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NEWS UPDATES Asean Affairs    3 June 2012

Singapore, Sri Lanka trade ties grows stronger

3 June, 2012

Business ties between Sri Lanka and Singapore are about to grow stronger with the signing of a pact in Sri Lanka on 30 May 2012.

The Sri Lanka Singapore Business Council (SLSBC) of the Ceylon Chamber of Commerce and the Singapore Business Federation (SBF) signed a memorandum of understanding (MOU) in the nation's capital Colombo.

The MOU, which promotes the development of closer trade and economic relations between the two business communities, was witnessed by Sri Lanka's Industry and Commerce Minister Rishad Bathiudeen and Singapore's Foreign Minister K. Shanmugam.

The MOU was signed as part of the first Sri Lanka-Singapore Business Forum in Colombo.

The agreement seeks to promote a favourable business climate, better investment flows, improved information exchange, and the protection of intellectual property of members, among others.

Teo Siong Seng, president of the Singapore Chinese Chamber of Commerce and Industry who inked the MOU in his capacity as SBF vice-chairman, said: "This forum is not just a first in our bilateral trade history. More importantly, it is a milestone in our bilateral trade relations since it shows that our business- to-business level linkages have grown considerably."

Shamil Mendis, president of SLSBC, said: "The MOU confirms that not only has there been notable progress in our commercial relations, but also it lays the foundation for a significant enhancement of this relationship."

Organised in conjunction with an official visit by Shanmugam to Sri Lanka, the 21-member SBF delegation also attended discussions on economic opportunities and developments with Sri Lankan ministers and senior government officials.

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