DUBAI: The two countries have to consolidate the already strong bilateral relations. A number of joint venture trade projects are being implemented between both countries,” announced Ambassador of the United Arab Emirates to Sri Lanka Abdulhamid Abdulfattah Kazim Al- Mulla on December 1 addressing the 76th National Day Celebrations of UAE in Colombo on 1 December at Shangri-La Hotel.
“There are over 122,000 Sri Lankans living and working in the UAE. The total trade turnover was US$ 1.3 billion in 2016 and US$ 1.18 billion in the first half of 2017. There is great potential for us to export higher volumes and high value added products to the UAE,” said Minister of Industry and Commerce Rishad Bathiudeen.
Tea, apparel, and natural rubber were the three major export commodities from Sri Lanka to UAE last year. At a quarter of all exports (at $73 mn), tea was Sri Lanka’s major export to UAE. Petroleum oil was the biggest import from UAE taking 46% of all imports (at US $ 489 mn) followed by gold (at 13.4% of all imports).
Sri Lanka has keen interest in inviting the UAE investors to invest in Sri Lanka especially in infrastructure projects as Sri Lanka is transforming itself as a hub in the Indian Ocean.”
In the World Economic Forum’s latest Global Competitiveness Report 2017-18 UAE topped the Arab world and ranked 17th in Global Competitiveness Ranking. UAE has been one of the largest investors in Sri Lanka among Gulf Cooperation Council (GCC) economies, investing over US$ 385 Mn in FDI since 2012.
“A number of joint venture trade projects are being implemented between both countries and they will strengthen relations between both countries even more,” said Ambassador of the United Arab Emirates to Sri Lanka Abdulhamid Abdulfattah Kazim Al- Mulla.
