Three countries in Asia vow to boost 2-way trade and investment with Sri Lanka
A Colombo gathering of local and foreign businesses last week saw the presence of ambassadors from three countries – Thailand, Vietnam and Myanmar – each promising to encourage 2-way trade and investment between their countries and Sri Lanka.
The event was the 4th annual general meeting of the Sri Lanka -Greater Mekong Sub region Business Council.
Speaking at the event the council’s outgoing President Mahesha Ranasoma said many opportunities exist for Sri Lankan construction companies to invest in Myanmar as there is a great demand for construction projects and companies in Sri Lanka have an opportunity to form partnership projects in Myanmar. Andre Fernando was elected as the new President of the council.
Dr. Ranasoma said many world renowned companies in Sri Lanka have expanded their business activities to countries in the region and Sri Lankan companies can also foray into countries like Lagos, Cambodia or Myanmar. “There is a demand for investment opportunities in these countries and close co-operation has to be established with those countries. We can learn a lot from a country like Thailand,” he said. Sri Lankan companies also have an opportunity to invest in storage, distribution and marketing of food items in countries such as Thailand and Vietnam which requires a massive investment. Opportunities also exist for expanding educational activities into these countries, he said.
Dr. Ranasoma noted that due to rapid advances made in Information and communication technology opportunities have been created in the developing world and in poor countries. Key cities in the Asia Pacific countries are likely to generate 80 per ent of the Gross Domestic Product (GDP) in the future, estimates show, he said.
Ambassador for Thailand in Sri Lanka, Nopporn Adchariyavanich said many Thai businessmen go to adjoining countries in the region to set up businesses but they could be persuaded to invest in Sri Lanka. The ASEAN group meeting scheduled to be held in December will discuss many issues relating to trade within the region. Many Sri Lankan tourists who visit Thailand spend a lot in purchasing merchandise. Many opportunities exist for Sri Lankan business in Thailand. Many used cars from Thailand are exported to Sri Lanka, he said.
Ambassador for Myanmar in Sri Lanka, Min Thein Zan said that policy reforms in Myanmar have contributed to the growth of its economy in the recent years. Cross border tourism has also increased, he said. Ambassor for the Social Republic of Vietnam Phan Kieu Thu said Vietnam has a lot of agricultural machinery that would benefit Sri Lanka. The council’s new President Andre Fernando said knowledge transfers regarding farming methods would be more useful from Vietnam as Sri Lanka has a large agricultural sector.