Minister of Development Strategies and International Trade, Malik Samarawickrama last week revealed that Sri Lankan officials are working on signing a Free Trade Agreement with Singapore while a five-year programme to increase trade and investment with the US will be launched later this year.
“We can expect such measures to benefit Sri Lankan exporters and also consumers who will have access to better quality goods at low prices. The Singapore Company, Surbana Jurong has developed a new Megapolis plan for Colombo. Singapore FDI is currently about US$ 100 million. There is, therefore, lot more than can be done in that respect,”
Samarawickrama said addressing the Sri Lanka-Singapore Business Forum held recently.
The forum was attended by Singapore’s Minister for Trade and Industry S Iswaran who noted that Singapore has also benefited considerably through FTAs since it is connected to the ASEAN region which is growing at 5% annually.
He also said that European Companies are increasingly looking at East Asian Markets and are keen to identify partners in Asia. This offers considerable opportunities to enterprises, both in Singapore and Sri Lanka.