Industry and Commerce Minister Rishad Bathiudeen in discussion with Qatari Foreign Affairs Assistant Minister Mohamed bin Abdullah Al Rumaihi at Qatar Foreign Ministry
As year-on-year (YoY) bilateral trade surged and Sri Lanka’s exports to the world’s largest per capita economy hit a new high, both Qatar and Sri Lanka jointly stressed the need to boost trade further.
The importance of pushing bilateral trade to new levels was jointly stressed when Industry and Commerce Minister Rishad Bathiudeen paid a courtesy call on Qatari Foreign Affairs Assistant Minister Mohamed bin Abdullah Al Rumaihi at Qatar Foreign Ministry, Doha recently.
According to the World Bank, in 2014, oil and gas rich Qatar was the world’s highest per capita gross domestic product (GDP) economy with a per capita of US $ 97,518 - standing even above Norway.
During the discussions, both ministers agreed that despite bilateral trade surge by 18 percent to US $ 78 million in 2014 and Sri Lanka’s exports to Qatar recording the highest levels last year, there are yet unrealised trade potentials between both countries and it is time to broaden trade to next levels. Minister Bathiudeen also welcomed investors from Qatar to Sri Lanka.
According to the Commerce Department of Sri Lanka, Sri Lanka’s exports to Qatar recorded the highest level of US $ 14.39 million in 2014. YoY bilateral trade between the two countries that stood at US $ 66 million in 2013 surged by 18 percent to US $ 78 million in 2014. Bananas and plantains was the main export to Qatar from Sri Lanka, claiming 31 percent of the total exports to Qatar in 2014.