Sri Lanka and Thailand explore opportunities to enhance bilateral trade
The Morning: A business networking event organised recently by the Sri Lanka – Greater Mekong Business Council (SLGMBC) of the Ceylon Chamber of Commerce (CCC) facilitated opportunities to enhance bilateral trade between Sri Lanka and Thailand.
Attended by Ambassador of Thailand to Sri Lanka Poj Harnpol, the networking event explored opportunities for increasing the volume of Sri Lankan exports to Thailand, as well as developing trade, tourism, and economic co-operation between the two countries.
Highlighting the long-standing cultural and economic ties between the two countries, Ambassador Harnpol welcomed prospects for enhancing trade between the two countries. While continuing to focus on traditional import and export products such as precious stones, rubber, plastic, garments, agricultural produce, etc., the Ambassador of Thailand to Sri Lanka stated that Thailand is in the process of designing itself as a medical and wellness hub as well as promoting the concept of “workcation”, where expatriates could base themselves in Thailand while working remotely for any part of the world.
SLGMBC President S.M.D. Suriyakumar expressed Sri Lanka’s enthusiasm to develop trade, tourism, and investment, and the opportunity to balance Thailand’s trade surplus with Sri Lanka, while also paying tribute to the strong historic cultural ties Sri Lanka and Thailand enjoyed.
Export Development Board (EDB) Director – Market Development Anoma Premathilaka drew attention to market potential analyses carried out by the EDB, which indicated strong potential for exports such as precious stones, black tea, wheat flour, etc. and expressed optimism that existing trade frameworks between the two countries would enable opportunities in fields such as education as well.
Sri Lanka is in the process of reviewing and expanding the country’s bilateral and trade ties. The country already has many trade agreements as well as concessions that have helped boost Sri Lanka’s manufacturing and exports sectors. The two sectors showed a growth momentum despite the pandemic challenges. Sri Lanka’s ongoing development programme and the positioning of the country as a growing business destination in the South Asian region have expanded the business/investment opportunities in the country. All these are indicative of the growing business potential in Sri Lanka. Foreign businesses/investors interested in doing business with foreign markets could look at setting up base in Sri Lanka and reach other economies using Sri Lanka’s trade agreements and concessions.
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