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Sri Lanka and Australia Chamber of Commerce paves way for prosperity and friendship

Sri Lanka and Australia Chamber of Commerce paves way for prosperity and friendship

Daily FT: In the realm of international commerce and diplomacy, the Sri Lanka and Australia Chamber of Commerce stands as a testament to visionary leadership and a profound commitment to fostering prosperity and deeper connections between two nations with a shared historical tapestry.
Founded and presided over by Kalum De Silva, this initiative is poised not only to stimulate economic growth but also to redefine the landscape of bilateral relations in the years to come.
Kalum’s visionary leadership in establishing the Sri Lanka and Australia Chamber of Commerce (SLACC) exemplifies a commitment to not only economic growth but also to the cultivation of stronger bonds between two nations with a shared history.
Through the Chamber, the path is paved for businesses to flourish, collaborations to thrive, and friendships to deepen. This initiative is set to redefine the landscape of bilateral relations in the future.
In an interview with the Daily FT, Kalum shared his visionary initiative to bolster trade, investment, and cultural exchange between two nations with a rich history of diplomatic relations.
Kalum, the driving force behind this ground-breaking endeavor, emphasizes: “The Chamber was born out of a recognition of the immense potential that exists in the economic partnership between Australia and Sri Lanka. We witnessed a doubling of bilateral trade over five years just before the onset of the global pandemic, and I firmly believed that with the right platform, we could not only recover that momentum but also surpass it. The Chamber serves as this platform, facilitating connections, collaborations, and understanding between our business communities.”
Beyond facilitating trade, Kalum sees the Chamber as a catalyst for growth. He envisions an environment where businesses from both nations can thrive. By providing a forum for key representatives to engage in meaningful discussions and explore synergies, the Chamber is paving the way for innovative partnerships that will drive economic development. As per the AED, the value of trade already taking place is over AUD 700 k (that is within the first 4 weeks).
While economic prosperity is paramount, the Chamber also seeks to cultivate stronger bonds of friendship and understanding between the nations. Australia and Sri Lanka share a history of diplomatic relations, and the Chamber aims to build on that foundation.

OSL take:

Sri Lanka’s ongoing economic activities and the country’s target of becoming an emerging business destination in the South Asian region have all resulted in the expansion of business/investment opportunities in the country. Also, Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country have further increased the country’s attraction as a growing business destination. It is in such a backdrop that Sri Lanka and Australia are looking at further enhancing trade, business and investment ties. Sri Lanka is in the process of reviewing and revamping the country’s existing trade ties with the aim of further strengthening trade ties as well as form new trade ties. Sri Lanka therefore presents the best business destination in the region with its strategic positioning in the South Asian region and its strong trade ties. With the expanding opportunities in Sri Lanka and its resilient economy, Australian businesses/investors could confidently explore the expanding business/investment opportunities in Sri Lanka while also looking at forming partnerships or joint ventures in Sri Lanka. Australian business could also look at setting up base in Sri Lanka in order to engage with other countries in the region using the preferential treatment enjoyed by Sri Lanka with other countries in the region.

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Article Code : VBS/AT/20240110/Z_3

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