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Trade and Economic Relations between Sri Lanka and Canada

Trade and Economic relations between Sri Lanka and Canada has increased over the years.

Exports from Sri Lanka to Canada

Sri Lanka’s exports to Canada have increased by 17% from US$ 180 million in 2016 to US$ 210 million in 2017. “Apparel and Clothing” has been the main item of export from Sri Lanka to Canada. Other main items of exports to Canada are Parts Suitable For Machinery of Headings 84.25 To 84.30, Coconuts, Brazil Nuts and Cashews - Fresh or Dried, Apparel Gloves and Clothing Accessories of Vulcanized Rubber (Other than Hard Rubber), Fresh or Chilled Fish (Excl Fish Fillets) etc.

Imports from Canada to Sri Lanka

Sri Lanka’s imports from Canada have decreased by 10 % from US$ 252 million in 2016 to US$ 227 in 2017. Wheat has been the main item of imports from Canada to Sri Lanka in 2017. Other main imports from Canada were Leguminous Vegetables - Dried and Shelled, Semi-Finished Products of Iron or Non-Alloy Steel, Newsprint - in Rolls or Sheets, Motor Vehicles For Passenger Transport (Other than Buses/Public Transport), Electronic Integrated Circuits etc.

Sri Lanka’s Trade with Canada: 2013-2017

                                                                                                                                                            Value in US $ million

Chart1

Source: Annual Report 2017, Central Bank of Sri Lanka

 Chart

 Products and services which have potentials and expansion capacity from Sri Lanka to Canada:

  • Textile and apparel
  • Gem and Jewelry
  • Rubber based products
  • Ceramics
  • Confectionary items
  • Leather products
  • Fresh & processed food
  • Fresh flowers
  • IT and IT enabled services
  • Coconut products
  • Natural Spices
  • Ceylon Cinnamon
  • Ceylon Tea
  • Coir Products

Investment Opportunities for the Canadian Entrepreneurs in Sri Lanka

 Sri Lanka welcomes Foreign Direct Investment. A number of Canadian Entrepreneurs have invested in Sri Lanka under the provisions of the Board of Investment Act and under the normal Law of the country. At present, 22 Canadian companies/business ventures are operating in Sri Lanka.

In order to protect the interests of the Canadian investments in Sri Lanka, the Government of Sri Lanka has signed the under mentioned Agreements with the Government of Canada.

  • Agreement on Promotion and Protection of Investment on June 17, 1982.
  • Agreement on Avoidance of Double Taxation on June 09, 1982.

For more information on investment opportunities in Sri Lanka visit www.boi.lk

Canada - Sri Lanka Business Council

The Sri Lanka-Canada Business Council was established in December 1990 with a view to promote bilateral trade, investment, tourism, technology transfer and industrial cooperation between Sri Lanka and Canada.

Canada - Sri Lanka Business Convention

Canada-Sri Lanka Business Convention is a non-profit organization which was founded in 2016 to facilitate business introductions between Canada and Sri Lanka. Canada-Sri Lanka Business Convention provide assistance to Canadian and Sri Lankan Entrepreneurs to expand their products and services to both countries and to improve bi-lateral trade, technology transfer and tourism between both countries.

In March 2017, Canada Sri Lanka Business Convention delegation comprising Canadian Parliamentarians, business leaders and investors traveled to many parts of Sri Lanka including Northern, Eastern, Central and Western provinces in order to establish successful trade initiatives. This visit was followed by a visit again in November 2017.

Sri Lanka as a Tourist Destination

Sri Lanka is considered as a unique tourist destination in the Indian Ocean. It is a place where the original soul of Buddhism still flourishes and where nature’s beauty remains abundant and unspoilt.

Few places in the world can offer the traveler such a remarkable combination of stunning landscapes, pristine beaches, captivating cultural heritage and unique experiences within such a compact location.  Within a mere area of  65,610 km lie 8 UNESCO World Heritage Sites, 1,330 km of coastline - much of it pristine beach - 15 national parks showcasing an abundance of wildlife, nearly 500,000 acres of lush tea estates, 250 acres of botanical gardens, 350 waterfalls, 25,000 water bodies, to a culture that extends back to over 2,500 years.

Sri Lanka has claimed the top spot in the world's leading travel guide, the Lonely Planet as the best travel destination in 2019.

Tourist arrivals from Canada to Sri Lanka: 2013-2017 

Year

2013

2014

2015

2016

2017

Tourist Arrivals

30,926

33,282

37,732

44,122

46,896

Source: Annual Report 2017, Central Bank of Sri Lanka

Around 46,896 Canadian tourists had visited Sri Lanka in 2017. It is about 6.3% increase in the tourist arrivals from Sri Lanka to Canada.

For more information visit Sri Lanka Tourism Promotion Bureau website: www.srilanka.travel