Sri Lanka-Mexico trade has tremendous potential to grow and steps would be taken to increase this, said Ambassador of Mexico to Sri Lanka, Federico Salas Lotfe.
He said that at presente trade is around a mere USD 230 million with Sri Lanka’s exports to Mexico in 2021 showing a positive trend with total exports at nearly USD 220 million in 2021 recording a 53% YoY growth. The largest export category is coffee, tea and spices which mainly consists of cinnamon; accounting for 51% of total exports.
Sri Lanka imported goods to the value of USD 13 mn from Mexico in 2021 recording a 3% YoY growth, of which medical instruments are the largest import category amounting to USD 3mn in 2021. Mexico was the 15th largest export market for Sri Lanka with a share of 1.6% in 2021.
Ambassador Designate of Mexico to Sri Lanka, Federico Salas Lotfe said that he met President Ranil Wickamasinghe on Friday and several key Ministers, Chairman, Ceylon Chamber of Commerce and business leaders and also visited the Colombo Port to seek ways to improve bilateral trade.
He is also exploring the possibility of opening a Sri Lanka-Mexico Chamber of Commerce to promote trade.
He said that Mexicans are one of the largest buyers of Ceylon Cinnamon. Entrepreneurs are keen to invest in Sri Lanka in projects related to value addition in Cinnamon.
“There are many untapped opportunities for Sri Lanka and Mexico to enhance bilateral ties including in the economic, trade and commercial, environmental, political and cultural spheres and we also plan to send a business delegation to Sri Lanka next year,” the Ambassador said.
He recalled that Tourism is another potential area for growth and recalled and thanked Sri Lankans for looking after around 20 Mexican tourists when they were stuck for nearly a month in Sri Lanka due to C-19 lockdowns.
“We are also looking at hosting a Mexican Food Festival in Sri Lanka next year,” he said.
Diplomatic relations between Sri Lanka and Mexico were established in 1960.