Malaysia looking for more business here

Sanjeevi JAYASURIYA

Malaysia is looking to diversify its investment portfolio in Sri Lanka to enhance investment opportunities.

Malaysia is focusing on investment opportunities in tourism, infrastructure development including roads and telecommunication, construction and housing.

"Investors are keen to come to Sri Lanka. Many business delegations have visited to explore opportunities," Sri Lanka Malaysia Business Council Patron and Malaysian High Commissioner in Sri Lanka Rosli Ismail said.

"Steps have been taken to promote IT, Halal products and Islamic finance in Sri Lanka as new sources of growth.

"It is important to further promote and enhance the trade relationship between the two countries which enjoy a close and cordial relationship," he said.

Foreign direct investment from Malaysian projects under the BOI as at end 2009 was around US$ 904 million.

Malaysia is the biggest foreign investor in Sri Lanka and its major investment component is in the telecommunication sector.

The country is working towards becoming a sustainable economy and encourages stability. It seeks more opportunities to strengthen ties in economy, business and investment.

Exports from Sri Lanka to Malaysia increased from Rs 4,973 million in 2008 to Rs 5,533 million in 2009 recording an increase of 11.26 percent.

However, imports decreased by 22.85 percent from 38,887 million in 2008 to Rs 30,001 million in 2009.

Main items exported from Sri Lanka to Malaysia include rubber and rubber products, residues and waste from the food industry, precious and semi-precious stones, essential oils and resinoids and coffee, tea and spices.

Main items imported to Sri Lanka from Malaysia include animal or vegetable fats and oils, salt, sulphur, earths and stone, plastics and plastic products, mineral oils and products of their distillation and machinery and mechanical appliances.

The sixth annual Sri Lanka Malaysia Business Awards will be held on June 9 in Colombo. Former Malaysian Prime Minister Dr. Mahathir Mohamed will be the chief guest.

This event is being held to recognize the contribution made by the members to the growth of Sri Lanka's economy under 11 categories considering corporate governance, CSR, research and development and overall business development.

Sri Lanka-Malaysia Business Council is the only Business Council to organize an event of this nature covering nearly all fields of business, trade and investments for the members and non- members of the Council.