Total trade between Sri Lanka and Malaysia to reach $ 1 b

Thursday, 18 July 2013 00:00 - - {{hitsCtrl.values.hits}}

The 19th Annual General Meeting of the Sri Lanka-Malaysia Business Council was held on 4 July 2013 at the Ceylon Chamber of Commerce. The Council, which focuses on the objectives of ‘promoting investment, trade and joint venture between Sri Lanka and Malaysia’, is one of the most dynamic bilateral business councils that function under the aegis of the Ceylon Chamber of Commerce.

In his speech, Chief Guest Azmi Zainuddin, High Commissioner for Malaysia in Sri Lanka, stated that trade between the two countries reached yet another milestone, hitting US$ 859.38 million last year, up from US$ 846.6 million in 2011. Sri Lanka’s imports from Malaysia amounted to US$ 80.11 million and he added that it is his hope that total trade between Sri Lanka and Malaysia will reach US$ 1 billion in a year or two. Malaysia is also one of the leading foreign investors in Sri Lanka and has invested over US$ 163 million worth of FDI over the period of 2010-12. Zainuddin was also pleased to note that the SLMBC has continuously played a vital role through its investor facilitation and trade relationships development initiatives, members’ forums and interactions with other business entities and stakeholders and that ways of linking SLMBC and the newly revitalised Malaysia-Sri Lanka Business Council in Kuala Lampur as driving forces to strengthen business and investment ties between private sector stakeholders, entrepreneurs and investors in Sri Lanka and Malaysia should be looked at. Nilrukshi De Silva, Head of Business Development, Macksons Paints Lanka, was elected as the President of the Council for 2013/2014. She noted that the incoming committee would encourage more joint ventures between Sri Lanka and Malaysia, exchange information on trade and investment, conduct joint meetings with Malaysian business organisations in Sri Lanka and Malaysia and will serve as a recognised representative of the business sector interests in Sri Lanka. Keerthi Jayasuriya, Chairman/CEO, International Scholar Educational Service and Manjula Thawalampitiya, Senior Vice President – Finance and Administration, Epic Lanka Group, were appointed as Vice Presidents respectively. Membership of the Council is open to individual persons, partnerships, companies, corporations or other organisations engaged in trade, tourism or services with Malaysia or engaged in joint ventures with Malaysian organisations or interested in entering into or promoting trade, tourism, services or joint ventures with Malaysian organisations.