Sri Lanka, Portugal to explore trade ties

COLOMBO, Dec. 28 (Xinhua) -- Sri Lanka and Portugal are keen to explore trade opportunities and the latter has pledged to send a delegation in March 2012 for further discussions, a statement said here on Wednesday.

With the International Monetary Fund (IMF) as having approved a disbursement of 3.8 billion U.S. dollars to Portugal after completing its second review of the country Sri Lanka is keen to increase trade, said a statement issued by the Industry and Commerce Ministry.

Apparel, textile and clothing have been the major Sri Lankan export items to Portugal in 2010 making up 35 percent of total exports. Other major exports items are coconuts, cashew nuts, solid tires, cotton wastes, coir fiber, bicycles and porcelain tableware, kitchenware and household articles.

Sri Lanka's invitation for further trade discussions was accepted by Portugal Ambassador to Sri Lanka Roza de Oliveira. " Portugal is undergoing economic reforms and our companies are looking at the alluring South Asian region. Sri Lanka is very attractive to our private sector due its growing Gross Domestic Product rates and political stability. Portugal and its private sector firms are keen on Sri Lanka's alternative energy, water management and edible oil processing sectors as potential investment avenues."