Sujeewa visits Thailand to woo investments

Tuesday, 31 May 2016 00:08 - - {{hitsCtrl.values.hits}}

State Minister of Development Strategy and International Trade Sujeewa Senasinghe visited Thailand recently to woo more investments and trade.

The Bangkok Post reported that Senasinghe has said the Sri Lankan Government planned to invest in the industrial sector to drive its economy. It has prepared land for an industrial estate near capital Colombo.

However, Sri Lanka needs foreign investors with modern technology and know-how, and Thai investors are among those with the most potential.

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The report also said the Sri Lankan Government has invited Amata Corporation, Thailand’s largest industrial developer, to invest in Sri Lanka and extend its expertise to support the country’s industrial sector. Senasinghe proposed the idea during a courtesy meeting with Industry Minister Atchaka Sibunruang last week. The meeting aimed to tighten the trade and investment relationship that has existed between the countries for more than 60 years.

Sri Lankan officials met Amata representatives today to discuss the planned industrial estate.

Sri Lanka is also encouraging Thai firms to invest in agri-processing industries in a country with plenty of natural resources and farm products. “We are not only inviting Thai investors to invest in Sri Lanka but are also encouraging our investors to invest in Thailand,” he said.

Senasinghe said the Sri Lankan Government will invest in infrastructure to facilitate foreign investors, including oil, gas and power supplies. It is expected to get a transfer of industrial technology and know-how on agri-processing and export strategy to help develop its industries, especially the food sector. Senasinghe met several prominent members of the Thai private sector to attract them to invest more in Sri Lanka. The targeted sectors are computer chip manufacturing, hotels, car components, agriculture, post-harvest processing, banking and packaging.

Atchaka said the Sri Lankan Government is ready to facilitate Thai investors to start investing there, especially in the industrial park. The Sri Lankan minister also visited Amata Nakorn industrial estate in Chon Buri as a study tour to get ideas on how to develop its own estate.

Trade value between Thailand and Sri Lanka was $ 510 million in 2014. Thailand mostly exports sugar, cars and seafood.