The National Chamber of Commerce of Sri Lanka successfully conducted a session on strengthening bilateral trade opportunities between Sri Lanka and Italy with the gracious presence of His Excellency Damiano Francovighm, Ambassador of Italy as the Guest Speaker at the National Chamber Auditorium on March 27, 2024.
Welcoming both Ambassadors and their diplomatic officials, invitees and participants National Chamber President Mr. Deepal Nelson noted that it is extremely necessary to generate export revenue for the country at this needy hour and the event expects to pave the path to Italian entrepreneurs to directly interact with Sri Lankan entrepreneurs in much-focused manner in the space of Tourism, FDIs, Trade and Export, etc.
H.E. Jagath Wellawatte, the Sri Lankan Ambassador in Rome, Italy, emphasized Italy’s significance as a key trading partner. Italy holds the top position as both the primary trading partner and export destination for Sri Lankan products within the EU region, making it the most crucial country for Sri Lanka in terms of trade within the European Union. Additionally, the Ambassador highlighted the low level of Sri Lanka’s participation in trade fairs organized in Italy.
The speech delivered by Ms. Tharaka Botheju, Counsellor (Commercial), representing Ms. Dilani Weerakoon, Consul General of Sri Lanka in Milan, Italy, highlights the significant trade relationship between Sri Lanka and Italy. Italy stands out as Sri Lanka’s primary trading partner within the EU, serving as both a key export destination and a second home to many Sri Lankan expatriates. Additionally, recognizing the importance of diversifying Sri Lanka’s export basket beyond textiles and apparel, the speech emphasizes the strategic value of participating in trade fairs like Host Milano to showcase a range of Sri Lankan products, including Ceylon Tea, cosmetics, spices, and herbal-based goods. Furthermore, the speech identifies niche opportunities in supplying components to Italy’s automobile industry and meeting the demand for Sri Lankan culinary traditions and Ayurvedic products in Italy. Overall, the speech underscores the potential for expanding bilateral trade and collaboration between Sri Lanka and Italy across various sectors.
His Excellency Damiano Francovigh the Italian Ambassador in Sri Lanka, graced the session as the guest speaker, enriching the gathering with an insightful presentation. His excellency emphasized about the present economy in Italy and its trade interaction with Sri Lanka and elaborated on statistics on various aspects including the growing SME sector and leading business sectors for growth; international connectivity; subnational strength; and bilateral relations.
” Italy ranks as the 4th economic partner for Sri Lanka based on exports. Additionally, he highlighted the significant presence of Italian investors in Sri Lanka, with more than 15 on-site businesses. These investors play a vital role in the local tourism sector and fashion garment industry.”
The Sri Lankan business community gathered at the session extensively engaged with the HE Ambassador in clarifying regarding the business opportunities available in Italian markets.
The National Chamber intends to conduct follow-up sessions in view of facilitating business connections between the two countries.
