17 Malaysian companies on export acceleration mission to Colombo

Tuesday, 11 October 2016 00:03 - - {{hitsCtrl.values.hits}}

Seventeen Malaysian companies will be in Colombo this week to explore investment opportunities on the sidelines of the World Export Development Forum (WEDF).

Malaysia External Trade Development Corporation (MATRADE) the export promotion agency of Malaysia will organise an Export Acceleration Mission (EAM) to Colombo, Sri Lanka from 11-14 October.

The companies consist of manufacturers of automotive products, building materials, detergents, electronic parking meters, electrical hardware and wiring accessories food and beverages, furniture, and service providers for engineering services and industrial automation system.

While in Colombo, the Malaysian companies will participate in World Export Development Forum (WEDF) at Bandaranaike Memorial International Conference Hall (BMICH). The second day sees MATRADE facilitating one-on-one business meetings between the Malaysian and Sri Lankan companies.

According to MATRADE Trade Commissioner for South Asia Zuaziezie Zulkefli, “This Export Acceleration Mission would give Sri Lankan companies the opportunity to meet manufacturers and service providers from Malaysia without having to travel to Malaysia.

I hope that Sri Lankan companies would take advantage of this opportunity by participating in our pre-arranged business meetings which will be held at Taj Samudra Hotel on 13 October. Sri Lankan companies who are yet to register, can walk in to the one-on-one business meeting program, and could arrange a meeting with these 17 Malaysian companies.”

The objective of this mission is to create a platform for Malaysian companies to explore business opportunities available in Sri Lanka. This mission is also aimed to give Malaysian companies the opportunity to evaluate their industry’s market potential, apart from making business deals with Sri Lankan companies. MATRADE envisions the export of Malaysian products and services to Sri Lanka could be improved via missions such as this Export Acceleration Mission.

In 2015, total bilateral trade between Malaysia and Sri Lanka is $ 570.90 million. Malaysia’s total export to Sri Lanka stood at $ 481.4 million and Malaysia’s imports from Sri Lanka in 2015 recorded an increase of 55.3% to $ 89.5 million from $ 57.6 million in 2014.

From Jan-July 2016, Malaysia’s total bilateral trade with Sri Lanka is $ 352.1 million; an increase of 3.5% from $ 340 million compared with the same period in 2015.

Malaysia’s major exports to Sri Lanka for Jan-July 2016 were palm oil, chemicals and petroleum products, chemical products, electrical and electronic products and machinery appliances which contribute about 63% of Malaysia’s total export to Sri Lanka.