Increasing Sri Lanka's export volumes will help crucial Balance of Payment issue- Minister

Sri Lanka's Economic Development Minister of Sri Lanka Basil Rajapaksa says the crucial Balance of Payment issue is due to the growing domestic demand brought on by the country's economic growth and increasing export volumes will help to solve the issue. "I believe that expansion of exports and resulting revenue can be a promising way out from this situation," the Minister has said at a ministerial press briefing held Thursday (15) on the upcoming international trade show "Sri Lanka Expo 2012". Sri Lanka Expo 2012, the country's premier international trade fair, organized by the Export Development Board (EDB) and the Industries and International Trade Ministry will be held from March 28 to 31 at the BMICH in Colombo.
The Minister has highlighted that the country's economy is growing, especially, due to the end of the war but also noted that the integration of North and East back to national production process is also contributing to the growth. He explained that the domestic prices of agro products are falling due to the increased production and the surplus produce therefore need to be channeled to the export markets to safeguard the local farmers. Speaking of the trade fair, the Minister noted that the fair is a great opportunity for local businesses to promote their products at the export market. The trade show already has attracted 294 international buyers of which 133 are from the East Asia-Pacific region and 77 from the South Asia. Another 42 will be from the European Union countries and Russia while 28 are from Americas. World famous brands such as Wal-Mart, Global Sourcing, ASDA, Arcadia, H&M, Victoria's Secret, BHS, M&S Calzedonia S.p.A and Lulu are expected to participate in the exhibition as buyers. Over 300 stalls covering the entire range of traditional and non-traditional products and services are to be featured in the Expo, which is a combination of exhibition, symposiums, keynote addresses and corporate events.