Sri Lanka should come up with proactive regulatory measures in trade and investment by the Sri Lankan government to give a further flip, to existing trade and investment ties between Sri Lanka and China.
Minister of Economic and Commercial Office-Embassy of the People’s Republic of China of Sri Lanka, Yang Zuo emphasised these views speaking at a seminar held under the theme, ‘Enhancing Exports to China and Attracting Investment’.
The event was organised by the Ceylon Chamber of Commerce in Colombo.
Speaking on marketing opportunities in China and entry strategies, the Minister Yuan stressed that relevant authorities in the Sri Lankan tourism industry need to come up with a potential marketing strategy to promote burgeoning the Sri Lankan tourism industry among Chinese travellers to better garner set targets of the industry.
“They haven’t heard much about tourism in Sri Lanka; but there is a large potential market, waiting to be explored. Chinese tourists might want to go to the Maldives since the country is known as a preferred tourism destination in the Asian region.”
“Over the years, purchasing power and the consumption of Chinese nationals have increased at a faster pace over the last two-three decades, and they prefer to pay a premium price when it comes to purchasing high quality, personalised products. If Sri Lankan companies wish to cater to the Chinese market, it is essential for them to set higher standards for their products, to cater to the changing and diverse requirement of Chinese consumers,” Minister Yuan stressed.
“With a large population, China holds a huge market; nevertheless, there is a shortage of Sri Lankan goods and services, exported to China.”
“In recent years, more and more Chinese companies have expressed their willingness to invest in Sri Lanka, the Minister Yuan said adding that the Chinese government is willing to provide necessary support for promising Sri Lanka investors to create much-needed business links with Chinese counterparts as well as to help expand their footprint in the Chinese market through business partnerships.
In 2017, two-way trade between the two countries have reached USD 4.4 billion, while tourist arrivals from China to Sri Lanka reached 270,000 marks, contributing largely to the development of the Sri Lankan tourism sector.
“Underscoring the need to explore potential products and services that can be exported to the Chinese market,” he said that it is essential to implement speedy measures to create a good impression about ‘Made in Sri Lanka products’ among Chinese consumers.
Potential products from Sri Lanka to China are apparel, coconut, tea, natural rubber, cinnamon, fruit, nuts, edible plants, pepper, and frozen fish and many more.
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