Singapore
Speaking at a business forum in Colombo, Mr Iswaran added that the free trade agreement signals Sri Lanka’s determination to reconnect with global markets.
Minister for Trade and Industry (Industry) S Iswaran speaking to the media in Colombo, Sri Lanka. (Photo: Lianne Chia)
COLOMBO: The Sri Lankan team which negotiated the country’s free trade agreement with Singapore had been professional and dedicated in how they overcame the many challenges to conclude the deal, said Minister for Trade and Industry (Industry) S Iswaran on Wednesday (Jan 24).
For that, they’ve earned Singapore’s respect and admiration, he said, specifically mentioning his “friend and colleague”, Sri Lanka’s Minister of Development Strategies and International Trade Malik Samarawickrama.
Mr Iswaran also noted that the agreement unambiguously signals Sri Lanka’s “determination to reconnect with global markets” in order to secure a better and more prosperous future for its people.
He was speaking at the Sri Lanka-Singapore Business Forum held in Colombo.
The agreement, which was signed on Tuesday (Jan 23), was the culmination of one-and-a-half years of negotiations between the two countries. It is Sri Lanka’s first comprehensive free trade agreement.
Mr Iswaran pointed out that bilateral trade between Sri Lanka and Singapore had increased by more than 25 per cent to 300 billion Sri Lankan rupees (S$2.57 billion), from 2016 to 2017. Bilateral trade in services and foreign direct investments has also shown an upward trend, he added.
The momentum is increasing given the rising interest in Sri Lanka from Singapore companies, noted the minister, as more of them explore opportunities in growth sectors like hospitality, consumer and infrastructure.
“Sri Lanka is also an attractive market for Singapore’s small- and medium-size enterprises (SMEs) as they internationalise, and some have made Sri Lanka their first overseas venture,” Mr Iswaran said.
Three Singapore companies also sealed deals with Sri Lankan partners at the forum, with the signing of four agreements for new projects across food, aquaculture, hospitality and infrastructure. For example, Singapore SME Food Studio will set up and operate premium food courts in some Sri Lankan malls, while aquaculture business Ark Holdings will build and operate a crab farm.
