Malaysia to invest more in local projects

by Jayampathy Jayasinghe

[email protected]
 

Malaysia will invest in key infrastructure projects in Sri Lanka in the near future and several Malaysian companies have been striving to make inroads into Sri Lanka.

The High Commissioner for Malaysia in Sri Lanka, Rosli Ismail said Malaysia has been the biggest investor in Sri Lanka for nearly four consecutive years with investments in the telecommunications, infrastructure, garments and other industries.

He was addressing the fourth annual businesses awards of the Sri Lanka-Malaysia Business Council last week. Malaysian companies have undertaken infrastructure projects such as highways, housing and in the educational sectors. However, Sri Lanka's investment in Malaysia is relatively small. Sri Lanka was Malaysia's 49th largest trading partner, he said.

Sri Lanka is Malaysia's fourth largest export market in the South Asian region. Exports from Malaysia to Sri Lanka amounted to USD 375 million and imports to Malaysia from Sri Lanka recorded USD 32.52 million. A multiple entry visa for one year especially for the business community has been introduced to strengthen the business ties between the two countries.

The High Commissioner said that Malaysia is encouraging more companies to invest in Sri Lanka and are prepared to take part in the economic development of Sri Lanka. The surge in Malaysian investments were due to the part played by the subsidiary of Telekom Malaysia, Dialog Telekom which invested over USD 500 million since its inception in 1995.