Egypt to enhance trade relations with Sri Lanka | Daily News


 

Egypt to enhance trade relations with Sri Lanka

Trade Minister Bandula Gunawardana with Egyptian ambassador and officials
Trade Minister Bandula Gunawardana with Egyptian ambassador and officials

Trade Minister Dr. Bandula Gunawardana held discussions last week with Egyptian Ambassador in Colombo Hussein El Saharty, to explore the potentials of enhancing economic relations between Sri Lanka and Egypt, especially bilateral trade.

It has been noted during the meeting that although the value of bilateral trade between both countries averaged around USD 50 million during the last few years, clearly not reflecting the huge potentials available to both Egypt and Sri Lanka given their strategic locations and complementary production sectors.

The Egypt Embassy in a release said a number of initiatives have been taken recently on both sides to encourage and enhance economic cooperation, including the proposal of a draft MoU between the Export Development Authority of Egypt and the Export Development Board of Sri Lanka, a draft agreement on Maritime Transport, an efficient mechanism to legalize commercial documents during COVID-19 lockdowns whereby both countries will able to increase mutual trade, and finally the operation of the very first flight of EgyptAir Cargo between Cairo and Colombo as an inaugural step towards re-establishing a regular air transport route between both countries.