Hong Kong and Sri Lanka sign economic agreement

MoU to promote economic growth and encourage business development.

The MOU will also allow the Hong Kong Trade Development Council and the Sri Lanka Export Development Board to enhance trade information and strengthen trade cooperation between Hong Kong and Sri Lanka.

The agreement targets such industries as handicrafts, home textiles, garments, tea, food, gemstones and jewelry.\

HKTDC Deputy Executive Director Benjamin Chau, who signed the agreement on behalf of HKTDC, believes there is vast, unrealized trade potential between Hong Kong and Sri Lanka. He noted that Sri Lankan companies can enjoy huge trade opportunities on the Chinese mainland and throughout Asia working with Hong Kong and the HKTDC.

"We are happy to establish a partnership to promote Sri Lankan companies through the HKTDC's print publications, online marketplace and the more than 30 trade fairs we organize each year in Hong Kong," Chau said.

He noted that more than 34,000 international exhibitors showcased their products and services to some 700,000 trade buyers from around the world at HKTDC fairs in 2012. That included 30 exhibitors and some 300 trade buyers from Sri Lanka.

Bilateral trade between the two economies totaled US$509 million in 2012. Hong Kong exports to Sri Lanka were valued at US$400 million, with textiles, telecommunications equipment and apparel leading the way. Apparel, gemstones and tea were Sri Lanka's major exports to Hong Kong.