“Ethical business practices key to Sri Lanka–Türkiye business partnerships”

Sri Lankan companies that demonstrate strong governance and ethical business practices will be better positioned to partner with Turkish firms integrated into global supply chains, said Semih Lütfü Turgut, Ambassador of the Republic of Türkiye to Sri Lanka.

Addressing the National Chamber of Exporters of Sri Lanka (NCE) at its 40th anniversary event in Colombo on Friday as Chief Guest, the ambassador noted that while opportunities exist, entering the Turkish market requires careful planning.

He highlighted prospects for Sri Lankan exporters across several sectors, while pointing to growing collaboration opportunities amid increasing global emphasis on governance and ethical trade standards, particularly for firms seeking to integrate into international supply chains.

Turgut observed that Sri Lanka, much like Türkiye, occupies a strategically significant location, which brings with it responsibilities such as ensuring regional stability, diversifying energy sources and strengthening export-oriented economies against external shocks.

He also warned that ongoing conflicts, rising protectionism and shifting global trade dynamics continue to pose challenges to all nations.

“Yet amidst these uncertainties, trade remains a driving force for resilience and cooperation. Together, we can transform challenges into opportunities, strengthen our economic ties and contribute to a more stable and prosperous region,” he said.

Chathuranga Abeysinghe, Deputy Minister of Industry and Entrepreneurship Development, who attended the event as Keynote Speaker, announced plans for a major structural reform to gradually remove para-tariffs, aimed at improving competitiveness and strengthening export-led growth.

He explained that the move would help reduce input costs for exporters and support Sri Lanka’s participation in multilateral trade agreements, while acknowledging potential impacts on certain local industries.

The Deputy Minister also outlined ongoing initiatives to support export growth, stressing the importance of product complexity, labour force participation, productivity, innovation and deeper supply chain integration.

He urged exporters to invest in research and development and strengthen backward linkages to ensure traceability and compliance with evolving global standards 

The event also marked the official launch of the SLAB-endorsed Certificate of Ethical Trading (CET), reflecting the Chamber’s continued emphasis on ethical business practices and adherence to international standards, as it celebrated four decades of service to Sri Lanka’s export sector. 

Source: Hiru News