Singapore-Sri Lanka total trade grew 7% to S$1.5 billion in 2008 from S$1.4 billion in 2007
Cumulative investments into Sri Lanka by Singapore-incorporated companies (including MNCs located in Singapore) totaled S$430 million as of end-2008.*
Singapore, Friday, 26 June 2009 - Portrayed as an idyllic tourism and investment destination amid the burgeoning economies of the Middle East and East Asia, Sri Lanka is looking to leverage her strategic location as a gateway to the Indian sub-continent and springboard to the West. This message was reiterated by the visiting Minister for Mass Media
& Information and Minister for Enterprise Development & Investment Promotion, His Honorable Mr. Anura Priyadarshana Yapa and his 16-strong delegation at a seminar jointly organized by the Singapore Business Federation, the Sri Lanka High Commission and Singapore Sri Lanka Business Association (SSLBA), today.
This seminar, the first to be addressed by Minister Anura following the cessation of the insurgency, was to promote closer economic relations with Singapore. Also present for the event were H.E. Jayathri Samarakone, Sri Lanka High Commissioner to Singapore; High Commissioner of Singapore to Sri Lanka, His Excellency Mr. Chay Wai Chuen; Mr. Duminda Ariyasinghe, Executive Director, Sri Lanka Board of Investment (Sri Lanka's equivalent of EDB); Mr. A M C Kulasekara, Deputy Director General, Sri Lanka Board of Investment; Mr. Hasitha Tillekeratne, Chairman, National Gem & Jewellery Authority; Mr. Shamil Mendis, President, Singapore Sri Lanka Business Council in Colombo; and Mr Allen Pathmarajah, Past President, Singapore-Sri Lanka Business Association, Singapore office.
Minister Yapa said his government is now trying to develop the Eastern and Northern provinces, which were held by the Tamil Tigers for some time. He noted that there is plenty of potential for economic development in those parts and his government is prepared to co-invest or assign development areas for interested investors. Minister Yapa highlighted that there are two separate development plans for the Northern and Eastern provinces, and these would include projects for agricultural production; infrastructure and development, and capacity building.
* Source: Board of Investment, Sri Lanka
The event saw high-level Sri Lankan government officials and businessmen providing detailed briefings and insights on the business, trade and investment possibilities in Sri Lanka; and how Singapore companies can offer their expertise in key sectors such as infrastructure, information technology, electronics, healthcare and education as Sri Lanka revitalises its economy in the post-conflict era.
On behalf of 70 Singapore participants from over 60 sectors Singapore companies in the various business sectors, Mr. Teng Theng Dar, SBF CEO, in his welcome address said, "Singapore companies that recognize the business potential of the Sri Lankan market have been investing in that country for many years despite the conflict. Examples of such Singapore companies are Shing Kwan Group (World Trade Centre & real estate), Prima Group (flour and grain based products) and the Banyan Tree (luxury resort). These companies have reaped rewards by venturing into Sri Lanka ahead of others. We urge Singapore companies to consider Sri Lanka now that the civil war has come to an end."
Aside from the opportunities in Sri Lanka, Singapore firms can leverage Sri Lanka?s Free Trade Agreement (FTA) with India, which technically allows Sri Lankan incorporated firms of Singapore parent ownership to access the huge Indian market of over a billion people. More significantly, the Sri Lanka-India FTA will soon be upgraded to a Comprehensive Economic Cooperation Agreement (CECA). In addition, Sri Lanka is still the only country in South Asia to be awarded the Generalized System of Preferences Plus (GSP+) status, providing duty free access to the EU on 7,200 product line. These factors, coupled with its geo-strategic location between the dynamic economies of South Asia, Southeast Asia and the fast-growing economies of the Middle East, positions Sri Lanka as an excellent trade, investment, maritime, aviation and communications hub for the South Asia regional market.
The seminar was followed by a business-matching session between the visiting Sri Lankan companies and the Singapore business community. The event saw the support and involvement of key business associations in Singapore especially the Singapore Indian Chamber of Commerce & Industry (SICCI), Singapore Manufacturers' Federation (SMA), International Enterprise Singapore, Institute of South Asian Studies (ISAS), Singapore Jewellers' Association (SJA), Singapore Contractors Association Limited (SCAL), Franchising and Licensing Association of Singapore (FLA) and the Singapore Infocomm Technology Federation (SITF).
This event is part of SBF's on-going efforts to promote and facilitate business linkages between Singapore and Sri Lanka enterprises.
For more information on GBD-SA events, please contact:
Teo Chi Howe
Senior Executive, South Asia
Singapore Business Federation
Email: markets.sa@sbf.org.sg
Tel: 6827 6855
Quick facts on Singapore-Sri Lanka trade
(For more information, please refer to the Annex)
Year |
2007 |
2008 |
Total Trade |
S$1.4 billion |
S$1.5 billion |
(Source: Statlinks, IE Singapore)
Singapore is Sri Lanka's 72nd largest import partner and Singapore is Sri Lanka's 30th largest export partner.
About Singapore Sri Lanka Business Association (SSLBA)
Singapore-Sri Lanka Business Association has 17 years history of providing a forum for individuals and companies with mutual interest in Sri Lanka / Singapore commercial relations to enable them to meet, discuss and exchange ideas and information. Singapore investors such as Prima Group, Overseas Reality and B P de Silva are among SLBA's distinguished corporate members. As it is happening today, Singapore Sri Lanka Business Association works very closely with Sri Lanka High Commission and a few other trade bodies in Singapore to create opportunities for investment and business as well as social networking.
Annex
1. Singapore is Sri Lanka's 72nd largest import partner.
2. Singapore is Sri Lanka's 30th largest export partner.
3. Total trade hit S$1.5 billion in 2008 compared to S$1.4 billion in 2007 which is about a 7% growth rate. (Source: Statlinks, IE Singapore)
4. Main import items from Sri Lanka were refined gold & copper, fabrics, electronics-related, milk-based products, seafood and jewellery products.
5. Main export items to Sri Lanka were petrochemicals (LPG, diesel, butanes), eletronics, aeronautical and precious metals jewellery products.
6. For 2008, Economist Intelligence Unit (EIU) estimated Sri Lanka's GDP Per Capita on PPP (Purchasing Power Parity) at US$4,747, while GDP per capita was US$2,220.
7. Cumulative investments into Sri Lanka by Singapore-incorporated companies (including MNCs located in Singapore) now total Rs34 billion or S$430 million as at end of 2008. (Source: Board of Investment, Sri Lanka).
Presence of Singapore companies in Sri Lanka
Singapore Company |
Business |
Singtel |
Internet, web-hosting, E-commerce service provider |
Shing Kwan Group |
Real estate development & management |
Prima Group |
Production of grains, flour & flour-based products |
Banyan Tree Holdings |
Development and management of Angsana Spa Giritale,
Deer Park Hotel in Polonnaruwa |
Asia Pacific Breweries |
Production of beer & stout |
Ghim Li |
Production of garmets & apparels |
Pico Global Services |
Management of Sri Lanka Exhibition & Conference Centre |
Singapore Telecom International |
Internet, web hosting, E-commerce management services |
Aman Resorts |
Management of high-end beach resorts in Sri Lanka - Amangalla @ Galle and Amanwella @ Tangalle. |
List of Sri Lanka Delegation (correct at time of printing)
Sri Lanka Government:
1. His Excellency Anura Priyadarshana Yapa, Minister for Mass Media & Information, Minister for Enterprise Development & Investment Promotion, Sri Lanka.
Sri Lanka High Commission:
2. H.E. Jayathri Samarakone, Sri Lanka High Commissioner to Singapore.
3. Mr. Bandula Somasiri, Commercial Secretary
4. Ms. Kumudini, Assistant to the Commercial Secretary
Singapore-Sri Lanka Business Association:
5. Mr. Shamil Mendis, President, Singapore Sri Lanka Business Association, Colombo office
Sri Lanka Board of Investment (Sri Lanka's equivalent of EDB)
6. Mr. A M C Kulasekara, Deputy Director General,(Investment Promotion)
7. Mr. Duminda Ariyasinghe, Executive Director, (Investment Promotion)
8. Ms. Shantha Jayasinghe, Senior Manager, (Investment Promotion)
Sri Lanka National Gem & Jewellery Authority:
9. Mr. Hasitha Tillekeratne, Chairman
10. Mr. Rohan Pitigala, Manager (Exports)
Sri Lanka Companies:
11. Mr Suminda Galketiya, Operations Manager, Alankara SKR (Pvt) Ltd
12. Ms N Ratna, Marketing Manager, Hellocorp (Pvt) Ltd
13. Mr Nirmal Peiris, GM/Enterprise Solutions, E-W Information Systems Ltd
14. Mr Vijith Perera, Managing Director, VSR Consultants (Pvt) Ltd
15. Mr Malindra Fernando, Director, VSR Consultants (Pvt) Ltd
16. Mr Deepal Perera, Manager, TechSys Ltd
17. Mr Shamil Mendis, Group Director, Delmege Forsyth & Co. Ltd
18. Mr Mohan Weragoda, CEO, Inventures Asia (Pvt) Ltd
19. Mr H R S L Wijeratne, Chairman, Rank Group of Companies (Pvt) Ltd
20. Mr M S T Aman, Chairman/MD, Coastland Coconut Exports
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