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Trade between Sri Lanka and Malaysia to reach US$1 billion by 2015
Publication Date : 19-07-2013
The 19th Annual General Meeting (AGM) of the Sri Lanka–Malaysia Business Council (SLMBC) was held on July 4 at the Ceylon Chamber of Commerce, Colombo.
The council, which focuses on the objectives of "promoting investment, trade and joint venture between Sri Lanka and Malaysia", is one of the most dynamic bilateral business councils that function under the aegis of the Ceylon Chamber of Commerce.
In his speech the High Commissioner for Malaysia in Sri Lanka, Azmi Zainuddin, stated that the trade relationship between the two countries has reached yet another milestone, reaching US$859.38 million last year, up from $846.6 million in 2011.
He said that Sri lanka’s import from Malaysia amounted to $80.11 million, and that in his opinion, the total trade between Sri Lanka and Malaysia will reach $1 billion in the next two years.
According to him, Malaysia is still among the leading foreign investors in Sri Lanka, and has invested over $163 million in Foreign Direct Investments (FDI) between 2010 and 2012.
He said that he was pleased to note that the SLMBC has been continuously playing a vital role through its Investor Facilitation and Trade Relationships Development initiatives, its members' forum, and interactions with other business entities and stakeholders.
He suggested that Sri Lanka looked for ways to link the SLMBC with the newly revitalised "Malaysia-Sri Lanka Business Council" which is headquartered in Kuala Lumpur, to become driving forces to strengthen business and investment ties between private sector stakeholders, entrepreneurs and investors in both Sri Lanka and Malaysia.
Nilrukshi De Silva, Head of Business Development at Macksons Paints Lanka Pvt Ltd was elected as council president for the year 2013/2014.
In her speech, she said that the incoming committee would encourage more joint ventures between Sri Lanka and Malaysia, exchange information on trade and investment, conduct joint meetings in Malaysian business organisations in both Sri Lanka and Malaysia, and will serve to represent the interests of Sri Lanka's business sector.
International Scholar Educational Service Pvt Ltd chairman and CEO Keerthi Jayasuriya, and Epic Lanka Group Finance and Administration senior vice president Manjula Thawalampitiya were appointed as vice presidents respectively.
SLMBc membership is opened to all individual persons, partnerships, companies, corporations, or other organisations that are involved in trade, tourism or other services with Malaysia. It is also opened to organisations or individuals already engaged in joint ventures with Malaysian organisations or are interested in forming joint ventures with Malaysian organisations.