Sri Lanka has been invited again to showcase its investment and export portfolios at a premier global Forum, dubbed as Russia’s Davos.
“This year’s St. Petersburg International Economic Forum (SPIEF) will have an exhibition the SPIEF Investment & Business Expo along with other events. We officially invite you to SPIEF 2018. This invite is directly from our Deputy Prime Minister Vladimirovich Dvorkovich” said HERussian Ambassador to Sri Lanka Yuri Materiy on 25 April in Colombo.
Ambassador Materiy was addressing Minister of Industry and Commerce Rishad Bathiudeen during his call on Minister Bathiudeen at the Ministry.
Sri Lanka was invited for last year’s SPIEF as well-by the Russian Deputy PM.
Dubbed as Russia’s Davos, SPIEF is a huge annual conference targeted at the highest levels of government personalities across the world, often drawing high ranking participants. Last year’s SPIEF saw more than 143 countries, 14000 visitors and 1100 companies, 700 from Russia. Secretary-General of the United Nations, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), the Prime Ministers of India, Gabon, Mongolia, and Dominica, were among the expo participants.
“This Forum has become a leading global platform for representatives of the business community to meet and discuss the key economic issues. It’s held under the auspices of the President of the Russian Federation. Our Deputy Prime Minister invites Sri Lanka to take part” added Ambassador Materiy.
Minister Bathiudeen said Sri Lanka’s participation at SPIEF 2018 is a good opportunity to showcase its products to the global markets. “We thank for this invite and I shall discuss with the Department of Commerce and International Trade Minister Malik Samarawickrama about our participation. SPIEF can help increase our exports to new Russian markets.”
According to the Department of Commerce, the balance of trade between Russia-Sri Lanka is in Sri Lanka’s favour. Lankan exports to Russia last year increased by 15% at US $ 210 million, from 2016’s $182 million. Even total trade increased in 2017 to $ 384.63 Mn from 2016’s $ 381.71 Mn. 83% of last year’s exports to Russia was Ceylon Tea.
Apparel, fibres and yarns, and tyres were other main exports to Russia.
Minister Bathiudeen and Ambassador Materiy also discussed other aspects of bilateral business and trade cooperation during their 25 April meet.