By: Staff Writer
Colombo (LNW):Port City Colombo (PCC), Sri Lanka’s most ambitious integrated development project and the country’s first foreign currency designated Special Economic Zone dedicated to exports of services, has taken a significant step towards fostering stronger ties between the Thai and Sri Lankan business communities.
Accordingly, a Memorandum of Understanding (MoU) was recently signed between Port City Colombo and the Thai-Sri Lanka Chamber of Commerce (TSLCC) in Bangkok, Thailand.
The MOU marks a pivotal moment in promoting bilateral trade and investment opportunities between Sri Lanka and Thailand, through PCC.
The objective of the agreement is to facilitate and enhance cooperation, providing a platform for business development and collaboration between the two nations.
Sri Lanka and Thailand have a warm history of trade and political cooperation stretching back many centuries, and share similarities between their cultures and aspirations, making for a strong foundation for further international cooperation. Representatives from both entities were present at the signing ceremony.
During the event, discussions focused on the abundant business opportunities within Port City Colombo and the potential for collaboration in various sectors. Both parties expressed their commitment to exploring avenues for mutual growth, trade expansion and investment promotion.
The MoU between Port City Colombo and the Thai-Sri Lanka Chamber of Commerce marks a significant milestone in strengthening economic cooperation and fostering greater connectivity between Sri Lanka and Thailand.
It paves the way for deeper engagement, and opens up a multitude of possibilities for businesses in both countries.
The scope of the MOU would be to disseminate trade and investment related information to enhance bilateral trade and business, initiate/promote joint ventures, partnerships and other business linkages, provide technical expertise, arrange business promotion missions between the two countries, formulate proposals to accelerate bilateral relations, and convene Business Forums and Business Matchmaking Sessions.
Balance of trade with Thailand is in favour of Thailand. Exports from Sri Lanka to Thailand amounts to US $ 53 million during 2017 compared to US $ 34 million in 2016. Imports from Thailand amounted to US $ 519 million in 2017 compared to US $ 492 million in 2016.
The Ceylon Chamber of Commerce, have already signed 127 Memoranda of Understanding to expand and further strengthen strong relationships with overseas trade promotion organisations for the benefit of business community in Sri Lanka.