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Doing business in Sri Lanka

Doing Business in Sri Lanka

In 2022 the trade interchange between Italy and Sri Lanka reached 826 million euros, the highest value in the last 7 years, thanks to two years of strong growth in a row, +22.4 percent compared to 2020 and +14.4 percent compared to 2021, for a total interchange that, compared to 590 million in 2020, grew by 40 percent. This trend is not confirmed for 2023, a year in which projections show a slight slowdown. In fact, the latest available data referring to the period January-October 2023 show a decline from 693 to 655 million compared to the same period the previous year, with Sri Lankan exports maintaining similar values to the previous year and Italian exports, on the other hand, registering a more noticeable decrease.

Italy remains the 4th largest destination market for Sri Lankan exports and the 16th largest supplier to the country. Sri Lanka, on the other hand, is the 99th destination market for Italian exports and the 70th supplier of our country.

Italy exports to Colombo mainly textiles, fibers and fabrics, which go to feed the local textile industry, Sri Lanka’s most important manufacturing sector. Machinery, primarily those for the textile, ceramics and agribusiness industries, is the other major item in our country’s exports.

Italian imports from Sri Lanka mainly involve products from the garment sector, which exports much of the local production to Italy. Other imported goods include items derived from rubber processing, jewelry, costume jewelry and processed precious stones, and fish products.

It is noteworthy that bilateral trade registers a historically continuous and solid surplus in favor of Sri Lanka, as shown in the table on bilateral trade data, which is also confirmed by the partial 2023 data.

The Commercial Office of the Italian Embassy (commerciale.ambcolombo@esteri.it) is available to individuals and businesses seeking more information to plan their investments in Sri Lanka.

Visiting the websites listed at the bottom or contacting local Chambers of Commerce can be a good way to gather detailed information on local markets and get in touch with their affiliated business associations.

The Sri Lanka – Italy Business Council

It was established in 1998 at the Ceylon Chamber of Commerce in Colombo, the “Sri Lanka – Italy Business Council,” which aims to be a propelling tool for the development of economic, trade and industrial relations between the two countries.

Specifically, the “Sri Lanka – Italy Business Council” facilitates and provides information for the formation of joint ventures between Sri Lankan and Italian investors and the organization of joint meetings with business organizations and economic operators in Italy and Sri Lanka. It is in the interest of the businessmen of the two countries to have not only as detailed a picture as possible of the economic and industrial potential of the two countries, but also to increase and deepen exchanges in the different areas of interest in order to increase the overall volume of interchange between Sri Lanka and Italy.

The impetus for the creation of this body came from the proposal made by Ambassador Maurizio Teucci in 1997. Since its creation, it has undertaken the support of its affiliates, whose number has grown to include various industries and trade sectors and even some NGOs. The Executive Committee, represented by members of these sectors, holds regular meetings in which representatives of the Italian Embassy, the European Union, the Export Development Board and the local Department of Commerce also participate as observers.

For more information visit http://www.srilankaitaly.com/ and/or consult the following documents:

-Country Report Sri Lanka (in English)

REPORT 1 and REPORT 2 (both in English) prepared by the Economic Intelligence Unit of The Ceylon Chamber of Commerce on bilateral relations about Investment and Trade between Sri Lanka and Italy.

Important Contact Information – Sri Lankan Chambers of Commerce.

The Ceylon Chamber of Commerce
50, Navam Mawatha,
Colombo 02,
Sri Lanka
Tel : (0094) 11 – 2421745-7, 2329143, 5588800 (30 hunting lines)
Fax : (0094) 11 – 2437477, 2449352, 2381012
Email : info@chamber.lk
Website : http://www.chamber.lk/

>> Federation of Chambers of Commerce & Industry of Sri Lanka (FCCISL).
Level 3, 53 Vauxhall Lane,
Colombo 2,
Sri Lanka
Tel : +94-11-2304254
Fax : +94-11-2304255
Website : http://www.fccisl.lk/
E-mail : form on website
Previous e-mail : fccisl@pan.lk

>> National Chamber Of Commerce of Sri Lanka
450, D.R.Wijewardena Mawatha,
Colombo 10,
Sri Lanka
Tel : +094 5 374801-4/6/7
Fax : +094 1 2689596
E Mail : sg@nccsl.lk

>> European Chamber of Commerce of Sri Lanka (ECCSL).
39, Deanston Place,
Colombo 03
Sri Lanka
Tel : +94 11 2375486-7
Fax : +94 11 2375489
E-mail : eccsl@sltnet.lk
Website : http://www.eccsl.com/

Useful Addresses – Boards

>> Board of Investment of Sri Lanka.
Level 26, West Tower,
World Trade Center,
Colombo 01, Sri Lanka.
Tel: (+94 11) 2427000
Fax : (+94 11) 2447995
E-mail : webmaster@boi.lk
Website : http://www.boi.lk/

>> Sri Lanka Export Development Board (EDB)
42 Nawam Mawatha
Colombo 2
Tel : 94-1-300705-11
Fax : 94-1-300715
E-mail : edb@tradenetsl.lk or form on website
Website : http://www.srilankabusiness.com/

Useful Addresses – Export Insurance.

>> Sri Lanka Export Credit Insurance Corporation (SLECIC)
Level 4, Export Guarantee House
42, Navam Mawatha
Colombo 02
Sri Lanka
Tel : +94 (0) 4719410 – 14
+94 (0) 5378161 – 65
Fax : +94 (0) 4719400
E-mail : info@slecic.lk