Singapore business seminar/mission a success

The recently concluded business mission to Singapore organized by IE [International Enterprise] Singapore, an agency under Singapore's Trade and Industry Ministry, tasked to promote international trade and external investment of Singapore, in association with the High Commission of Sri Lanka proved to be a tremendous success with over 160 large, medium and small scale Singaporean companies meeting with the Sri Lankan delegation.

Led by the Sri Lanka Singapore Business Council [ an affiliate of the Ceylon Chamber of Commerce] President Shamil Mendis [Delmege Group] Director, the fourteen member delegation had an extremely productive visit.

Participants included the Central Bank of Sri Lanka Governor Ajith Nivard Cabraal, Board of Investment Sri Lanka Executive Director Duminda Ariyasinghe, HSBC Global Research Asian Economist Wellian Wiranto and IE Singapore Deputy CEO Chua Taik Him.

Some of the leading Singapore companies which attended the seminar and met with the Sri Lankan delegates, were Asia Pacific Breweries Ltd, Beer Brewing and marketing, Freight Link Express Holdings Ltd., a leading freight forwarder with a global network, Ghim Li Global Pte Ltd., currently an investor in Sri Lanka and a textile manufacturing solutions provider, Prima Ltd., presently a notable investor in Sri Lanka with businesses in food manufacturing, restaurant and bakery, Port of Singapore Authority, one of the leading global ports groups, Singapore Cruise Centre, multi award winning cruise centre operations and management specialist, Singapore Health Services Pte Ltd., the largest healthcare group in Singapore and Trek 2000 International Ltd., an industry leader, innovator, original inventor, patent owner of the ThumbDrive.

According to Shamil Mendis, the interest in Sri Lanka post winning the war was heartening to say the least. "Amongst all participants the mood was buoyant and optimistic with the words of Wellian Wiranto, peace is here to stay and dividends will soon be paid out, expressing the sentiments of all those present".

According to Mendis, both presentations made by Central Bank Governor, Ajith Nivard Cabraal, as well as the BOI Executive Director, Duminda Ariyasinghe were very well received and did much to boost the image of the country. "Cabraal's presentation titled Sri Lanka - A New Era, portrayed the country as one which despite an almost three decade long war, had proved to be resilient, whilst having surmounted the problems that faced the global economy."

Potential areas of investment as outlined by Cabraal included tourism, commercial agriculture and fisheries, while industrial development in particular apparel, gems and jewellery, rubber, salterns, cement, chemical industries, sugar, dockyard services and shipping, too were key areas. Education, IT, as well as Human Resources were also highlighted as prime areas for development.

"Cabraal stressed on the export of skilled services and said that our remittances which currently stood at around US dollars 3.3 billion [7. 9 percent of GDP], were targeted to reach 8.3 percent of GDP by 2013". Cabraal also said that Sri Lanka is now rated a developing economy which comes under the middle income category, and that the President's vision is to double Sri Lanka's per capita income by 2016 to US dollars 4000. Mendis said that while Sri Lankan companies have the potential to further increase its business in its present areas of exports to Singapore, there is significant potential to increase its cooperation with Singapore companies, in knowledge based industries, such as ICT and BPO.

He also emphasized that Singapore companies investing in Sri Lanka could make use of the country's Free Trade Agreements with both India and Pakistan to enter or expand their market shares by making use of the preferential tariffs available.

IE Singapore Deputy CEO Chua Taik Him, reiterated the fact that Singapore's business community welcomed the end of the war and looked forward to increased trade between Sri Lanka and Singapore.

"Wellian Wiranto's presentation on Sri Lanka did much to boost investor confidence in the country and I am confident that this recently concluded mission will undoubtedly increase our current level exports while having opened doors to future Singaporean investment in the country", said Mendis.

The Sri Lankan companies which comprised the delegation were Delmege Forsyth and Co. Ltd., Prudential Shipping Group of Companies, Blue Ocean Ventures, Forbes Services Ltd.,/ Forbes and Walker Commodity Brokers PLC., Mackwoods Limited, Talliance (Pvt) Ltd., Miami Beach Resorts (Pvt) Ltd., Microcells (Pvt) Ltd., Sapphire Cutters Ltd., and Four Corners Software Pte Ltd.,