COYLE paves the way for strengthening trade relations between Egypt and Sri Lanka

COYLE, the Chamber of Young Lankan Entrepreneurs, during a Special Forum in July 2023, brought together prominent figures and stakeholders to discuss ways to strengthen trade relations between Sri Lanka and Egypt. Amongst the esteemed gathering was Maged Mosleh, the Ambassador of the Arab Republic of Egypt to Sri Lanka, and Ayman Kamel, Egyptian Assistant Foreign Minister for Asian Affairs. This meeting marked a pivotal moment in fostering economic cooperation between the two nations.

During the Forum, COYLE’s leadership expressed its commitment to encourage bilateral trade relations with Egypt, emphasizing the potential for mutual growth and prosperity. To this end, COYLE has now set an ambitious, yet realistic target of reaching USD 40 million in trade with Egypt by 2024, a goal that showcases the organization’s dedication to promoting robust commercial ties between the two countries.

One of the key topics of discussion was the revitalization of the export of Ceylon Tea to Egypt. In the past, Ceylon Tea held a dominant position in Egypt’s market, but over time, it faced stiff competition from players representing other countries. This combined with collective shortcomings on both sides have, unfortunately, led to Ceylon Tea losing its market-leading position in Egypt. Thus, COYLE highlighted the importance and immense potential of re-establishing Ceylon Tea’s market leadership in Egypt, and called for strategic collaborations between Sri Lanka and Egypt to accomplish this feat, a call that received warm and enthusiastic support from the Egyptian delegates.

According to the Export Development Board (EDB), Egypt stands amongst the top 50 destinations for Sri Lankan exports, with total export trade volumes amounting to USD 31.27 million in 2022. Concurrently, Sri Lanka also imported goods worth USD 13.34 million from Egypt during the same period, ranking Egypt as a significant import origin for the Island.