“First SL-S’Pore bis forum a resounding success – Rishad

The first ever Sri Lanka – Singapore Business Forum held along with the landmark MoU on 30 May between Sri Lankan and Singapore businesses is a resounding success. “We are pleased with the outcome of the first ever Sri Lanka – Singapore Business Forum.

I have now been informed by the SL-S’ Pore Business Council in Colombo that many Singapore firms are also presently discussing the formation of biz partnership with Sri Lankan firms,” announced Minister of Industry and Commerce Rishad Bathiudeen on 20 June.

Minister Bathiudeen was responding to the special communiqué sent to him by Colombo based SL-S’Pore Business Council (SLSBC) on 19 June.

SLSBC spearheaded the landmark MoU between the Singapore Business Federation and the Sri Lanka-S’Pore Business Council inked on 30 May in Colombo. The MoU not only forges a viable B2B linkage between Sri Lankan and Singaporean indigenous businesses but also unveils a pragmatic mechanism to more than 7000 well established global multinational giants already operating in Singapore and scores of newly relocating multinationals to Singapore who are now focusing on Asia as the next high growth region to enter Sri Lanka. Along with the MoU, SLSBC also held the first Sri Lanka – Singapore Business Forum on the same day a first of this nature in Sri Lanka – Singapore bilateral trade history.  

127 Sri Lankan business reps and 22 Singaporean reps took part in it representing 64 Sri Lankan firms and 18 Singaporean entities. The high level Singapore delegation was led by visiting Foreign Minister and Law Minister of Singapore K. Shanmugam. Both Minister Bathiudeen and Minister Shanmugam together witnessed the signing of the MoU at the Galadari Hotel.

“The 30 May event was a resounding success attended by over 150 participants including the 21 member business delegation and nearly 100 participants from the Sri Lankan corporate sector. The one to one business matching sessions that followed the conclusion of the business forum received excellent feedback,” said Sri Lanka – Singapore Business Council (SLSBC) President Shamil Mendis. “The Singapore Business Federation has also expressed its high satisfaction on the success of the event,” Mendis added. The MoU was signed by Vice Chairman of the Singapore Federation and President of the Singapore Chinese Chamber of Commerce and Industry Teo Siong Seng on behalf of Singapore Business Federation (SBF) and Sri Lanka – Singapore Business Council (SLSBC) President Shamil Mendis on behalf of SLSBC. Among the Singaporean companies, diversified firms and state agencies represented in the visiting delegation are the South Asia Business Group (business networking platform), Pacific International Lines (shipping), ST Engineering (integrated engineering), Auston Institute of Management (education), CHH Construction System Pte (construction and security systems), Cosmopolitan Real Estate Pte (boutique real estate), Design Team three (landscape and interior design), Falcon Incorporation (fit outs and premium furniture), Filtec Pte (automotive parts), Global Law Alliance (full service law), International Enterprise Singapore (S’Pore government agency driving its external trade), Infraco Asia (multilateral donor funding), Kumon Asia and Oceania (education), Luxasia Pte (luxury fragrance and cosmetics brand), Makara Investment Advisors Pte (financial services), Singbridge International (cities and urban development), Soilbuild Group Holdings (residential and business property), Thakral Group (multinational conglomerate), United Texmac (knitting) and Axxonsoft Asia (high end security software solutions).

Singapore is the fourth largest international trading partner of Sri Lanka. According to the Department of Commerce of Sri Lanka, Singapore’s total trade with Sri Lanka in 2011 amounted to $1.94 billion, of which $ 1.53 billion were imports to Sri Lanka. From Singapore’s end, Sri Lanka is the 37th ranked global trading partner. Singapore firms in Sri Lanka are active in property development (Overseas Realty (Ceylon) Ltd), tourism and hotels (Shangri La Hotels), food and beverage processing (Prima Ceylon, Asia Pacific Breweries), logistics (Keppel Logistics), telecommunications (LankaCom, subsidiary of Singapore Telecom), apparel (Ghim Li Group) and conventions and conferences (Pico Global Services). In February this year, the Singapore Business Federation (SBF) and the Board of Investment of Sri Lanka (BOI) signed a memorandum of understanding aimed at strengthening cooperation and promoting business and investment relations between the two countries, paving way for deeper collaboration between businesses of both countries.

Minister Bathiudeen addressing the event, said: “I am pleased to observe that this is a bilateral win-win effort, at its best, contributing to Sri Lanka’s drive for the much needed next stage in our bilateral trade levels which now stands at $ 1.94 billion by December 2011 which, in turn, is a huge 387% increase, compared to a decade ago in 2002 which was only $ 502 million. More importantly, there are no doubts that this event will enhance our export target of $ 20 billion by 2020 under the guidance of President Mahinda Rajapaksa.

Though we have a negative trade balance with Singapore, I am also pleased to inform you that it has fallen by 21% in 2011.”