Thai DPM visits Sri Lanka March 8-12

BANGKOK, March 7 (TNA) - Deputy Prime Minister Somkid Jatusripitak, who oversees economic affairs, is scheduled to lead a Thai business delegation to visit Sri Lanka during March 8-12 to boost bilateral trade and investment. Commerce Minister Apiradi Tantraporn told journalists that the Thai deputy premier will lead local business operators of hospitals and financial institutes, property developers, as well as consumer and cosmetic product manufacturers to meet Sri Lankan economic ministers during the upcoming trip. Apiradi noted that Sri Lanka plans to improve its public utilities and attract investors to develop hotels, tour services, hotel management schools, hospitals, drug and medical equipment plants, property projects, tea production and jewelry designs, while also being interested in importing consumer products, home decorations and household appliances. “Sri Lanka has economic potential and the fastest economic growth rate in South Asia. In 2016, its economic growth rate should stand as high as 7.3 per cent; so, it has high demand for products, services and investment. The Thai deputy prime minister is taking a demand driven marketing approach to meet the demand of Sri Lanka,” said the commerce minister. “Sri Lanka has plenty of raw materials and natural resources, especially for fisheries, and is inviting investment from Thailand. Therefore, it is a suitable source of raw materials for Thailand to use to produce exports,” the commerce minister acknowledged. According to the Thai commerce minister, Sri Lanka also plans to use innovations and technology to create sustainable economic development and upgrade itself to become an upper middle-income country, while also developing its human capital and attracting foreign investment in tea, rubber, gems, leather products, ready-to-eat food, ceramic, plastic, information technology (IT), tourism and construction businesses. As Thai investors have arrived in Sri Lanka for running hotels, resorts, spas and garment sectors, the commerce minister pointed out that the five-day trip is aimed at quickly boosting bilateral trade and investment relations. Last year, the commerce minister revealed, Thai exports to Sri Lanka stood at 434 million US dollars, with five most major exports including fabrics, dried fish, automobiles and parts, sugar and plastic pellets, while Thai imports from Sri Laka, worth 54 million US dollars, included jewelry, gems, plants and related products, clothes and textiles. (TNA)