The Sri Lanka Exports Development Board in collaboration with the Sri Lanka Embassy in Iraq, plans to organize a Sri Lanka Pavillion at the Baghdad International Trade Fair.
The 39th Baghdad International Trade Fair (BITF), would be held from November 1 - 10 under the theme “Span your market to Iraq” offering wider opportunities for trade.
Sri Lanka would be participating at this fair with the objective of exploring new export opportunities and expanding the product base, Sri Lanka Export Development Board Chairman and Chief Executive Janaka Ratnayake, told Daily News Business.
The Middle East market, Iraq in particular, continues trade relationships since the 80’s and is a key export market for Sri Lanka, especially for tea.
An agreement would be entered into with Iraq shortly, to facilitate more trade between the two countries in identified sectors, he said.
The trade fair would be organized by a state company for Iraqi government, Iraqi Fairs and Commercial Services under the Ministry of Trade. The two governments’ intervention on a cost sharing basis is the highlight of this year’s fair, where the Ministry of Industry and Commerce would play an active role in trade participation.
The meeting of Sri Lanka - Iraq joint committee for economic and technical cooperation, was conducted in July to further promote initiatives for mutual benefit.
“We will be looking at expanding the product range while having a diversified portfolio with Iraq. The trade fair would provide an opportunity to explore market potential for improved trade relationships with Iraq,” Ratnayake said.
This is the first time that Sri Lanka Export Development Board was organizing the Sri Lankan pavilion, while last year there were ten participants from the country. Sri Lanka would showcase its potential in products and services, including tea, desiccated coconut, fruits and vegetables, biscuits and confectioneries, leather products, garments, rubber tyres, tubes and other rubber products, books and printed material, electronic and electrical products, porcelainware, herbal products, construction services, travel and tourism, communication and electrical cables.
“We have already received applications from 16 companies, while keen interest could be seen in the Iraq trade fair. This would be an ideal platform for the country to promote trade and commercial activities,” he said.
The trade between Sri Lanka and Iraq, recorded a steady growth since 2006 from US $ 24 million to $ 52 million in 2010 and $ 86 million in 2011.The trade value of $ 40 million had been recorded for the first six months of this year.
Sri Lanka and Iraq continue cordial relationships for many years and the Iraqi Tea Board was operating in Sri Lanka since late 70’s and 80’s, where its main function was to allocate quotas for Sri Lankan companies.
Sanjeevi JAYASURIYA
Source: Daily News (12th September 2012)
