Singapore delegation mulls investments here

Ramani KANGARAARACHCHI

Singapore investors are keen to invest in construction, agriculture and real estate businesses in Sri Lanka.

Singapore Business Federation Deputy Mission Leader V.K. Rajan and FCCISL President Kosala Wickramanayake exchange pleasantries.

A Singapore business delegation of 14 members met 30 Sri Lankan businessmen at the Federation of Chambers of Commerce (FCCISL)yesterday to discuss possibilities of establishing joint ventures.

The members of the delegation were interested in manufacturing beer brands, manufacturing equipment and machinery for the construction industry, create architecture, real estate business, manufacturing lumps and fine powders, construction material, and consultation.

Singapore Business Federation Deputy Mission Leader V.K. Rajan said Sri Lanka has its own natural resources, human resources and the right location for business.

They have to work really hard to grab the opportunity. He hoped that Singapore and Sri Lanka can strengthen the strong relationship further in future with this opportunity. Rajan said Singapore is also a thriving centre of commerce and industry and it has a highly industrialized economy with the manufacturing sector having the most significant contribution to GDP. FCCISL Secretary-General Tusitha Tennakoon said it is the right time to invest in Sri Lanka as there is a stable political situation.

He said that the Government has reduced import duties for vehicles drastically to improve the tourism industry. There are so many opportunities in the North and East for infrastructure development.

Also investors can import raw material and export their products to India, Pakistan and Maldives after value addition.

Tennakoon said that in 1960s Singapore looked up to Sri Lanka and now Sri Lanka is looking up to Singapore as a developed nation.

FCCISL International Affairs Head Ranjani Tudugala said both Sri Lanka and Singapore businessmen were happy about the preliminary meetings they had.

She hoped there will be fruitful results in the near future. The delegation met officials of National Chambers as well.