff Writer Colombo (LNW): Arab Republic of Egypt is now keen to spearhead a campaign to form an Arab Sri Lanka Business Council to promote trade, tourism and investments This was disclosed by Arab Republic of Egypt Ambassador Maged Mosleh when he last week paid a courtesy call on Prime Minister Dinesh Gunawardena and discussed matters of mutual interest. Ambassador Mosleh said Egypt is pursuing the Arab Ambassadors Forum to establish an Arab Sri Lanka Business Council to promote trade, tourism and investments. The groundwork has been prepared for this through discussions with relevant authorities and the Chambers of Commerce, he said. The Prime Minister requested the Ambassador to explore potential investments in the hospitality industry as well as setting up export industries in export industrial zones in Sri Lanka as many incentives have been offered to foreign investors. The Prime Minister briefed the Ambassador on the steps taken by the Government to overcome the economic crisis. The Egyptian Ambassador congratulated the Government on the rapid success made to restore the economy in a short span of time and added that Sri Lanka has given a valuable example for other countries faced with similar crises to emulate. It was also agreed to revive the Egypt-Sri Lanka Business Council originally founded in 2004, and to reconvene the Joint Commission on Trade and Economic Cooperation which last met in 2002. Opportunities for Sri Lanka to benefit from Egyptian Technical Support in cultivating Citrus, pomegranate, mango, dates and expanding agricultural training opportunities from the Egyptian International Centre for Agriculture (EICA) was reviewed, while Egypt showed interest to obtain plant materials of Pineapple, red banana, custard apple. Egypt has requested Sri Lankan investors to invest in the field of Agriculture, Tourism, textile and garment industries, Communication & Information Technologies, Oil refinement, while Sri Lanka welcomed Egyptian investors to the Colombo Port City. Egypt is the 50th export destination for Sri Lanka. Total export value from Sri Lanka to Egypt was USD 31.27 Mn in 2022 and total imports from Egypt to Sri Lanka for the same period were USD 13.34 Mn. Egypt is the 52nd import origin for Sri Lanka in 2022. Sri Lanka’s exports to Egypt has decreased by 13.41% in 2022 when compared to the year 2021. Imports from Egypt has also decreased by 69.44% in 2022 when compared to 2021. Sri Lanka’s main export products to Egypt in 2022 were Desiccated Coconut, Tea, Pneumatic & Retreated Rubber Tyres & Tubes, Knitted Fabrics, Woven Fabrics, Men’s Outerwear, Transport Equipment, Defatted Coconut and Cartons, Boxes & Bags.
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