ECONOMYNEXT – Sri Lanka and Kuwait will sign a memorandum of understanding (MoU) for the establishment of a bilateral consultative mechanism, on the sidelines of the 78th Sessions of the United Nations General Assembly held in New York from 18-26 September.
The National Chamber of Commerce of Sri Lanka and the Kuwait Chamber of Commerce and Industry had previously signed an MoU to promote trade and technical and economic corporation between the two countries in February 2020, according to the Ministry of Foreign Affairs.
Kuwait, in the Middle East region, continues to be one of the main foreign employment destinations for Sri Lanka. In 2022, of the 84.7 per cent departures to the middle east, 91.3 per cent were to Qatar, Saudi Arabia, United Arab Emirates and Kuwait.
Export value from Sri Lanka to Kuwait was 6.88 million US dollars in 2022, according to the Export Development Board of Sri Lanka. Both export and import of goods to Kuwait had decreased in 2022 from previous years.
Sri Lanka’s main exports to Kuwait in 2022 were tea, coconut milk powder, pneumatic and retreated rubber tyres and tubes, fruits, vegetables, foliage, confectionery and bakery products, babies’ garments, mattresses & mattress supporters, ornamental fish and desiccated coconut.
Main imports were plastics, inorganic and organic chemicals, petroleum oils, animal feed, electrical and electronic products, automatic data processing machines, telephone sets, audio/video equipment and parts and cocoa and cocoa preparations. (Colombo/Sep14/2023)