Ras Al Khaimah, Sri Lanka trade volume witnesses massive growth

Business Bureau, Gulf Today

Mohamed Ali Musabbeh Al Nuaimi, Chairman of Ras al Khaimah Chamber of Commerce and Industry received Malraj De Silva, Ambassador of the Sri Lanka to the United Arab Emirates who led a business delegation recently.

The meeting was attended by Youssuf Ismail, Board Member of Ras Al Khaimah Chamber of Commerce and Industry, Head of the Supreme Committee of Saud Bin Saqr Foundation for Youth Project Development, Arifa Saleh Al Falahi, Board member, Chamber of Commerce and Industry and Mohamed Hassan Al Sabab, Director General of RAK Chamber of Commerce and Industry.

The meeting was organised by RAK Chamber of Commerce and Industry (RAKCCI) and the Sri Lankan Embassy in Abu Dhabi.

Mohamed Mosbeh Al Nuaimi welcomed the Ambassador and the accompanying delegation. He praised the trade relations between the United Arab Emirates and Sri Lanka; he stated that this meeting aims to strengthen the bilateral trade relations between the Republic of Sri Lanka and the Emirate of Ras Al Khaimah, in line with the robust political and economic ties between the two countries.

Al Nuaimi further noted that the business relations between the emirate of Ras Al Khaimah demonstrated significant growth during the last years, as the foreign trade with Sri Lanka reached Dhs131 million in 2019, with 332 per cent compared to the previous year, the exports from Ras Al Khaimah to Sri Lanka reached 76 per cent totaled Dhs100 million, while the imports reached Dhs30 million, according to the statistics issued by Ras Al Khaimah Customs Department.

Additionally, 219 certificates of origin have been issued to Sri Lanka in 2019 from Ras Al Khaimah Chamber of Commerce and Industry, while the certificates of origin from the members of the Chamber for the exports of Sri Lankan origin reached 118 certificates in the same year.

Al Nuaimi said, “We are delighted to meet the Ambassador and the Sri Lankan Business delegation”. He emphasized the importance of the promising Sri Lankan market which offer wide range of products and the raw materials such as the construction materials, rubber products, plastic, sweets, biscuits, tea, coffee and the other food stuff.

He affirmed that Ras Al Khaimah private sector wish to reinforce and develop the economic and investment relations with Sri Lanka in the different business and economic sectors, and to increase the bilateral trade between the two sides.

Al Nuaimi underscored the importance of benefiting from all the available investment opportunities to enhance volume of the bilateral trade between Ras Al Khaimah and Sri Lanka; with the stimulating investment privileges offered by the emirate Ras Al Khaimah which also represents a connection between key regional and global commercial markets, because of its strategic location and its easy access to the neighboring markets, which offer a great opportunity for enhancing the investments and develop the partnership between Ras Al Khaimah and Sri Lanka.

Al Nuaimi invited the Ambassador and the delegate to participate in the international exhibitions and events organised by Ras Al Khaimah Chamber of Commerce and Industry in collaboration with Saud Bin Saqr Foundation for Youth Project Development.

He stated that these exhibitions enhance the business cooperation between Ras Al Khaimah and the participating countries through bringing together the small and medium companies from all over the world, which shall contribute to facilitate the business relations, exchange knowledge and the best practices in addition to enhancing the economy diversification which is adopted by the Emirate of Ras Al Khaimah.

Arifa Saleh Al Falahi, Board member of Ras Al Khaimah Chamber of Commerce and Industry stressed the importance of activating the education cooperation between Sri Lanka and the Ministry of Education especially in the Banking and the international commerce and business studies, because of the great experience of the Republic of Sri Lanka in this field. She pointed out the absence of “Made in Sri Lanka” label in some of the Sri Lankan global products, which are made in Sri Lanka.

Al Falahi highlighted the importance of promoting tourism for both countries in collaboration of the embassies and the relevant authorities in the two countries, which shall support the tourism promotion and trade.

Malraj De Silva, Ambassador of Sri Lanka expressed his pleasure with the warm reception and the cooperation demonstrated by the officials at RAK Chamber of Commerce and Industry, the Chairman and the Board members and their keenness to support this meeting, and the issued discussed.