S’pore biz delegation to visit Sri Lanka seeking investment opportunities

Under a Memorandum of Understanding (MoU) signed between Sri Lanka and Singapore, a business delegation from Singapore seeking investment in several sectors will visit Sri Lanka in the second quarter of this year.

The Sri Lanka Board of Investment (BOI) and Singapore Business Federation signed the MoU to promote investment relations between the two countries on Wednesday during President Mahinda Rajapaksa’s visit to Singapore.

 The business delegation will seek investment opportunities in several areas including infrastructure construction, education, healthcare, manufacturing, trading and logistics.

Secretary to the President Lalith Weeratunga on behalf of Sri Lanka and Singapore Business Federation Chief Executive Officer Ho Meng Kit on behalf of Singapore signed the MoU at the Singapore President’s residence, Istana Palace, in the presence of Rajapaksa Prime Minister of Singapore Lee Hsien Loong

Under the MoU, the two countries are expected to strengthen the institutional relations.

Accordingly, both organisations will, among other things, promote joint venture collaborations between their private sectors, create a congenial atmosphere for business and investment in all economic sectors of Sri Lanka and Singapore, use their countries as a hub to trade and invest in the region and exchange investment policies and information relating to relevant projects.

Singapore companies are especially keen in investing in flour industry, real estate development, information technology, knitting and garment industry and gem and jewellery manufacture, the Sri Lankan Government said.

According to the Government, trade between Sri Lanka and Singapore during 2011 amounted to US$ 1.85 billion and after the end of conflict in Sri Lanka trade between the two countries has risen by 53%.