Sri Lanka and Thailand to improve business and trade relations
A high powered business delegation from Thailand led by the Deputy Prime Minister of Thailand Dr. Somkid Jatusripitak arrived in Sri Lanka last week sequel to the visit by President Maithripala Sirisena to Thailand, to promote business investment in both countries.
Thai business delegation
State Minister of International Trade Sujeewa Senasinghe, speaking at a business forum in Colombo with the visiting delegation, said that a conducive business climate has been created in Sri Lanka for investors to come to Sri Lanka after the new government assumed office in January 2015. The government has signed several trade agreements with neighboring countries and as a result now has access to markets in India, Pakistan, Malaysia and Thailand. “Our target is to achieve US$1.5 billion trade with Thailand following the setting up of a one stop shop with the Board of Investment of Sri Lanka,” he said.
Deputy Prime Minister of Thailand Dr. Somkid Jatusripitak said that Thailand and Sri Lanka share many similarities in cultural heritage, religious and people-to-people to partnership. He said Thailand views Sri Lanka as an important trading partner where several cargo ships pass through the Indian Ocean to the Middle Eastern and the European Union.
Minister of Primary Industries Daya Gamage said that his Ministry and the Export Development Board and other agencies are working together to promote exports and to bring in investors to create new enterprises in Sri Lanka. Trade between Sri Lanka and Thailand is estimated to be around US$ 550 million. He said the trade between the two countries was not a healthy balance as exports from Sri Lanka was valued at US$14 million.
He said around 60 per cent of Sri Lanka’s outbound travellers visited Thailand while Thai tourists arriving in Sri Lanka was just around 3 per cent. Thailand exports to Sri Lanka used cars, sugars, textiles and chemical products while Sri Lanka exports were gems, jewellery, tea and spices. “It is worthwhile for Thai businessmen to engage in value addition of export goods to India and Pakistan from Sri Lanka,” he added.
Thailand Minister of Industries Atchaka Sibunruang and the Deputy Director General, Chokdee Kaewsang were also present.