Comments /1309 Views / Wednesday, 30 May 2012 00:52
As Sri Lankan and Singapore business chambers ink a landmark MoU in Colombo today, Minister of Industry and Commerce Rishad Bathiudeen has hailed it saying that it is more than a bilateral trade event.
“The 30 May MoU is not only a milestone in our bilateral trade, but also a historic B2B linkage between two promising business hubs in Asia and as a result, it’s a momentous trade event for the overall region,” Minister Bathiudeen told his officials yesterday.
On 30 May, the first-ever signing of a Memorandum of Understanding between the Singapore Business Federation (SBF) and the Sri Lanka-Singapore Business Council will be signed followed by the first ever Sri Lanka-Singapore Business Forum at Galadari Hotel, ushering in a new era in historic bilateral relations between both countries.
“As for the business forum, it’s the first of this nature in our bilateral trade history but more importantly, it is a milestone in our trade since it shows that our business to business level linkages too have grown considerably, thereby showing the importance of our fourth largest international trade partner,” said Bathiudeen.
Welcoming K Shanmugam, the Foreign Minister and the Law Minister of Singapore, the Sri Lankan Minister said: “The fact that K. Shanmugam being accompanied by a strong business delegation involving small, medium and large scales alone holds promise for our bilateral trade with Singapore which is now at $ 1.85 b.
Such forward looking initiatives will strongly stimulate any unrealised trade potential between the two economies and will also help us to advance towards $ 20 Bn export target by 2020”.
The event is organised by the Sri Lanka-Singapore Business Council of the Ceylon Chamber of Commerce to coincide the visit of Foreign Minister of Singapore K.Shanmugam from 26 May to 2 June. Shanmugam will accompany a high-powered delegation from the Singapore Business Federation.
“We have closed registrations for the ‘Sri Lanka – Singapore Business Forum’ much earlier than we originally expected due to the huge demand for participation from the Sri Lankan private sector” revealed Shamil Mendis, President of the Sri Lanka-Singapore Business Council. “The Forum will be followed by a B2B meeting session based on one-to-one interactions taking place between the Sri Lankan and Singaporean representatives” said Mendis who led a 14 member Sri Lankan business delegation to Singapore in 2010 June, successfully linking them up with no less than 160 Singapore firms of all three scales.
Singapore’s total trade with Sri Lanka in 2011 amounted to $1.94 Bn, of which $ 1.53 Bn were imports to Sri Lanka. From Singapore’s end, Sri Lanka is the 37th ranked global trading partner. Singapore firms in Sri Lanka are active in property development (Overseas Realty (Ceylon) Ltd), food and beverage processing (Prima Ceylon, Asia Pacific Breweries), logistics (Keppel Logistics), telecommunications (LankaCom, subsidiary of Singapore Telecom), apparel (Ghim Li Group) and conventions and conferences (Pico Global Services). In February this year, the Singapore Business Federation (SBF) and the Board of Investment of Sri Lanka (BOI) signed a memorandum of understanding aimed at strengthening cooperation and promoting business and investment relations between the two countries, paving way for deeper collaboration between businesses of both countries.
5 October 2015
It is not pure knowledge economies, but innovation economies Modern economies are called ‘knowledge economies’ because they rely on human knowledge for economic prosperity. However, this designation describes a modern econom...
5 October 2015
It was indeed memorable to organise an inauguration of a brand new MBA batch at the Postgraduate Institute of Management (PIM) in the United Arab Emirates (UAE). It was encouraging to see the spirit of Sri Lankans in Dubai who actively su...
3 October 2015
Gamini Fonseka Sembuge Gamini Shelton Fonseka, known generally as Gamini Fonseka – the uncrowned monarch of Sinhala cinema – passed away at the age of 68 on 30 September 2004. Gamini was one of my ...
3 October 2015
We as citizens need justice from the Judiciary, not anything else, and also it should appear to be that the Judiciary is capable of delivering justice The resolution about Sri Lanka at the United Nations Human Rights Council...