Top forum tomorrow to showcase opportunities for SL firms under FTA with Thailand

• Top Govt. officials big draw at first public forum since signing of the SL-Thai FTA
• To share details at Sri Lanka Thailand Business Council-Daily FT event on Thursday from 2.30 p.m. to 6.30 p.m. at Galadari Hotel
• SL-Thailand FTA encompasses trade of goods and services; investments, joint ventures and economic cooperation in a multitude of sectors

The wide range of new opportunities for Sri Lankan firms and individuals via the Free Trade Agreement with Thailand will be showcased at a top forum tomorrow organised by the Sri Lanka Thailand Business Council (SLTBC) and the Daily FT.

A host of Government officials will be the key draw at the forum scheduled from 2.30 p.m. to 6.30 p.m. at the Galadari Hotel.

President’s Senior Economic Advisor R.H.S. Samaratunga, International Trade Chief Negotiator of the Office K.J. Weerasinghe, Finance Ministry Director General Trade and Investment Policy K.A. Vimalenthirarajah and Ceylon Chamber of Commerce Chairman Duminda Hulangamuwa are the speakers who will also figure in a panel discussion and Q&A enabling participants to benefit from greater insights and clarity.

After nine rounds of extensive negotiations between the two countries since 2018, Sri Lanka and Thailand on 3 February signed the FTA that encompasses trade of goods and services, investments, joint ventures and economic cooperation on a range of sectors. 

 Given the importance, President Ranil Wickremesinghe and Thai Prime Minister Srettha Thavisin witnessed the

signing of the FTA ahead of Sri Lanka’s 76th Independence Day celebrations at which the latter was the Guest of Honour.

Bilateral trade between Sri Lanka and Thailand amounts to only $ 500 million at present but last week Foreign Affairs Minister Ali Sabry said the FTA will immediately provide Sri Lanka access to a $ 2.2 billion market, representing a significant advancement.

Thailand is ranked the world›s 31st largest economy and 9th in Asia with a GDP of over $ 500 billion and a per capita of $ 7,000. It is also considered as a competitive gateway to Southeast Asia.

The reduction of import tariff by Thailand on Sri Lankan tea, apparel, coconut, rubber, cinnamon and fishery products is expected to provide a big boost to Sri Lanka’s exports sector. This is in addition to services sectors such as construction, education, computer and IT services, tourism, and environmental services.

The Investment Chapter of the FTA is anticipated to attract Thai investment, addressing technology and skills gaps in sectors such as automobile, electronics, and pharma, while visa-free travel provisions would further reduce business costs for the private sector in both countries, facilitating easier setup and fostering tourism links.

The areas of cooperation between Sri Lanka and Thailand specified in the FTA includes Trade and Investment Promotion (including export development); Infrastructure (including transport and port sector); agriculture and agro industry; fisheries; gems and jewellery; tourism; Small and Medium Enterprises (SMEs) and MSMEs; financial cooperation; packaging industry; information and communication technology (ICT); and technical and vocational education and training.

 To reserve a seat at tomorrow’s top forum on Sri Lanka-Thailand FTA, contact project chair Rizan Nazeer 0777881628, Kamil 0777386884, Azim 0777915932 and Yashodha 0717678543. Principal sponsor of the forum is INSEE Cement.