Indo-Lanka trade turnaround

Indo-Lanka trade in remarkable turnaround

• India’s FIEO enters Sri Lanka
• ‘FIEO entering at an important time’-Rishad
• Huge 27% YoY surge in Indo-Lanka trade
• 2015 first-half trade tops $2.6 Bn!
• ‘India-linked trade via Colombo port now huge’-FIEO’s Vadivel

As Indo-Lanka YoY annual trade reported a remarkable turnaround, the umbrella exporters body of India made its entry into Sri Lanka on 11 September with no less than a mini Indian exporters’ fair in Colombo-and India now claims the bulk of Colombo port’s total container transhipments, as revealed on 11 September. “We, the Federation of Indian Export Organisations are proud to present the first Indian multi-product exhibition in Colombo. Indian linked cargo now accounts for over three fourths of Colombo port’s total container transhipment volume” said a pleased A. Sakthivel (Southern Regional Chairman-Federation of Indian Export Organisations-FIEO) on 11 September in Colombo.

FIEO Southern Chairman Sakthivel was voicing the latest bilateral trade developments in the aftermath of the soft opening of “IndiaExpo” at BMICH, Colombo by Rishad Bathiudeen (Minister of Industry and Commerce of Sri Lanka) on 11 September morning. Joining the event was Arindam Bagchi (Deputy High Commissioner of India).

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, remarked: “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 HE the 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% in 2013 (in comparison to 2012) showed a new turnaround in 2014 with a huge YoY jump of 27% (to a total of $4.6 Bn). This is an increase from 2013’s $3.6Bn. In January-June 2015 alone, bilateral trade totalled $2.6 Bn.

“We, the Federation of Indian Export Organisations are proud to present the first Indian multi-product exhibition in Colombo. Titled IndiaExpo, this initial event packs 50 Indian firms showcasing their capacity to export diverse products to the Lankan market” said A.Sakthivel (Southern Regional Chairman-Federation of Indian Export Organisations-FIEO), and added: “Sri Lanka has been gaining increasing importance for Indian exporters and importers as Indian linked cargo now accounts for over three fourths of Colombo port’s total container transhipment volumes! 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% of India’s international trade.