Malaysian business delegation shows interest in investing in several projects in Sri Lanka
A Malaysian business delegation that visited Sri Lanka recently has reportedly shown interest in investing in several projects in the country including solar panel making and business process outsourcing (BPO).
The Board of Investment (BOI) of Sri Lanka has reportedly stated that the Malaysian business delegation was headed by Dato Kulasegaram Sabaratnam, Chairman of the Malaysia Sri Lanka Business Chamber.
“This delegation has made several visits to Sri Lanka in the past and built strong ties with the country,” a statement on the visit has said.
“Specific areas which the delegation did show interest was on the possibility of manufacturing solar panels in Sri Lanka, an area where the BOI has conducted extensive research in collaboration with Harvard University’s Kennedy School,” the statement has further noted.
One firm, British Seep Systems and Beds (BSSB), which employs 700 staff in Malaysia, and exports to the USA, Europe, Middle East and also retails in the UK, has expressed interest in manufacturing furniture in Sri Lanka.
Another company which is part of the delegation had looked at the service sector such as business process outsourcing and legal process outsourcing.
During the period of 2005 – 2016, there has been over US$ 1.4 billion worth of foreign direct investments (FDI) inflows that had originated from Malaysia to Sri Lanka.
Malaysian investments include projects in hydro power, KPO services, cellular mobile telephone networks, hotels, container services, IT, brewing beer and education.
According to reports, there are an estimated 22 Malaysian enterprises in commercial operation in Sri Lanka.
OSL take:
The interest shown by a Malaysian business delegation in investing in Sri Lanka is an encouraging sign on the growing trade relations between Sri Lanka and Malaysia. Given that Malaysian companies have already invested in projects ranging from hydro power, KPO services, cellular mobile telephone networks, hotels, container services, IT, brewing beer and education, there are increasing investment opportunities in Sri Lanka. Local companies could also look at forming partnerships/joint ventures with Malaysian business entities to further their operations.
| Article Code : | VBS/AT/20180702/Z_1 |