Economic relations between Malaysia, Lanka have vast potential for growth | Daily News


Economic relations between Malaysia, Lanka have vast potential for growth

Tan Yang Thai
Tan Yang Thai

 Economic relations between Malaysia and Sri Lanka have vast potential for growth and this potential should be explored through more business networks, High Commissioner of Malaysia, Tan Yang Thai told at the Malaysia - Sri Lanka Business Council of the Ceylon Chamber of Commerce (SLMBC) in Colombo recently.

“Business relations continue to expand and SLMBC will continue to play its part in enhancing bilateral trade cooperation further. I am also happy to note that SLMBC has established a good link with its Malaysian counterpart, the Malaysia- Sri Lanka Business Council. I urge both SLMBC and MSLBC to continue this excellent cooperation for the benefit of our two countries,” he said.

Malaysia on the other hand also welcomes greater participation from Sri Lanka’s businesses and investments by making Malaysia as the gateway to ASEAN that offers huge market opportunities of more than 630 million consumers. There exists vast potential for Sri Lankan investors to explore.

It is my fervent hope that the Sri Lankan business communities would continue to foster close cooperation and partnership with Malaysian investors, particularly in exploring new areas of trade and investment.”

Over the year, trade between the two nations has increased. Malaysia values Sri Lanka as an important trade and investment partner in the South Asian region. Malaysia’s total bilateral trade with Sri Lanka was at an all-time high of USD 718.3 million last year. This year’s bilateral trade for the period of January – April 2019 was USD 192.7 million.

In terms of investment, Malaysia remains committed to invest in Sri Lanka. Last year alone, a number of trade delegations came to Sri Lanka and participated in various trade expositions and exhibitions.

Even after the tragic Easter Sunday incident, the High Commission continued to receive inquiries regarding business opportunities in Sri Lanka. “In fact, last week, I had the opportunity to bring an investment delegation from Malaysia to meet with President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe.

The positive feedback exemplifies the Malaysian investors’ confidence in the Sri Lankan economy,” the High Commissioner said.

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