Malaysia pledges to help Lanka in power and agri projects

by Lalin Fernandopulle

The security situation in Sri Lanka is not an obstacle for investment promotion and strengthening bilateral relations between the two countries. Inconsistency and lack of transparency in policy is what worries Malaysia to support Sri Lanka in its development projects, said High Commissioner for Malaysia Nazirah Hussain.

She said Malaysia will stick to its policy of non interference in internal matters of other countries. What concerns Malaysia is the well-being of the citizens of the country. Malaysia will firmly stand for unity and peace among all communities in Sri Lanka.

Addressing the launching ceremony of the second Annual Sri Lanka-Malaysia Business Council Awards 2006' Hussain said Sri Lanka's membership in ASEAN is an ideal opportunity to discuss and iron out security issues affecting the region. The foreign ministers' forum is a platform to strengthen trade and multilateral relations. Sri Lanka is the 27th member of ASEAN.

Malaysia will extend its fullest support in the development activities of Sri Lanka. Nearly 28 agreements have been signed of which 12 projects are in operation. A cotton producing company in Malaysia has undertaken to develop the cotton industry in the South. Malaysia is all out to help Sri Lanka in the power and agricultural projects. It was one of the first countries that volunteered to invest in the Norochcholai coal power project, Hussain said.

Trade between Sri Lanka and Malaysia has shown remarkable growth over the years. Exports to Malaysia grew from Rs. 866 million in 2004 to Rs. 1,267 million in 2005 recording a 10 percent increase. Tourist arrivals from Malaysia increased from 10,132 in 2004 to 11,578 in 2005 which is a 14.3 percent growth.

Project Chairman, Keith Perera said the 167-year-old Ceylon Chamber of Commerce (CCC) has set up 18 bilateral councils. The Sri Lanka-Malaysia Business Council set up in 1994 is the twelfth bilateral council to be formed. The objective of the council is to promote trade, investment, joint ventures, tourism and services between the two countries.

The Sri Lanka-Malaysia Business Council Awards is held to recognise the contribution of members towards the promotion of trade and investment between the two countries.

The event will generate enthusiasm among members and encourage them to contribute to the growth of the country's economy.

The awards scheme recognises the contributions in categories such as import/distributor/retailer, travel and hospitality, manufacturers and exporters, IT, banking and professional services, transport and infrastructure.

This year's event will include a special award to recognise the efforts of non members trading with Malaysia.

There are Malaysian entrepreneurs in Sri Lanka who contribute to the economy. We need to recognise their efforts as well, Perera said.

The second Annual Sri Lanka -Malaysia Business Council Awards 2006 will be held on September 15 at the Holiday Inn.