Sri Lanka, Singapore private sector spearheads fresh bilateral boost

By Shanuka Tissera

The private sector of Sri Lanka and Singapore yesterday in Colombo spearheaded a fresh deal to boost bilateral business on the sidelines of a visit by the city-state’s Foreign Minister.

The Singapore Business Federation (SBF), which has brought down a delegation, and the Sri Lanka Singapore Business Council (SLSBC) affiliated to the Ceylon Chamber of Commerce, signed a comprehensive Memorandum of Understanding.

Given the importance of this partnership, Singapore’s visiting Minister of Foreign Affairs and Law K. Shanmugam and Sri Lanka’s Minister for Industry and Commerce Rishad Bathiudeen witnessed the signing of the MOU by SBF Vice President and Singapore Chinese Chamber of Commerce and Industry Teo Siong Seng, and SLSBC President Shamil Mendis.

SBF is Singapore’s apex and the largest business chamber. Bilateral trade between Singapore and Sri Lanka in 2011 amounted to $ 1.94 billion, of which $ 1.53 billion were exports from Singapore to Sri Lanka. From Singapore’s end, Sri Lanka is the 37th ranked global trading partner. For Sri Lanka, Singapore is the fourth largest international trading partner.

 “The signing of this MoU is a significant milestone between the two countries and clearly indicates that Singapore Sri Lanka business relations have entered a new phase and is expected to progress to reach greater heights in the future,” Mendis said.

“The MoU confirms that not only has there been notable progress in our commercial relations, but that it lays the foundation for a significant enhancement of this relationship. Moreover, the decision to enter into an understanding demonstrates the desire and commitment of all concerned, which is of utmost importance, to take this relationship to greater heights for the benefit of both our countries,”  SLSBC Chief added.

In his remarks, Teo who has been conducting business with Sri Lanka for the last three decades and is the Managing Director of Pacific International Lines Ltd (ranked 19th amongst the top containership operators in the world) said: “With the opening of Myanmar and the stability in Sri Lanka, Singapore businesses see these two countries as the most promising markets at this moment and today’s MoU will be the key that will unlock this. In fact, for us, Sri Lanka is the most attractive emerging market in South Asia today. The B2B linkages between both countries are historic and very important and are strengthened by the Sri Lankan community in Singapore who bring in a lot of professionalism to this.”

The MOU signing was followed by a Sri Lanka Business Forum as well as one to one business meetings between the 21 member SBF-delegation and interested Sri Lankan firms.

Central Bank Assistant Governor K.D. Ranasinghe, Sri Lanka Tourism Development Authority Acting Director General  Vipula Wanigasekera, and Board of Investment Executive Director (Media & Publicity) Dilip Samarasinghe, addressed the gathering on the local economic environment and the investment opportunities in Sri Lanka.

The delegation comprised of representatives of Singaporean companies from various sectors such as construction, infrastructure, PPPs, urban development, transportation, energy, legal services, hotels and resorts, freight, software,  education services, retail, property development, consumer electronics, marine services, financial services, integrated city development and furniture.

These events reinforced private sector commitment to boost trade, investment and tourism links.

Fuelled by this high profile visit, trade between Sri Lanka and Singapore is projected to increase significantly in the near future.