“We wish to extend our invitation to Japan – Sri Lanka Business Co-operation Committee to consider inviting SME’s in Japan to set up their manufacturing facilities in Sri Lanka and make use of the opportunity of entering Indian and Pakistan markets through the present Free Trade Agreements Sri Lanka is enjoying with these two countries,” Daya Weththasinghe, President of the Sri Lanka – Japan Business Co-operation Committee of the Ceylon Chamber of Commerce was quoted in a media release.
“Indeed, many of Japan’s SMEs have come to rely more on international markets.”
More than 99 percent of all businesses in Japan are small or medium-sized enterprises (SMEs) which employ a majority of working population and account for a large proportion of economic output the media release said.
SME’s operates in the retail, services and restaurant/lodging industries and the manufacturing sector.
Japan is the ninth largest export destination for Sri Lanka’s exports with a share of two percent, Department of Commerce of Sri Lanka data showed.
As for imports Japan ranks at sixth supplying four percent of Sri Lanka’s total imports.
The top three Lankan exports to Japan in 2013 were tea which accounts for 22 percent, apparel and seafood accounts for 17 percent each. 52 percent of 2013 imports bill from Japan was spent for motor vehicles.
Bilateral trade between Sri Lanka and Japan stood 900 million dollars in 2013 which was 890 million dollars in 2012