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Thursday May 13th, 2021
Economy

Sri Lankan small businesses get Canadian support

COLOMBO (EconomyNext) – The Trade Facilitation Office Canada (TFO Canada) has struck a partnership with Sri Lanka’s Export Development Board (EDB) to help small and medium sized exporters to make further inroads into the lucrative Canadian market.

The partnership between the TFO Canada and EDB offers various benefits for Sri Lankan exporters, including increased access to information about the Canadian market, a Canadian High Commission statement said.

It will also increase connectivity between Canadian importers and associations with Sri Lankan exporters and support the EDB with Canadian market familiarization tours, market entry studies and training programs.

"Through this agreement, TFO Canada will work with the EDB to strengthen and build capacity of SMEs in Sri Lanka, a key, if not essential, driver of economic growth,” High Commissioner of Canada Shelley Whiting said.

The two institutions will harmonize their efforts to increase bilateral trade between Sri Lanka and Canada. 

Merchandise trade volume between Sri Lanka and Canada in 2014 was 481 million US dollars.

Total exports from Canada are valued at 310 million dollars, with nearly 92 percent constituting wheat and lentils.

Sri Lankan exports to Canada are primarily apparels and rubber products totalling 171 million dollars in 2014.

“In Sri Lanka, this agreement comes at a time when the Government of Sri Lanka has an opportunity to reap the economic benefits of a peace dividend by fostering a transparent, responsive and pluralistic government,” the statement said.

 

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