Colombo: Sri Lanka is set to participate in the Gulfood 2023 exhibition in the UAE as the crisis-hit nation seeks to attract more foreign business, the Export Development Board announced on Wednesday.

One of the largest food and beverage shows in the region will take place in Dubai from 20 to 24 February and will attract thousands of visitors from all over the world.

Sri Lanka's participation is meant to encourage the sale of its goods to the Middle East, Africa and South Asia, which account for 40% of its export markets.

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According to Sri Lanka's Export Development Board, around 90 food and beverage businesses applied to represent the country in its expo pavilion.

"The EDB carefully selected 28 people who would be able to capture new business opportunities in the UAE and Middle East countries," according to EDB Assistant Director Gyani Wijetilek.

Mostly processed and fresh fruits and vegetables, coconut products, teas, spices and certified organic food and supplement companies will be on display.

Sri Lanka intends to focus on the food security of Middle Eastern countries, especially in light of the disruption of global supply networks due to the COVID-19 pandemic restrictions.

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Wijetilake said, “We can network with them and seize new market opportunities that have developed as a result of the COVID-19 issue.

“We have an opportunity to promote our Sri Lankan brands as demand for products is increasing, especially for natural, healthy products.”

However, he continued, the ultimate goal is to increase overall exports in the crisis-hit nation. Due to record-low foreign exchange reserves, the island nation of 22 million people faces a severe financial crisis as early as 2022, making it its first sovereign default since independence.

Officially, Sri Lanka has $1.7 billion in reserves, but this figure includes $1.4 billion from the People's Bank of China, which cannot be accessed unless the country has enough money to cover three months of imports. Do not have enough cash for

Colombo is counting on exports to generate more income as it works to secure a $2.9 billion loan from the International Monetary Fund to restart its debt repayments and stabilize the economy.

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In 2022, Sri Lanka is set to receive $400 million from the markets it will pursue at the Gulfood Expo. "Our aim is $592 million for 2023," Wijtilek said. "We will bring more foreign currency into the country ... to ease the pressure that we are under now."