Lanka, Singapore bilateral trade hits $ 1.94 billion in 2011

As Sri Lanka Singapore bilateral trade surged to $ 1.94 billion in 2011, the first ever Sri Lanka Singapore Business Forum will take off in Colombo on May 30.

"The forthcoming business forum between Sri Lanka and Singapore will be a first in our bilateral trade history but more importantly,it is a milestone in our bilateral trade since it shows that our business to business level linkages too have grown considerably, thereby highlighting the importance of our fourth largest international trade partner, " said, Rishad Bathiudeen, Minister of Industry and Commerce.

The minister made these comments last week in the light of the forthcoming 'Sri Lanka-Singapore Business Forum,' to be held on May 30 at the Grand Ballroom, Galadari Hotel, Colombo. The event is organised by the Sri Lanka-Singapore Business Council of the Ceylon Chamber of Commerce to coincide the visit of Foreign Minister of Singapore K.Shanmugam from May 26 to June 2 . Shanmugam will accompany a high-powered delegation from the Singapore Business Federation.

Singapore's total trade with Sri Lanka in 2011 amounted to $1.94 billion, of which $ 1.53 billion were imports to Sri Lanka. From Singapore's end, Sri Lanka is the 37th ranked global trading partner. Singapore firms in Sri Lanka are active in property development (Overseas Realty (Ceylon) Ltd), food and beverage processing (Prima Ceylon, Asia Pacific Breweries), logistics (Keppel Logistics), telecommunications (LankaCom, subsidiary of Singapore Telecom), apparel (Ghim Li Group) and conventions and conferences (Pico Global Services).