Over 200 Sri Lanka and Thai private sector representatives meet
NNT: Over 200 Thai and Sri Lankan private sector representatives have gathered at the Renaissance Ratchaprasong Hotel in Bangkok for a seminar to strengthen trade ties through the anticipated Thailand-Sri Lanka Free Trade Agreement (FTA). The seminar, “Connecting Supply Chains, Laying the Foundation for Trade and Investment through the Thailand-Sri Lanka FTA”, was presided over by Deputy Minister of Commerce Napintorn Srisunpang.
Jointly organized by Thailand’s Ministry of Commerce and Sri Lanka’s Ministry of Trade, Commerce, and Food Security, the seminar focused on creating business networks and enhancing supply chain connectivity between the two countries. Experts from both the public and private sectors shared insights into trade and investment opportunities, fostering a deeper understanding of the business landscapes in Thailand and Sri Lanka.
The Thailand-Sri Lanka FTA is expected to significantly boost Thailand’s economy, with an anticipated increase of 4.13 billion baht, a rise in Thai investment in Sri Lanka by 1.91 billion baht, and an enhancement of Thai exports by 1.5 billion baht. Key benefitting sectors include textiles, automobiles, gems, electronics, and various service industries.
In 2022, bilateral trade between Thailand and Sri Lanka was valued at $ 358.21 million, with Thai exports accounting for $ 271.21 million. The first nine months of 2023 saw bilateral trade reaching $ 285.06 million, highlighting the growing economic synergy between the two nations.
This seminar also serves as an essential step in forging sustainable trade and investment pathways between Thailand and Sri Lanka, with the FTA expected to be concluded by December this year.
OSL take:
Sri Lanka is in the process of reviewing and expanding the country’s trade ties with foreign countries. Sri Lanka already enjoys many trade agreements as well as trade concessions with many foreign countries including key markets in the South Asian region. The country is now looking at further expanding trade ties with more countries in the Asian region including Thailand and Bangladesh. With Sri Lanka’s target of becoming an emerging business destination in the South Asian region, the expansion of trade ties will add to the country’s attraction as a business destination. The country’s geographical positioning in the Indian Ocean has provided a further impetus to Sri Lanka’s bid to become a business destination. Foreign businesses/investors could therefore look at business/investment opportunities in Sri Lanka. Foreign businesses could also look at setting up base in Sri Lanka to engage with other countries in the region using the strong trade ties enjoyed by Sri Lanka with other countries. They could also look at forming partnerships or joint ventures with local businesses with the aim of further expansion in the region.
| Article Code : | VBS/AT/20231205/Z_3 |