Sri Lanka, Malaysia Strengthens Trade Ties In MoU

KUALA LUMPUR, Oct 17 (Bernama) -- Sri Lanka and Malaysia have pledged to further enhance economic, trade and investment cooperation between both countries particularly in the private sector. Malaysia-Sri Lanka Business Chamber Chairman Azzat Kamaludin said Malaysia was now focusing on the new Sri Lanka by facilitating and fostering relations with the Sri Lanka-Malaysia Business Council. "We will set up a sectoral group in both countries through the business council, where a focal person will be appointed in a respective sector to facilitate communication with one another directly without formality," he told reporters after the signing of a memorandum of understanding here Friday with his Sri Lanka counterpart Nilrukshi S De Silva. Azzat said both parties' website would be used to link preliminary information and ease communication including sectors on infrastructure, technology, healthcare, consultancy services and manufacturing. Meanwhile, Nilrukshi welcomed any form of trade and investment from Malaysian enterprises as the country was still making strides to develop after the civil war in Sri Lanka. "Among the export products we can tap in Malaysia are for spices and tea. "We are looking out for opportunities in Malaysia's manufacturing sector to propel the industries in Sri Lanka," she said, adding that Malaysia manufacturers would also have access to India and Pakistan as Sri Lanka has signed free trade agreements with them. China will soon sign a similar agreement with Sri Lanka. Bilateral trade between Sri Lanka and Malaysia in 2013 was valued at US$577.66 million (RM1.89 billion) with Sri Lanka's exports to Malaysia amounting to US$44.92 million (RM147.55 million) while import totalled US$532.74 million (RM1.75 billion). --BERNAMA