Bilateral trade between SL and India has surged steeply – Minister Rishad

Minister of Industry and Commerce Mr. Rishad Bathiudeen said that bilateral trade between Sri Lanka and India has surged 27 percent year-on-year in 2014 to a $ 4.6 billion and in the first half of this year the trade reached US$ 2.6 billion.

As Indo-Lanka annual trade reported a remarkable turnaround, the umbrella exporters’ body of India, Federation of Indian Export Organizations (FIEO) made its entry into Sri Lanka on 11th September at a mini Indian exporters’ fair in Colombo.

India Expo is the first Indian multi-product exhibition in Colombo by FIEO, which is the apex body of Trade Promotion Organizations of India.

After opening the expo on 11 September at BMICH the Southern Regional Chairman-Federation of Indian Export Organizations A. Sakthivel said that the Federation is proud to present the first Indian multi-product exhibition in Colombo. Indian linked cargo now accounts for over three fourths of Colombo port’s total container transshipment volume.

Welcoming the FIEO to Sri Lanka Minister Bathiudeen said that FIEO is partnering with various Sri Lankan trade and industry chambers in this event and more importantly, FIEO is entering at a time when Sri Lanka, under the leadership of both the President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe is moving to enhance its exports to India and other key markets in a significant way.

He said that according to the Department of Commerce of Sri Lanka, Indo-Sri Lanka total annual bilateral trade which fell by 11% in 2013 (in comparison to 2012) showed a new turnaround in 2014 with a huge YoY jump of 27% to a total of $ 4.6 billion. This is an increase from 2013’s $ 3.6 billion. In January-June 2015 alone, bilateral trade totaled $ 2.6 billion.

The India Expo event is supported in Sri Lanka by the Ceylon Chamber of Industries, National Chamber of Commerce and Industry of Sri Lanka and Sri Lanka Chamber of Small and Medium Industries. FIEO’s direct members contribute to more than 72% of India’s international trade.