The first ever signing of Memorandum of Understanding between the Singapore Business Federation (SBF) and the Sri Lanka - Singapore Business Council will take place today (May 30) at Galadari Hotel.
As for the business forum, it’s the first of this nature in our bilateral trade history but more importantly, it is a milestone in our trade since it shows that our business to business level linkages too have grown considerably, thereby showing the importance of our fourth largest international trade partner, said Minister of Industry and Commerce Rishad Bathiudeen.
Welcoming K. Shanmugam, the Foreign Minister and the Law Minister of Singapore, Minister Bathiudeen said: “The fact that the Singapore Foreign Minister being accompanied by a strong business delegation involving small, medium and large scales alone holds promise for our bilateral trade with Singapore which is now at $ 1.85 Bn. Such forward looking initiatives will strongly stimulate any unrealized trade potential between the two economies and will also help us to advance towards $ 20 Bn export target by 2020”.
The event is organized by the Sri Lanka-Singapore Business Council of the Ceylon Chamber of Commerce to coincide the visit of Singapore Foreign Minister from 26 May to 2 June. Minister Shanmugam will accompany a high-powered delegation from the Singapore Business Federation.
Singapore's total trade with Sri Lanka in 2011 amounted to $1.94 Bn, of which $ 1.53 Bn were imports to Sri Lanka. From Singapore's end, Sri Lanka is the 37th ranked global trading partner. Singapore firms in Sri Lanka are active in property development, food and beverage processing, logistics, telecommunications, apparel and conventions and conferences.
In February this year, the Singapore Business Federation (SBF) and the Board of Investment of Sri Lanka (BOI) signed a memorandum of understanding aimed at strengthening cooperation and promoting business and investment relations between the two countries, paving way for deeper collaboration between businesses of both countries.