There are many niche markets for Sri Lankan products and new opportunities are available in Norway, said Grete Lochem, Ambassador of Norway in Colombo yesterday (March 19), addressing the EDB facilitated seminar on Norway GSP+ Scheme at the EDB auditorium, Colombo.
New Norwegian GSP plus involves low middle income countries with less than 75 million population. Sri Lanka therefore qualifies as a GSP plus country. As a result, Sri Lanka now receives better market access to Norway, she said.
According to Daily News, Norwegian import market potential is estimated to be US$ 100 billion. It is considered to be high purchasing power market due to it being the third highest GDP per capita nation in the world - GDP/capita PPP of nearly US$ 55000.
"Our total bilateral trade with Norway has increased by 26% to US$ 31.83 million since 2008. The balance of trade is in our favour. Apparel is the main export item to Norway from Sri Lanka taking 38 percent of the total exports, in 2012," said Minister of Industry and Commerce Rishard Bathiudeen addressing the session.
“SL has demonstrated strong economic growth since the war ended” said Grete Lochem Ambassador of Norway in Colombo.
“Progress has been made in service and manufacturing sectors. There is development in infrastructure-ports and roads. But Sri Lanka is experiencing a trade deficit-importing much more than exporting. But in invoking Norway - Sri Lanka commercial cooperation, it’s the hard work of everybody that is involved. There are trade opportunities to expand trade and investment. There are many niche markets for your products and new opportunities are available.”
“New Norwegian GSP plus involves low middle income countries with less than 75 million population. Sri Lanka therefore qualifies as a GSP plus country. As result, Sri Lanka now receives better market access to Norway,” added Lochem.
“Norway offers a potential market for Sri Lanka with an import market of nearly US$ 100 billion and a per capita GDP being the highest in Europe recording over US$ 55, 000,” said Bandula Egodage Chairman and CEO, EDB addressing the event.