South Africa has expressed willingness to bring down tea tariffs for a period of time not extending three years, the outgoing High Commissioner in Colombo, Robina P. Marks said.
She made this disclosure when she was delivering the inaugural address at the 'Sri Lanka – South Africa Business Promotion Meeting' held in Colombo recently.
She further underscored the need to recalibrate its trade strategy in Sri Lanka and the desire for a more balanced trade relationship between the two countries.
“Even though national interest is important to all countries, South Africa also wants a more balanced trade between the two countries. Sri Lanka and South Africa consider that it's important because they both need to work on the basis that each has something to offer in this bilateral relationship,” she added, commenting on bilateral trade ties in the COVID-19 era.
The Foreign Ministry said South Africa has been able to expand its trade footprint in Sri Lanka and that overall trade stood hugely in favour of her country.
South Africa is Sri Lanka’s largest source of imports and the second largest export destination in the African region.
Imports from South Africa largely consist of coal while Sri Lankan exports consist of tea, apparels and rubber products.
In terms of investment, High Commissioner Marks said that international retail brand, SPAR, through a joint venture between SPAR Group Ltd South Africa and Ceylon Biscuits Limited has opened four outlets in Sri Lanka with plans to expand up to 20 retail stores.
High Commissioner Marks also exchanged views with representatives of the Sri Lankan businesses community on the possibility of boosting fish exports to South Africa, value addition and knowledge sharing in the gem and jewelry industry, opportunities in the renewable energy sector and sharing expertise in food preservation in the canning industry.