Singapore has plans to connect and invest in Sri Lanka by ensuring “clarity and regulatory (measures)” was present in conducting business and improve its trading relations as well, its visiting Foreign Minister K. Shanmugam said last week.
Addressing a section of the Sri Lankan business community at the Sri Lanka – Singapore Business Council meeting in Colombo during his state visit, he said they would first want to see “reconciliation, rehabilitation, peace and Singapore will seek to support and partner progress” in Sri Lanka.
The visiting minister observed that Singaporean investors would look for clarity and regulatory measures in conducting business activities in Sri Lanka.
During the visit the two countries signed a MoU that would enhance trade ties between Sri Lanka and Singapore.
Mr. Shanmugam said Sri Lanka was currently engaged in rapid development of business processing outsourcing (BPO) sector with trade on the upswing.
He termed the country potential as “unlimited” when compared to that which had already been achieved in Singapore.
The two countries have maintained trade relations at US$1.1 billion in 2010 that increased to $1.9 billion last year.
The delegation visited Galle, Hambantota and toured Jaffna and Trincomalee, the latter areas specifically to ascertain the ground realities of rehabilitation.
Industries Minister Rishab Bathiudeen speaking on the occasion said the Singaporean business community would be able to engage in business in Sri Lanka by taking advantage of the key Free Trade Agreements (FTA) with India and Pakistan.
He said Sri Lanka would also strive to establish a joint study group in a bid to come up with a Sri Lanka – Singapore Comprehensive Partnership Agreement (CPA).
Sri Lanka Singapore Business Council President Shamil Mendis said a significant milestone was reached between the two countries following the signing of the MoU. |
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