Lanka - Malaysia trade to hit US$ 1b

The 19th Annual General Meeting of the Sri Lanka - Malaysia Business Council (SLMBC) was held recently at the Ceylon Chamber of Commerce. The Council, which focuses on the objectives of 'promoting investment, trade and joint ventures between Sri Lanka and Malaysia', is one of the most dynamic bilateral business councils that function under the aegis of the Chamber. The chief guest at the event, Azmi Zainuddin, High Commissioner for Malaysia in Sri Lanka said trade between the two countries reached yet another milestone at US$ 859.38 million last year, up from US$ 846.6 million in 2011.

Sri lanka's imports from Malaysia amounted to US$ 80.11 million and is hoped to reach one billion US dollars in one or two years. Malaysia is still one of the leading foreign investors in Sri Lanka and has invested over US$ 163 million worth of FDI over the period of 2010-12.

Zainudddin said he is pleased to note that the SLMBC has continuously played a vital role through its Investor Facilitation and Trade Relationships Development initiatives, members' forum and interactions with other business entities and stakeholders and that we could also look at ways of linking the SLMBC and the newly revitalised Malaysia-Sri Lanka Business Council in Kuala Lumpur as driving forces to strengthen business and investment ties between private sector stakeholders, entrepreneurs and investors in Sri Lanka and Malaysia.

Nilrukshi De Silva, Head of Business Development, Macksons Paints Lanka Pvt Ltd was elected President of the Council for 2013/2014. She mentioned that the incoming committee would encourage more joint ventures between Sri Lanka and Malaysia, exchange information on trade and investment, conduct joint meetings with Malaysian business organisations in Sri Lanka and Malaysia and will serve as a recognised representative of the business sector interests in Sri Lanka.

Keerthi Jayasuriya, Chairman/CEO, International Scholar Educational Service Pvt Ltd and Manjula Thawalampitiya, Senior Vice President - Finance and Administration, Epic Lanka Group were appointed vice presidents.