SRI LANKA-CZECH REPUBLIC DEAL
Sri Lanka and the Czech Republic signed a mutual cooperation agreement on 7 February, aiming to formulate and implement a framework of economic engagement. This is to be achieved through the establishment of a joint committee to promote bilateral trade, investment and economic relations.
The Ministry of Development Strategies and International Trade highlighted that special emphasis will be given to encourage investment cooperation in economic sectors through nontraditional financial instruments.
There has been continuous growth in Sri Lankan exports to the Czech Republic over the last decade, amounting to US$ 5 million in 2017, with a positive trade balance. Exports have been confined to rubber and rubber based products, coconuts and coconut based products, tea and apparel. Sri Lanka is looking to expand exports to finished rubber products, insulated wires, chemical products, essential oils and food products.