Malaysia interested in major joint ventures

High level team of Malaysian entrepreneurs headed by Prime Minister’s Special Envoy Datu Seri Utama Samy Vellu called on President Maithripala Sirisena at his official residence today and expressed interest in major joint ventures and investments in several areas, President Secretariat said. The team expressed interest in large-scale joint ventures such as Colombo unirail project, Colombo-Kandy Highway construction and laying an oil pipeline from Colombo to Katunayake to supply aviation fuel. They said these projects could be worked out under the Built-Operate and Transfer (BOT) system. President Sirisena welcoming the delegation expressed his appreciation over the rapid economic development of Malaysia and emphasized the need for expanding bilateral relations. He urged Malaysian investors to increase investments in industrial, agricultural and economic sectors. President Sirisena said his government is very keen to implement major projects that will benefit the economy of the country and the people and it seem preferable to have such projects under Government-to-Government agreements as it would minimize or eliminate corrupt practices in project implementation. Datu Samy Velu agreed with the President that such projects should be under Government to Government agreements between Malaysia and Sri Lanka.