Sri Lankan HC Discuss Bilateral Trade and Investment Opportunities with SICCI Chairman

H.E. Senarath Dissanayake met with SICCI Chairman Neil Parekh to explore collaboration in renewable energy, food industry, IT, and hospitality sectors. The aiming is to boost bilateral trade and minimize the trade gap between Singapore and Sri Lanka

THE High Commissioner of Sri Lanka to Singapore, H.E. Senarath Dissanayake, met with the Chairman of the Singapore Indian Chamber of Commerce & Industry (SICCI), Mr. Neil Parekh, on 13th March 2024 at the SICCI Building.

During the meeting, H.E. Senarath Dissanayake highlighted the significant potential for collaboration in renewable energy, the food industry, IT and IT-enabled services, and hospitality sectors between Sri Lanka and Singapore. He also briefed Chairman Parekh on the investment opportunities available to local and foreign investors in Sri Lanka, particularly in the country’s special economic zones and in the Port City of Colombo.

The High Commissioner noted that bilateral trade between Singapore and Sri Lanka reached US$ 980 million in 2023, with Singapore’s imports to Sri Lanka at US$ 863.4 million and Sri Lanka’s exports to Singapore at US$ 117.2 million. Sri Lanka aims to reduce the trade gap by diversifying its export basket to Singapore.

Highlighting upcoming trade events in Sri Lanka, H.E. Senarath Dissanayake sought SICCI’s support to organize a trade mission to Sri Lanka for their members to participate in the Industry Expo 2024, scheduled from the 19th to the 23rd at the Bandaranaike Memorial International Conference Hall in Colombo.

Chairman Parekh expressed SICCI’s full cooperation in furthering economic-trade ties, investment, and tourism promotion between Sri Lanka and Singapore. He agreed to organize an awareness seminar on Sri Lanka’s special economic zones and Port City Colombo for SICCI members.

Minister (Commercial) of the Sri Lanka High Commission, Mr. Yasantha Yaddehi, Executive Director of SICCI Ms. Jamuna Rani, and one of the Board Directors of SICCI Mr. Saravana were also present during the meeting.

Source: High Commission of Sri Lanka in Singapore