ICC Sri Lanka promotes trade, investment with Sarawak, Malaysia

ICC Sri Lanka Chairman Shanil Fernando, meeting with officials of Sarawak Business Federation (SBF) in April. From left: Deputy Secretary General Angie Kueh, Council Member Peter Chai, ICC Sri Lanka Chairman Shanil Fernando, SBF President Dato Sri Abang Haji Abdul Karim, SBF Deputy President Datuk Philip Ting, SBF Secretary General Dato Jonathan Chai 

International Chamber of Commerce Sri Lanka (ICCSL) is promoting trade and investments between Sarawak and Sri Lanka. The ICCSL will promote Sri Lankan companies to find export markets in Sarawak, in association with the Sarawak Business Federation (SBF) and the Ministry of International Trade, Industry and Investment Sarawak (MINTRED Sarawak). A Malaysian listed company that has business interest in Sri Lanka and Sarawak, has proposed to promote a Sarawak-Sri Lanka Business Council in Sarawak, which will also be facilitated by the ICC Sri Lanka.

ICC Sri Lanka Chairman Shanil Fernando was in Kuching Sarawak to discuss Trade and Investment facilitation between ICC Sri Lanka and Sarawak Manufactures Association (SMA), and met with SMA President Peter Chai Mui Seng, SMA Vice President Stephen Hii Hium Ung, Secretary General Ang Teck Chai, and Administrative Officer Julian Chong Keat Loong.

Shanil Fernando was briefed on the potential joint venture opportunities available for Sri Lankan companies in Sarawak by Former State Financial Secretary Sarawak and Swinburne University of Technology Sarawak Campus Council Member Datuk Wan Ali Tuanku Yubi. He presented the development projects initiated in Sarawak and welcomed cross-investments.

Sarawak, located in northwest Borneo Island is the third-largest island in the world and the largest in Asia offering an ideal climate for investments, through business-friendly policies. Sarawak being Malaysia’s largest state among the 13 states, lies in East Malaysia and shares the island of Borneo with the eastern state of Sabah, bordering Indonesia’s new capital Nusantara in East Kalimantan and adjoining state of Brunei. Sarawak is bordering Indonesia and Indonesia is moving its capital from East Kalimantan to Nusanthara, planning to be one of the most IT friendly latest capital cities in the world.

During the sixth century, Sarawak was a thriving “Centre for Trade” between India and China and at present Sarawak has succeeded in becoming a top national investment destination with the initiatives launched by the State, for local and foreign investors.

Sarawak has a total of 21 industrial estates. The prime trade partners of Sarawak are Malaysia, China and Japan. Due to the advantages of renewable hydro-power, availability of lowest average unsubsidised tariffs in Malaysia and the region, availability of energy surplus and willingness to share bulk power purchase (energy export) agreements with other industries in Sarawak to be an investment hub for many new ventures in South East Asia.

The economy of Sarawak is the third-largest of the states of Malaysia and has traditionally depended on ‘natural resource extraction and exports’. Few of the prime exports are liquefied natural gas (LNG) and petroleum, timber, pepper, palm oil, textiles and rubber – Sarawak emerges as home to many business ventures. Tourism plays a major role in the economy of the state, contributing 13.5% of the state’s GDP in 2021.

Sarawak, is a land booming with opportunities for investments especially in plantations, hotel and tourism industry, hospitals and health care, academic institutions and universities, agriculture and forestry and construction ventures.

The International Chamber of Commerce Sri Lanka (ICCSL) is the domestic chapter of the Paris-based world business organisation, the International Chamber of Commerce (ICC). ICC Sri Lanka has been operating in Sri Lanka for over 70 years, consisting of listed and unlisted member companies representing premier business organisations in Sri Lanka, promoting international trade, responsible business conduct and global approach to regulation through a unique mix of advocacy and governance together with arbitration and dispute resolution services. ICC Sri Lanka also holds the sole authority to issue ATA Carnet Certificates in Sri Lanka. The ICC internationally has, over the years, expanded its presence in 130+ countries with a membership of over 45 million. In 2017 ICC was accorded a permanent seat as an observer for the UN. The first time a private-sector chamber has received such an honour from the UN.

ICC Sri Lanka in partnership with Sarawak Business Federation (SBF) and other government and private sector entities hosted a webinar on 27 April with the participation of over 75 companies, presenting trade and investment opportunities between Sri Lankan and Sarawak, Malaysia which will also be accompanied by a trade delegation in due course.

All interested parties in doing Trade and cross-investments between Sarawak, Malaysia and Sri Lanka are requested to contact the ICCSL Secretariat. 

SMA President Peter Chai Mui Seng, and ICC Sri Lanka Chairman Shanil Fernando 

Snapshot captured during the recently held webinar on trade and investment opportunities between Sri Lankan and Sarawak, Malaysia