COYLE comes forward to revive Ceylon Tea exports to Egypt

Maged Mosleh, the Ambassador of the Arab Republic of Egypt to Sri Lanka and Ayman Kamel, Egyptian Assistant Foreign Minister for Asian Affairs addressing the audience 

COYLE, the Chamber of Young Lankan Entrepreneurs, during a Special Forum in July this year, brought together prominent figures and stakeholders to discuss ways to strengthen trade relations between Sri Lanka and Egypt. 
Amongst the esteemed gathering was Maged Mosleh, the Ambassador of the Arab Republic of Egypt to Sri Lanka, and Ayman Kamel, Egyptian Assistant Foreign Minister for Asian Affairs. 

One of the key topics of discussion was the revitalization of the export of Ceylon Tea to Egypt. In the past, Ceylon Tea held a dominant position in Egypt’s market, but over time, it faced stiff competition from players representing other countries. This combined with collective shortcomings on both sides have, unfortunately, led to Ceylon Tea losing its market-leading position in Egypt. 
COYLE highlighted the importance and immense potential of re-establishing Ceylon Tea’s market leadership in Egypt, and called for strategic collaborations between Sri Lanka and Egypt to accomplish this feat, a call that received warm and enthusiastic support from the Egyptian delegates.

According to the Export Development Board (EDB), Egypt stands amongst the top 50 destinations for Sri Lankan exports, with total export trade volumes amounting to US$ 31.27 million in 2022. Concurrently, Sri Lanka also imported goods worth US$ 13.34 million from Egypt during the same period, ranking Egypt as a significant import origin for the Island.

While acknowledging the historical trade relationship between the two nations, the Forum also addressed the recent challenges faced by Sri Lankan exporters, when trading with Egypt. For the tea industry in particular, friction in payments was a significant concern raised. 
Meanwhile, the gathering also acknowledged the lack of trade agreements between Sri Lanka and Egypt, whilst other tea exporting countries have capitalized on this, expanding their presence in that market. Thus, there was also a general consensus for the need to expand Sri Lanka’s trade potential with Egypt and other countries through the inking of new trade pacts and agreements. 
As a result of the difficulties and friction faced when exporting to Egypt, Sri Lanka’s exports to Egypt declined by 13.41 percent compared to the previous year, according to the EDB, while imports from Egypt also experienced a decline of 69.44 percent during the same period, though this was largely driven by the recent import restrictions imposed during the great financial crisis of 2022, which are now being lifted as Sri Lanka’s economy enters into a strong rebound. Accordingly, COYLE expressed its determination to reverse this trend and promote consistent growth in bilateral trade, and this was welcomed by the Egyptian delegation, and accompanied by pledges to support this goal.

The main export products from Sri Lanka to Egypt in 2022 encompassed a diverse range of items, including desiccated coconut, tea, pneumatic & retreated rubber tyres & tubes, knitted fabrics, woven fabrics, men’s outerwear, transport equipment, defatted coconut, and cartons, boxes and bags. These products showcase the inherent strengths of Sri Lanka’s industries and the potential for further collaboration with Egypt.