INTERNATIONAL TRADE
SPOTLIGHT ON: SRI LANKA
Sri Lanka is a market of over 21 million people. With its geographical location in South Asia, it is a trading and a trans- shipment hub reaching a market of over 1.6 billion. Sri Lanka’s Gross Domestic
Product (GDP) is growing steadily. It is classed by the World Bank as a lower middle income country and has an established and growing middle class, much of which has a direct link with the UK through work, study or though family members in the UK, so British products are familiar. Sri Lanka is already home to
ITOPS grant funding available
The International Trade Operations and Procedures (ITOPS) qualification is a BCC- accredited and highly practical, relevant qualification designed to prove that candidates have the necessary skills to accurately operate the administration procedures in an international trade environment – whether that of a manufacturer/supplier or freight forwarder.
The award covers the five main elements of export administration: • Administration Procedures • Export Documentation • HMRC and other legal requirements • Export Payments • Dispatch and Shipping
The training comprises four full-day workshops followed by a portfolio assessment six to eight weeks later. Candidates also have the opportunity to attend an airport visit at
the DHL East Midlands Hub, and feedback has proven that the experience is an invaluable part of the qualification. The course is very detailed and covers why documents are
required, implications of producing incorrect documentation, how to book freight and liaise with freight forwarders to ensure they provide a full breakdown of their prices. Previous ITOPS students have made significant savings on freight
bills, customs planning and consideration of which Incoterms to use. Successful ITOPS candidates receive a certificate as well as the BCC
Foundation Award in International Trade, which is nationally recognised. The Chamber has secured funding through Skillsbank for this
course to offset the cost by 50% for businesses located in the SCR Region (Barnsley, Bassetlaw, Bolsover, Chesterfield, Derbyshire Dales, Doncaster, North East Derbyshire, Rotherham and Sheffield). What’s more, as an approved partner, all the Chamber’s open
courses and bespoke options are available to those businesses which are eligible – although all courses still remain available at the standard price to those outside the grant funding areas.
For more information and to book, visit
bit.ly/Chamber_ITOPS
For more information and to book your place on any of the Chamber’s upcoming International Trade courses, call our dedicated team on 0333 320 0333 (option four) or visit
www.emc-dnl.co.uk/enabling-international-trade
54 business network February 2020
some of the big UK companies. They include Marks and Spencer, HSBC, GlaxoSmithKline, Standard Chartered Bank and Rolls Royce. There are over 100 companies in Sri Lanka with UK affiliation across a wide range of sectors. The country enjoys a high
performing economy driven by a highly skilled and educated workforce who speak English widely. Its commercial laws are based on English law and there are long- standing existing trading links with the UK, making it one of the easiest countries in South Asia in which to do business. On the flip side, bureaucracy and a lack of transparency are all prominent in the Sri Lankan business environment.
‘The top exports from the UK are in the education, ICT and infrastructure sectors’
UK exports to Sri Lanka were
valued at US$390m in 2018 and this is growing steadily. As the UK is the leading business partner for higher education and technology partnerships it is no surprise that the top exports from the UK are in the education, ICT and infrastructure sectors. This clear link between the two countries in the education and training sector means that there are lots of opportunities for East Midlands businesses to look at Sri Lanka as their next market for international growth. British qualifications are the
most desired by Sri Lankan students. There are already 28 UK universities present in the market, working with local providers on undergraduate and postgraduate qualifications. The government is working to increase this number and also attract a large number of overseas students to the country. Companies involved in areas such as vocational and further education, or study/classroom equipment, would be advised to look for opportunities in Sri Lanka.
There are strong ties between the UK and Sri Lanka
Colombo, Sri Lanka
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