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Trade and Economic Relations between Sri Lanka and Canada

Trade and Economic relations between Sri Lanka and Canada has increased over the years.

Exports from Sri Lanka to Canada

Sri Lanka’s exports to Canada has increased by 12.8% from US$ 126.24 million in 2011 to US$ 142.42 million in 2012. “Apparel and clothing” has been the main item of export from Sri Lanka to Canada, which accounted to 54% of the total value of Sri Lanka`s exports to Canada in 2012. Other main items of exports to Canada are retreated or used pneumatic tyres of rubber, compounded rubber, raw bristle fibre of coconut (coir), tea, gloves, mittens & mitts, new pneumatic rubber tyres, other articles of vulcanised rubber other than hard rubber and preparations of cereals etc.

Imports from Canada to Sri Lanka

Sri Lanka’s imports from Canada have decreased by 5.8 % from US$ 331.99 million in 2011 to US$ 312.88 in 2012. Imports of wheat & meslin accounted for 83% of the value of total imports from Canada in 2012 being a single dominant item during the past nine years. Other main imports from Canada were iron or steel & its articles, dried leguminous vegetables, shelled, whether or not skinned or split, newsprint, in roll or sheets, coin, plastics and articles thereof, uncoated craft paper & paperboard, in rolls or sheets, and optical photographic, cinematographic etc.

Sri Lanka’s Trade with Canada : 2002-2012

Year

SL’s Exports US$ (mn.)

SL’s ImportsUS$ (mn.)

Total TradeUS$ (mn.)

Balance of Trade US$ (mn.)

2002

61.52

13.47

74.99

48.04

2003

64.19

36.53

100.72

27.65

2004

71.55

43.60

115.15

27.94

2005

71.51

94.99

166.50

- 23.48

2006

77.81

212.81

290.62

-135.00

2007

78.60

196.75

275.35

-118.15

2008

89.60

346.53

436.13

-256.93

2009

74.14

272.04

346.18

-197.90

2010

94.47

253.85

348.32

-159.38

2011

126.24

331.99

458.23

-205.75

2012

142.42

312.88

455.30

-170.46

Source: Department of Customs, Sri Lanka

Products and services which have potentials and expansion capacity from Sri Lanka to Canada:

  • Textile and apparel
  • Gem and jewellery
  • Rubber based products
  • Ceramics
  • Confectionary items
  • Leather products
  • Fresh & processed food
  • Fresh flowers
  • IT and IT enabled services

Investment Opportunities for the Canadian Entrepreneurs in Sri Lanka

Sri Lanka welcomes Foreign Direct Investment. A number of Canadian Entrepreneurs have invested in Sri Lanka under the provisions of the Board of Investment Act and under the normal Law of the country. At present, 15 Canadian companies/business ventures are operating in Sri Lanka with total investment of US $ 28 million (up to 2009).

In order to protect the interests of the Canadian investments in Sri Lanka, the Government of Sri Lanka has signed the under mentioned Agreements with the Government of Canada.

  • Agreement on Promotion and Protection of Investment on June 17, 1982.
  • Agreement on Avoidance of Double Taxation on June 09, 1982.

For more information on investment opportunities in Sri Lanka- www.boi.lk

Canada - Sri Lanka Business Council

The Sri Lanka-Canada Business Council was established in December 1990 with a view to promote bilateral trade, investment, tourism, technology transfer and industrial cooperation between Sri Lanka and Canada.

For more information- www.cslbcbiz.com

Sri Lanka as a Tourist Destination

Sri Lanka is considered as a unique tourist destination in the Indian Ocean. Flanked by the Indian Ocean and the Bay of Bengal, Sri Lanka holds many attractions that entice tourists to visit and explore the stunning and mesmerizing world (Steeped in Buddhist influence, the historic cities store myriad unspoken tales and legends within their walls).

The amazing tourist destinations in Sri Lanka have boosted tourism in the island nation. The island has been known by several names such as Dharma Deepaya, Heladiva, Serendib, Taprobane and Ceylon. There are many famous tourist attractions in Sri Lanka which include Buddhist stupas, temples and monasteries, Hindu temples, forts, relics of ancient dynasties and civilizations. The national attractions include golden beaches, misty mountains and diverse fauna and flora.

When the renowned scientist and writer Sir Arthur C. Clarke made his home in Sri Lanka in 1956, he claimed the island the ‘Jewel of the Indian Ocean’ was the best place in the world from which to view the universe [The author of 2001: A Space Odyssey].

More information on tourism: www.srilankatourism.org