Turkey-Sri Lanka ready to boost bilateral trade to US$ 500mn

Turkey is set to explore new avenues with Sri Lanka to increase the bilateral trade volumes to US$ 500 million, from the current US$ 175 million, under the Turkey-Sri Lanka Joint Economic Commission.

“The bilateral trade volumes between Turkey and Sri Lanka reached over US$ 175 million by the end of 2021. However, it should be noted that there’s immense potential to diversify trade between the two countries,” Turkish Ambassador to Sri Lanka R. Demet Şekercioğlu told the 63rd Annual General Meeting of the National Chamber of Commerce, in Colombo, this week.

She noted that both countries have agreed to increase  bilateral trade volumes to US$ 500 million during the second Turkey-Sri Lanka Joint Economic Commission meeting, held virtually in June last year.

“In order to realise this untouched potential, Turkey is ready to explore new avenues under the guidance of joint mechanism,” Şekercioğlu added.

The bilateral trade volumes between the two countries hit an all-time high of US$ 219.72 million in 2018. However, the bilateral trade volumes fell to US$ 160.31 million in 2020, before recovering to US$ 175 million in 2021.
Turkey remains among the top two buyers of Ceylon Tea. In 2021, Turkey imported 29,741 MT of Ceylon Tea.

In addition, Sri Lanka exports rubber-based products, spices, cinnamon and apparel products to Turkey. The key imports from Turkey to Sri Lanka include cereal, iron and steel.

The two countries also expressed interest in exploring possibilities of cooperation in a range of fields such as services, civil aviation, industry, agriculture, education and health. (NF)