Sri Lanka in a promotion as a potential alternative manufacturing hub in Singapore
Sri Lanka’s High Commission in Singapore is engaged in promoting the Sri Lanka as a potential alternative manufacturing hub by holding a webinar on the subject together with the Singapore Manufacturing Federation and the Singapore-Sri Lanka Business Association with the support of Sri Lanka’s Export Development Board (EDB) and Board of Investment (BOI). The webinar was aimed at creating awareness of Sri Lanka as a potential manufacturing hub and a potential investment destination for export-oriented manufacturing.
Over 120 participants had attended the event from Singapore.
Sri Lanka’s State Minister for Regional Cooperation Tharaka Balasuriya had delivered the keynote address.
In his address, the State Minister had highlighted the initiatives undertaken by the government of Sri Lanka under the national policy framework ‘Vistas of Prosperity and Splendour’ and has explained how these policies and initiatives were being implemented with a specific focus on creating a conducive environment to attract investments into the country particularly in the area of export -oriented manufacturing industries.
Singapore Manufacturing Federation President Douglas Foo has noted that Singapore has put up a vision ‘Manufacturing 2030’ to grow manufacturing by 50%.
He has noted that Singapore and Sri Lanka have more potential to strengthen trade and investment ties which should be explored.
High Commissioner of Sri Lanka to Singapore Sashikala Premawardhane in her opening remarks has requested those participating to focus on opportunities that are emerging in the IT/BPM, pharmaceutical and boat and shipbuilding sectors.
OSL take:
Sri Lanka’s manufacturing and exports sectors have shown a growth momentum despite challenges posed by the global Covid 19 pandemic. The ongoing development programme and the Sri Lankan government’s commitment to further strengthen the country’s ease of doing business environment have further expanded the business potential of the country’s manufacturing and exports sectors. With Sri Lanka fast emerging as a business destination in the South Asian region and its strong trade ties with many foreign countries, foreign businesses/investors could explore the growing opportunities in Sri Lanka’s manufacturing and exports sectors.
| Article Code : | VBS/AT/2508/2021/Z_2 |