In the wake of the successful B2B MoU between Sri Lankan and Singapore biz last May, is the next ASEAN bilateral B2B invitation – call for fully fledged MoU between Malaysia and Sri Lanka business.
“We are highly encouraged by the call for closer B2B linkages between Malaysia and Sri Lanka businesses as Sri Lanka–Malaysia bilateral trade topped $ 800 Mn, said the Minister of Industry of Commerce Rishad Bathiudeen.
“The invitation by Syed Ali Alattas, President of NCCIM to me today to visit Malaysia to initiate the Malaysian Chapter of SL-Malaysia Business Council is an important event in our bilateral trade history”, he further said.
Minister Bathiudeen announced this in the aftermath of the courtesy call on him by the Malaysian business delegation led by Syed Ali Alattas, the visiting President of the National Chamber of Commerce and Industry of Malaysia (NCCIM, or Dewan Perniagaan dan Perindustrian Kebangsaan Malaysia), together with Azmi Zainuddin, the Malaysian High Commissioner to Sri Lanka, on 05 July at his Ministry in Colombo.
Ali Alattas’ NCCIM is the umbrella body of no less than five trade, industry and commerce Chambers in Malaysia- the Malay Chamber of Commerce, the Associated Chinese Chambers of Commerce and Industry of Malaysia,Malaysian Associated Indian Chambers of Commerce and Industry, Malaysian International Chamber of Commerce and Industry, and the Federation of Malaysian Manufacturers.
NCCIM is also part of two top regional trade bodies-the ASEAN Chamber of Commerce and Industry as well as Confederation of Asia Pacific Chambers of Commerce and Industry.
Apprising Minister Bathiudeen, Ali Alattas responded: “We are so glad that the war in Sri Lanka is over. Malaysia has strong business ties with Sri Lanka and we want to build on this. We are keen in investing in tourism construction such as resorts and chalets, transport infrastructure such as highways and housing and real estate, among others. Now we want to build up B2B links in Sri Lanka’s new upswing.
According to the Department of Commerce of Sri Lanka, 2011 recorded the highest total trade turnover between Malaysia and Sri Lanka at US $ 849.59 Mn. The balance of trade has been heavily in favour of Malaysia during last 10 years mainly due to high volume of imports of petroleum and palm oil from Malaysia. Sri Lanka’s exports to Malaysia have been gradually increasing over the last 6 years from US $ 24.87 Mn.