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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 to Canada from Sri Lanka

 “Apparel and clothing” has been the main item of export from Sri Lanka to Canada, which accounted to 56%  of the  total value  of Sri Lanka`s exports to Canada in 2009. Other main items of exports to Canada are tea, surgical gloves, solid tyres, pneumatic rubber tyres, printed circuits, fish and crustaceans, precious and semi precious stones, glazed ceramic tiles, wall tiles, activated carbon, raw coconut and coir etc;

Imports to Sri Lanka from Canada

Sri Lanka’s imports from Canada have decreased by 21% from US$ 346.53 million in 2008 to US$ 272.04 in 2009.   Imports of wheat & meslin accounted for 76.6% of the value of total imports from Canada in 2009 being a single dominant item during the past seven years. Other main import from Canada were dried legumes, unbleached Kraft liner (paper), asbestos, chemical wood pulp, peas (dried & shelled) and Newsprint etc;

Sri Lanka’s Trade with Canada : 2000-2009

Year

SL’s  Exports        US$ (mn.)

SL’s Imports

US$ (mn.)

Total Trade

US$ (mn.)

Balance of Trade US$ (mn.)

2000

70.11

47.17

117.28

22.94

2001

68.54

23.73

92.27

44.81

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

Source: Department  of Customs, Sri Lanka

 Some of the products/services that have been identified for promotion in Canada are as follows:

  • 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 $ 3.00 million.

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.k

 Sri Lanka-Canada 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 Claerk 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