COLOMBO: Indo-Lanka YoY annual trade has reported a remarkable turnaround, and Indian linked cargo now accounts for over three fourths of Colombo port’s total container transhipment volume,” said A. Sakthivel, Southern Regional Chairman-Federation of Indian Export Organisations-FIEO yesterday, following the soft opening of “IndiaExpo” at BMICH, Colombo by Industry and Commerce Minister Rishad Bathiudeen.
IndiaExpo is the first Indian multi-product exhibition in Colombo by FIEO, which is the apex body of Trade Promotion Organisations of India.
Minister Bathiudeen, having inaugurated the first IndiaExpo event, said, “We welcome FIEO to Sri Lanka. I am pleased 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 President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe is moving to enhance its exports to India and other key markets in a significant way.” According to the Department of Commerce of Sri Lanka, Indo-Sri Lanka total annual bilateral trade which fell by 11 percent in 2013 (in comparison to 2012) showed a new turnaround in 2014 with a huge YoY jump of 27 percent (to a total of $4.6 billion).
This is an increase from 2013’s $3.6 billion. In January-June 2015 alone, bilateral trade totalled $2.6 billion. “We, the Federation of Indian Export Organisations are proud to present the first Indian multi-product exhibition in Colombo. This initial event packs 50 Indian firms showcasing their capacity to export diverse products to the Lankan market,” added Sakthivel.
“At a time when traditional Western markets are showing slow recovery from economic crisis, the growing markets in Asia are expected to provide a great opportunity for enhancing Indian exports as well.”
The IndiaExpo 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 percent of India’s international trade.
