Sri Lanka-Indonesia Business Council eyes $ 1 b bilateral trade goal

The Sri Lanka-Indonesia Business Council (SLIBC) which functions under the aegis of the Ceylon Chamber of Commerce held its 19th Annual General Meeting recently. SLIBC was established in 1991 with a view to promote trade, investment, tourism and services between the two countries.

Albert Abdi, Charge d’ Affairs of the Republic of Indonesia in Sri Lanka was the Chief Guest at the event. Addressing the members, Abdi congratulated the council for its 19 years of partnership with the Indonesian Embassy to promote Trade and Investment between the two countries. It was emphasised that the challenge of achieving US$ 1 billion bi-lateral trade by 2015 could be furnished through the cooperation of the business community of Sri Lanka and Indonesia.

ISIN Lanka Ltd. Director/General Manager Jatinder Biala was re-elected as the President of SLIBC for the year 2012-2013. In his address Biala mentioned that Indonesia has gradually and steadfastly become a promising and fastest growing countries, not only in Asia but also in the whole world.

Although the expected growth rate in other fast developing Asian giants, China and India are lower than expected, Indonesia has managed to continuously maintain the expected growth. Indonesia is a large country with vast natural resources still untapped. In addition Sri Lanka and Indonesia share a plenty of similarities in their culture and climatic conditions.

Biala emphasised that the Council’s objective is to promote trade, services and business between Sri Lanka and Indonesia, particularly exports from Sri Lanka. In 2011 there was a significant growth in bilateral trade activities; exports to Indonesia have grown by 25% in the year and at the same time imports from Indonesia to Sri Lanka have also increased by 62%.

Tourist arrivals to Sri Lanka have also increased by 31% in the year 2011. This indicates that Indonesia has become one of the biggest trading partners of Sri Lanka and the SLIBC is very pleased to be a part of that growing relationship.

Biala also highlighted the importance of a strong business council which needs a strong foundation with multiple corporate entities and right direction which will make all the collective efforts to get more corporate entities into same rank and with that it will mutually benefit the members and the Business Council. SLIBC currently comprises nearly 50 members who have business interests with Indonesia.

The two Vice Presidents are S.B.M. Padmasiri of AB Mauri Lanka and Chaminda Rajapakse of Civaro Lanka, Douglas & Sons, Daya Constructions, Serendib Flour Mills, Ceyline Holdings, Geocyc were elected to the Committee for the year 2012-2013.

Past presidents are Anton Godfrey, T. Someswaran, Patrick Rodrigo, Hussain S. Hashim, Nihal Gooneratne and Senaka Amarasinghe.