S’pore-SL MoU to boost business
President Mahinda Rajapaksa who is on a two day visit to Singapore
held bilateral talks with Singapore Prime Minister Lee Hsien Loong on
February 15. At the end of the bilateral talks a memorandum of
understanding (MOU) was signed on the development of business and
investment relations between the Board of Investment of Sri Lanka and
the Business Federation of Singapore.
This MOU was signed by Secretary to the President, Lalith Weeratunga
on behalf of Sri Lanka and Chief Executive Officer of Singapore Business
Federation, Ho Meng Kit on behalf of Singapore at Singapore President’s
House, Istana Palace in the presence of the Heads of State of the two
countries, a President’s Media Division release said.
It said: It is expected to get the institutional relations between
the two countries strengthened and the relations among the private
sectors consolidated through this MOU. Building a congenial atmosphere
for business and investment in all economic sectors of Sri Lanka and
Singapore, constant exchange of investment policies and information
relating to relevant projects and an in increasing investment and
business opportunities are the other objectives envisaged by this MOU.
‘Trade between Sri Lanka and Singapore during 2011 amounted to
USD1.85 Billion and consequent to the end of terrorist atmosphere in Sri
Lanka trade between the two countries has been increased by 53 percent.
Business companies in Singapore pay increased interest in investing
specially in areas such as cereal and flour industry, land development,
information technology, knitting and garment industry and gem and
jewellery manufacture.
Earlier President Mahinda Rajapaksa met Singapore President, Tony Tan
Keng Yam yesterday and engaged in a cordial discussion. Sri Lankan
delegation led by the President and the First Lady were received
cordially at Istana Palace, the official residence of Singapore
President.
A Guard of Honour was accorded to the President by the Singapore
Army. After introducing the delegates of respective countries President
Rajapaksa discussed with the President of Singapore a number of matters
which are of common interest to both countries. Singapore President,
Tony Tan Keny Yam who appreciated the on going reconciliation Programme
stated that it is important for Sri Lanka to forget the past and to
concentrate on the future prosperity of the country.
In response to the request made by President Rajapaksa to encourage
Singapore investors to make investments in Sri Lanka, President Keng
pledged to provide the necessary assistance.
Afterwards President Rajapaksa held bilateral talks with Singapore
Prime Minister Lee Hsien Loong.
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