National Chamber successfully concludes bilateral session with South Africa

The session on bilateral trade and investment between Sri Lanka and South Africa, organised by the National Chamber, was successfully concluded recently at the National Chamber auditorium, with a large gathering of business community and government officials.

National Chamber President Deepal Nelson welcomed High Commissioner of South Africa in Sri Lanka Sandile Edwin Schalk (special guest speaker), Third Secretary Political Zanethemba Tshangela, Sri Lankan High Commissioner in South Africa Prof. Gamini Gunawardane, Second Secretary Thiloka Perera and the special invitees attended representing the Export Development Board, Board of Investment, Commerce Department, Foreign Affairs Ministry Sri Lanka, Industries Ministry, IDB, National Craft Council and the media entities.
Speaking to the gathering, Schalk briefed the business possibilities in South Africa for Sri Lankan companies, informing that South Africa has 60.1 million population, exports US $ 121 billion (2022) and imports US $ 93 billion (2022) and South Africa’s US $ 468.5 billion economy is the 33rd largest in the world. 

The economy is highly diversified from a sectoral perspective and the most developed and technological advanced economy in Africa. Foreign direct investment (FDI) inflows have increased substantially since the onset of democracy, with FDI stock representing 36.3 percent GDP in 2019 as compared with 6.6 percent in 1994. 
Prof. Gunawardane connected virtually and stated that business-to-business interaction between the two Countries should grow further. Perera, who also connected online, explained about the role of the Sri Lanka High Commission in South Africa. Sri Lankan companies already active in South Africa are BoardPAC, Virtusa, LOLC Finance Zambia Ltd, Ranfer Teas Central Africa, Basilur Tea, Camso, Rank Entertainment Holdings (Pvt.) Ltd and Dilmah Tea.