Singapore business mission a success

The recently concluded business mission to Singapore organised by International Enterprise (IE) Singapore, an agency under Singapore's Ministry of Trade & Industry, to promote international trade and external investment of Singapore, in association with the High Commission of Sri Lanka proved to be a success with over 160 large, medium and small-scale Singaporean companies meeting with the 14-member Sri Lankan delegation led by the President of the Sri Lanka - Singapore Business Council of the Ceylon Chamber of Commerce (CCC) Director, Delmege Group Shamil Mendis. The visit was co-ordinated by Andrea David of CCC.

Participants included the Governor Central Bank, Ajith Nivard Cabraal, Executive Director Board of Investment Duminda Ariyasinghe, Asian Economist HSBC Global research, Wellian Wiranto and Deputy CEO IE Singapore, Chua Taik Him.

Some of the leading Singapore companies that met with the delegates, were Asia Pacific Breweries Ltd, Beer Brewing and marketing, Freight Link Express Holdings Ltd., a leading freight forwarder with a global network, Ghim Li Global Pte Ltd., currently an investor in Sri Lanka and a textile manufacturing solutions provider, Prima Ltd., presently an investor in Sri Lanka with businesses in food manufacturing, restaurant and bakery, Port of Singapore Authority, one of the leading global ports groups, Singapore Cruise Centre, multi award winning cruise centre operations and management specialist, Singapore Health Services Pte Ltd., the largest healthcare group in Singapore and Trek 2000 International Ltd., an industry leader, innovator, original inventor, patent owner of the ThumbDrive.

According to Mendis, both presentations made by the Governor Central Bank, as well as the Executive Director BOI, were well received.

Potential areas of investment as outlined by Cabraal included tourism, commercial agriculture and fisheries, industrial development in particular apparel, gems and jewellery, rubber, salterns, cement, chemical industries, sugar, dockyard services and shipping. Education, IT, as well as Human Resources were also highlighted as prime areas for development.

Cabraal stressed on the export of skilled services and said that our remittances which currently stood at around US dollars 3.3 billion [7. 9% of GDP], were targeted to reach 8.3% of GDP by 2013. Cabraal also said that Sri Lanka is now rated a developing economy which comes under the middle income category, and that the President's vision is to double Sri Lanka's per capita income by 2016 to US dollars 4000.

Mendis emphasized that Singapore companies investing in Sri Lanka could make use of the country's Free Trade Agreements with both India and Pakistan to enter or expand their market shares by making use of the preferential tariffs available.

The Sri Lankan companies which comprised the delegation were Delmege Forsyth & Co. Ltd., Prudential Shipping Group of Companies, Blue Ocean Ventures, Forbes Services Ltd.,/ Forbes & Walker Commodity Brokers PLC., Mackwoods Limited, Talliance (Pvt) Ltd., Miami Beach Resorts (Pvt) Ltd., Microcells (Pvt) Ltd., Sapphire Cutters Ltd., and Four Corners Software Pte Ltd.