Turkey and Sri Lanka have pledged to increase bilateral trade to reach USD 500 million in the coming years and explore new avenues for trade and investments between the two countries, Turkish Ambassador Rakibe Demet Sekercioglu said last week.
The envoy was addressing a gathering to mark the 63rd Annual General Meeting of the National Chamber of Commerce of Sri Lanka last week.
She said bilateral trade between Sri Lanka and Turkey was around USD 175 million in the past year and added that there was ample scope for growth in trade and investments between the two countries.
Turkey and Sri Lanka need to explore more avenues for trade and investments as both countries have vast potential to support each other, Sekercioglu said.
The global pandemic hindered trade between the two countries.
However, Turkey will seek greater cooperation between Turkey and the Sri Lankan business community.
Trade between the two countries was US$185.7 million in 2019 (Turkish exports/imports: 84.3/101.4 million USD)
The Turkish economy grew by 11.7 percent last year and recorded a per capita income growth from USD 3,500 to USD 9,000.
The Turkish economic model aims at boosting exports and high valued trade with the rest of the world.
Turkish Foreign Minister said recently that Turkey plans to promote holistic relations with Asia that has become the center of global economic power.
Inaugurating a new office of Sri Lanka’s Honorary Consulate General in Alanya, he said Ankara desires to promote cooperation with Sri Lanka in fields such as economy, culture and education.
Turkey was one of the first countries to recognize Sri Lanka following its independence in 1948.
Trade relationships between Sri Lanka and Turkey should go beyond a few specialized products with a focus on diversification, the Turkish Ambassador said.
Turkey’s first formal relationship with Sri Lanka began with the Ottoman Empire’s assignment of an honorary consul of Sri Lanka in Galle in 1864.
Sri Lanka opened its embassy in Ankara in 2012 and Turkey opened its embassy in Colombo in 2013.
In 2005, then-Prime Minister Recep Tayyip Erdogan paid a visit to Sri Lanka after a tsunami hit the country. Later, Sri Lanka’s president visited Turkey in 2008, he noted.
Asian Development Bank Country Director Chen Chen said small and medium sector enterprises should be helped with greater access to funding and know-how as it is the most vulnerable sector to external shocks.
He said women owned SMEs too need greater attention as they face many obstacles in developing enterprise due to discriminations and poor access to funding. Sri Lanka’s business and trade facilitation needs to be strengthened to support SMEs, CHEN said adding that Sri Lanka should focus on diversifying the export basket.
He said skills mismatch in Sri Lanka should be addressed at tertiary and vocational training levels.
NCCSL President Nandika Buddhipala said the chamber will revive the bilateral trade forum which were hampered due to the pandemic and will launch the entrepreneurship development program to boost entrepreneurship and financial literacy among entrepreneurs.