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Sri Lanka’s Trade Ministry to bolster investments with Singapore

Sri Lanka’s Trade Ministry to bolster investments with Singapore

The Morning: A discussion was held on 30 January between the Minister of Trade, Commerce and Food Security Nalin Fernando and the Non-Resident High Commissioner of Singapore, S. Chandra Das to expand bilateral trade and investment opportunities between both countries, the Ministry of Trade said issuing a statement.
The Singaporean High Commissioner stated that Sri Lanka can make positive progress by working to increase food security and also emphasised the need for a proper structural framework for that.
Accordingly, the Ambassador stated that the necessary support would be given to Sri Lanka’s economic progress while inviting to visit the NTCU (supermarket chain) which has 60% of the total market share of Singapore to get the experience of reshaping the Lankan supermarket chains.
Trade Minister Fernando asked about the potential of Singapore to attract foreign investment to Sri Lanka as a state rich in land, favourable climate and resources. The Minister mentioned that the post-harvest damage is very high in this country and the consumer has to bear the cost as a result.
Accordingly, to obtain better quality products and to store enough stock for a long period in countries such as Singapore, it is necessary to acquire new technical knowledge. Therefore, he urged the assistance from Singapore in the relevant fields.
The High Commissioner said that for food security, the community needed for production including the farmers of this country should be properly coordinated through institutions such as cooperatives and provincial councils and that he is ready to provide other facilities including investments to increase the production.
The attention of both parties was also drawn to the Sri Lanka-Singapore Trade Agreement and the new opportunities related to the country’s economic, political, and agricultural fields.
Ministry of Commerce Secretary A.M.P.M.B Atapattu, Department of Commerce Deputy Director Rekha Mallavarachchi and several other officials participated in the discussion.

OSL take:

Sri Lanka is currently in the process of reviewing and revamping the existing trade agreements with other countries while also exploring new trade ties. The country is also in the process of finalizing several free trade agreement (FTA) following the signing of the latest FTA with Thailand earlier this month. It is in such a backdrop that Sri Lanka is looking at further strengthening trade ties with Singapore. Sri Lanka’s manufacturing and export sectors have posted a steady growth through the years, even amidst challenging economic conditions faced by the country in the past few years. The strong trade ties enjoyed by Sri Lanka with other countries have resulted in the expansion of business/investment opportunities in the country’s exports industry. The growth and business potential in Sri Lanka’s exports sector have attracted many foreign businesses/investors to the country’s exports industry. The country’s geographical positioning in the Indian Ocean has also added to the attraction as a base for export businesses to engage with other countries in the region. Foreign businesses/investors could explore the growing business/investment opportunities in Sri Lanka’s exports industry and make use of the country’s trade agreements and concessions with other countries.

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Article Code : VBS/AT/20240214/Z_6

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