An Overview of Sri Lanka's Trade Policy
Sri Lanka has been practicing an open economic policy since 1977. The economy has been growing steadily during the past few years with a rate of over 8% in 2014. GDP growth remains one of the healthiest in the region at 7.3% with per capita income at USD 3,191 in 2013. The country also has a high literacy rate of 95.6% and an unemployment rate of 4.4%.
The main exports are textiles and apparel, tea and spices, rubber products, precious stones, coconut products and fish. Sri Lanka is world famous for tea and overseas employment of Sri Lankans is also a significant contributor to the economy. Key imports include petroleum, textiles, machinery and transportation equipment, building materials, mineral products, foodstuffs. Sri Lanka's main markets include USA, UK, Japan, China, India and the Middle East. Among the main import markets are Japan, India, UK, USA, among others.
Sri Lanka has signed Free Trade Agreements with India, Pakistan and China. It is also a member of the South Asian Free Trade Area (SAFTA), APTA, BIMSTEC and a member of the G-15.
Sri Lanka has been successfully moving towards achieving the Millennium Development Goals and has achieved halving poverty, gender equality and education goals.
The Ministry of Industry and Commerce and particularly its Department of Commerce, is tasked with Sri Lanka's trade policy, implantation and promotion, especially overseas.
For more information please visit the following websites:
Ministry of Industry and Commerce: www.industry.gov.lk
Department of Commerce: www.doc.gov.lk
Why Invest in Sri lanka
Sri Lanka has one of strongest economies in the South Asian region, with a growth rate of over 8% in 2014. Strategically located in the Indian Ocean, with a large and dynamic services sector, an educated and skilled workforce, excellent infrastructure and global connectivity, Sri Lanka is an ideal destination for the foreign investor. The country is also fast emerging as an air, maritime, energy, knowledge and commercial hub in the region.
The Government of Sri Lanka has put in place several regulations to promote and protect foreign investment, including total foreign ownership in almost all areas of the economy. There are no restrictions on repatriation of earnings and the safety of foreign investment is guaranteed under the constitution. There is also a sophisticated and transparent legal framework in place. Sri Lanka has signed 28 bilateral investment protection agreements and 38 agreements on the avoidance of double taxation. Free trade agreements with India, Pakistan and recently with China, also provides access to these large markets.
Sri Lanka's export processing zones and industrial parks have been a linchpin in the industrial development and inflow of foreign direct investment into Sri Lanka. The country's economic development zones are seen as benchmarks of successful implementation of zone development strategies.
Sri Lanka’s strategic location in the Indian Ocean is an added incentive for the investor, as it is situated in one of the world’s most important and busiest maritime routes. The country is also well connected by air. The Government has heavily invested in infrastructure and energy. Yet, Sri Lanka is also mindful of environmental protection and sustainable development.
The Board of Investment of Sri Lanka (BOI) is the key institution regarding the promotion of investment and the one stop shop for all potential investors to Sri Lanka.
For further information regarding investing in Sri Lanka, please visit the BOI website on. www.investsrilanka.com
Sri Lanka Investment & Business Conclave 2017: Growth through Partnerships 30th May to 1st June 2017 – Colombo – Sri Lanka
The Ceylon Chamber of Commerce, in association with the Ministry of Development strategies and International Trade, the Ministry of Foreign Affairs, Board of Investment of Sri Lanka, Sri Lanka Export Development Board, Department of Commerce and the Sri Lanka Convention Bureau (SLCB) will be organizing the “Sri Lanka Investment and Business Conclave 2017” from 30th May to 1st June 2017 at the Oak Room, Cinnamon Grand Colombo, Sri Lanka.
Focus Sectors of the this year’s Business Conclave are Agriculture, Apparels, Education, Export Manufacturing, Export Services, Infrastructure, Knowledge Services, Tourism and Leisure, Power & Energy and others.
The Business Conclave 2017 will be centred on an overall theme of “Growth through Partnerships and feature a two days event, B2B meetings and field visits on the final day. The Brochure of the Conclave can be downloaded here.
SriLankan Airlines would offer a 15 % discount on Economy Class and a 10 % discount on Business Class airfare to all participants and accompanying persons for purchase of tickets for registered delegates travelling to SriLankan Airlines online stations. The list of SriLankan Airlines online stations is available here.
For more information about investment and business opportunities in Sri Lanka, please visit the official website of The Ceylon Chamber of Commerce.
The Colombo Tea Traders Association which is the apex body for the Tea trade will be organizing the Colombo International Tea Convention from 9th – 11th August 2017 at the Cinnamon Grand Hotel Colombo. It will begin with the FAO Inter Governmental Group on the 7th and 8th August 2017.
The target audience for this event are tea manufacturers, exporters and suppliers from all over the world. The programme is as follows:
08th August 2017 – Welcome Cocktail
09th August 2017 – Opening Ceremony and Sessions at BMICH & Presidents Tea Party
10th August 2017 – Sessions and Gala Dinner at Cinnamon Grand Hotel
11th August 2017 – Sessions at Cinnamon Grand, Beach Party at Mount Lavinia Hotel
For further information on this major event on Tea, please visit www.ceylonteaevents.com.
Calling for EOI for Electronic Trading Platform and Bond Clearinghouse for Central Bank of Sri Lanka
The Central Bank of Sri Lanka invites Expression of Interest (EOI) from eligible firms or consortia for the establishment of a state-of-the-art Electronic Platform and a Bond Clearinghouse (BCH) consisting of a Central Counterparty (CCP) clearing and settlement facility for trade in Government Securities.
The EOI must be delivered by 3.00 p.m. Sri Lanka time on or before 2nd May, 2017.
Current registration of suppliers:
The Ministry of Power and Renewable Energy Lanka Coal Company (Private) Limited is calling for registration of suppliers to supply off coal for Lakvijaya Power Plant (900MW) under spot and term tenders.
The Chairman Standing Cabinet Appointed Procurement Committee (SCAPC) of Ministry of Power and Renewable Energy on behalf of Lanka Coal Company (Private) Limited (LCC) invites sealed applications for registration of coal suppliers from principals who wish to register themselves with LCC to supply coal for Lakvijaya Power Plant-Puttalam, Sri Lanka under spot and term tenders.
Registration form including instructions for applicants can be downloaded here. The suppliers who have already registered with LCC are not required to reapply.
The 24th International Gem and Jewellery exhibition is scheduled to be held between 4th August to 7th September at the Sirimavo Bandaranaike Memorial Exhibition Centre, Colombo. For more information please follow this link. Brochures are available at the Mission.