SLSBC trade and investment promotion mission to Singapore a success

A delegation from the Sri Lanka-Singapore Business Council (SLSBC) of the Ceylon Chamber of Commerce successfully concluded a business mission recently.

The mission was organised to attend the IE-SBF seminar on business opportunities in Sri Lanka, followed by One-to-One business meetings by the Singapore Business Federation (SBF); the Apex Business Chamber in Singapore with over 18,000 members, supported by International Enterprise (IE) Singapore; the Government Agency driving Singapore’s external economy and promoting the overseas growth of Singapore-based enterprises and international trade, in association with the Sri Lankan High Commission in Singapore.

The 16-member delegation was led by SLSBC President and Spear International Chairman/Managing Director Shamil Mendis, had a remarkably productive visit to Singapore. The delegation comprised of A. Baur & Co. (Pvt) Ltd., Agri Input Director Janaka Gunasekera, Blue Ocean Venture (Pvt) Ltd., Managing Director Prajeeth Balasubramaniam, Chairman Daya Gamage, Daya Group (Pvt) Ltd., Director Chamindra Gamage, Eastern Maritime (Colombo) Ltd., Managing Director Sriyal Dissanayake, Forbes & Walker Fine Foods (Pvt) Ltd., and Director U.C. Bandaranayake.

The delegation also included Just In Time Holdings (Pvt) Ltd., Consultant Romeish de Mel, MAC Holdings (Pvt) Ltd., Chairman/Managing Director Andre Fernando, Microcells (Pvt) Ltd., Marketing and Sales General Manager Kanishka Samaraweera, Orion Development (Pvt) Ltd., Prudential Shipping Lines (Pvt) Ltd., and Helanka Vacations (Pvt) Ltd., CEO/Director Jeevan Gnanam, Managing Director H.J.R. Mendis, S.S. Impex (Pvt) Ltd., Managing Director A. Samson C. de Silva, Sunshine Holdings PLC Group Managing Director Vish Govindasamy and Tellida (Pvt) Ltd., Director/CEO Omar Fatha Rally. The visit was coordinated by Ceylon Chamber of Commerce Manager Satheeka Kavisekera.

The objective of the IE-SBF seminar was to educate Singapore companies on opportunities of doing business with Sri Lanka. The event was attended by over 100 well established Singapore companies such as City Development Ltd., (CDL); a Singapore listed international property and hotel conglomerate involved in real estate development and investment, Jones Lang LaSalle Singapore (JLL); a financial and professional service firm, Hyflux; leading provider of integrated water management and environmental solutions with operations and projects in Singapore, Southeast Asia, China, India, Algeria, the Middle East and North Africa, Tee Yih Jia Food Manufacturing Pte Ltd; an international manufacturer of  frozen convenient food products., and Daewoo International Singapore Pte Ltd; a leading electronic distributor of world renowned brands to name a few.

In the opening address High Commissioner of Sri Lanka in Singapore Madam Ferial Ashraff emphasised that organising seminars of this nature will contribute to augment bilateral trade between Sri Lanka and Singapore. She also announced that the Commonwealth Heads of Government Meeting will be held in Colombo Sri Lanka from 12 to 14 November this year, and invited Singapore companies to make use of the opportunity to visit Sri Lanka during this period and also to participate in the Commonwealth Business Forum.

IE Singapore South Asia Group Manager Timothy Sun gave the participants an overview of Sri Lankan economy, and Singapore–Sri Lanka Trade.

 Sun highlighted sectors such as tourism, infrastructure and education as having potential, with respect to business opportunities available in Sri Lanka. Investment Promotion Executive Director Duminda Ariyasinghe represented the Board of Investment of Sri Lanka.  Ariyasinghe in his presentation spoke of transforming Sri Lanka into a strategically important economic centre through creating an energy, telecommunications, knowledge, commercial, tourism and manufacturing hub.

A success story of doing business in Sri Lanka was presented by Asia Pacific Breweries Ltd., Regional Director Vivek Chhabra, mentioning some of the key attraction factors of Sri Lanka such as political stability, a favourable law and order environment, business friendly regulations, inexpensive and educated human resources and infrastructure development which would entice Singapore companies to invest in Sri Lanka.

Addressing the gathering, SLSBC President Shamil Mendis mentioned that Sri Lankan delegates have participated in a series of successful seminars organised by IE Singapore and the Singapore Business Federation in the past, for which he thanked the two organisations.

Given the positive economic growth in Sri Lanka, he invited potential Singaporean investors to visit and explore the many opportunities available in the country. Mendis further mentioned that recently, Keppel Corporation of Singapore established its presence in Sri Lanka via a joint venture. He concluded by stating as to how the SLSBC could facilitate Singapore companies to establish business links with companies in Sri Lanka.

Vijay and Co. Advocates and Solicitors Niroze Idroos, was invited to brief the participants on the legal considerations of doing business in Sri Lanka. Idroos covered areas related to the legal system of Sri Lanka, establishing a commercial legal presence, employment laws and taxation.

The delegation also participated in a series of meetings at the Singapore Indian Chamber of Commerce and Industry (SICCI) and the Singapore Malay Chamber of Commerce and Industry (SMCCI) which provided them an opportunity to network with the senior officials and members of the two Chambers. Ferial Ashraff hosted the members of the delegation for a networking session with the members of the Singapore Sri Lanka Business Association during the mission.