Sri Lanka should exploit the large untapped economic potential New Zealand has to offer, said Sri Lanka Honorary Consul in Wellington, Taniya Scott.
In an interview with the Sunday Observer Business she said that with the change of Government in New Zealand, they now encouraged entrepreneurship. “Due to this reason there is renewed interest among New Zealand investors to engage in more businesses both locally and globally. “They have also identified Asia as a destination to move into as they see huge potential in the region,” she said.
“This gives Sri Lanka which is New Zealand’s 25th largest trading partner, an opening to pitch as a country to woo Kiwi investment especially in manufacturing, higher education, vocational education, tourism and hospitality, fishing and aquaculture, ICT and in startups,” she said.
“Though there are huge opportunities for Sri Lankans to work in the Kiwi infrastructure sector which includes plumbing, electrical work, decorating and similar areas, a person cannot begin work immediately unlike in some of the Gulf countries. The requirement is that any infrastructure worker has to first undergo a vocational training course and obtain certification before being employed in New Zealand,” Scott said.
Hence, Sri Lankan educators could tie up with vocational training institutes in New Zealand and offer the certification in Sri Lanka. Then with this certification, Sri Lankans could easily gain employment in New Zealand, she said.
Scott also said that Sri Lankan entrepreneurs should market the fact that Sri Lanka has two Free Trade Agreements with India and Pakistan and Kiwi manufactures could manufacture goods here and export the goods to these countries which have huge markets.
Currently New Zealand trade exports and imports are not too impressive.
In the June 2024 quarter New Zealand exported USD 92.1 million of total goods and services to Sri Lanka and imported USD 23.8 million worth of goods, representing a trade balance of USD 68.3 million and a total trade value of USD 115.9 million.
This represented 0.4% of all exports of total goods and services in this time period and 0.1% of imports.
The top five exports from Sri Lanka to New Zealand include tea, apparel and textiles, rubber and rubber products, spices and coconut products. Sri Lanka imports dairy products, meat, wool, fruit, wine, machinery and equipment from New Zealand.
However, New Zealand’s top trade partners are China followed by the US and then Australia.
“In a bid to increase trade and investment, we are planning to have investor-forums and arrange for business delegations to visit both countries. Tourism too is a key area and we hope to have special events with the Ministry of Tourism to create more awareness about Sri Lanka and try to increase the current 4,000 Kiwi arrivals to 50,000,” Scott said.
“We hope to work with the New Zealand High Commission in Sri Lanka in this regard” she said.
