Tuesday, July 23, 2024

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Ceylon Chamber renews historic partnership with Board of Trade of Thailand

The Ceylon Chamber of Commerce and the Board of Trade of Thailand have renewed iys partnership signing a Memorandum of Understanding (MOU) to further enhance trade, investment and tourism between Sri Lanka and Thailand.

A seven member delegation led by the Thai Chamber of Commerce and the Board of Trade of Thailand Chairman Sanan Angubolgul met with the Ceylon Chamber Chairman Duminda Hulangamuwa, along with senior representatives of the Chamber yesterday, culminating in the renewing of a Memorandum of Understanding .

The MOU was signed in the presence of Ambassador designated to Thailand Wijayanthi Edirisinghe, and Sri Lanka – Greater Mekong Business Council of the Ceylon Chamber of Commerce President S.M.D. Suriyakumara.

This event marks a renewal of a historic partnership, as the Ceylon Chamber’s first MoU was originally established with the Board of Trade of Thailand in 1988. 

Angubolgul expressed his enthusiasm about the renewed collaboration, emphasising leveraging the Ceylon Chamber’s position as the leading business Chamber in Sri Lanka, to foster bilateral trade ties. 

He also expressed keenness to explore opportunities in several sectors including agriculture, food and investment especially in the area of religious tourism, SPA and restaurants in which he sees high growth potential for Sri Lanka and Thailand. 

Hulangamuwa echoed these sentiments, noting that facilitating greater exchange of ideas, technology, and commerce between the two countries is imperative, especially following the recent signing of the Sri Lanka – Thailand Free Trade Agreement.

 He underscored the Ceylon Chamber’s commitment to creating a conducive environment for businesses from both countries to thrive and expand their operations.

Debt-stricken Sri Lanka has already signed a trade pact with Thailand in a bid to boost trade and investment as the Indian Ocean island nation is struggling to recover from its worst economic crisis that hit two year ago.

The Sri Lanka-Thailand Free Trade Agreement covering trade in goods, investment, custom procedures, and intellectual property rights was signed in the capital Colombo in the presence of Sri Lanka President Ranil Wickremesinghe and Thai Prime Minister Srettha Thavisin. Severamyjs In march this year. Sri Lanka began talks with Thailand on a free trade agreement in 2016.

The countries’ two-way trade was worth about $352 million in 2022, with Thailand’s exports at $292 million and Sri Lanka’s exports at $58 million, according to Sri Lankan government’s data.

Sri Lanka exports include mainly precious stones, apparel, tea, and spices while exports from Thailand include smoked rubber sheets, natural rubber, plastic, and cement. Sri Lanka’s government expects the trade pact would boost two-way trade up to $1.5 billion.The two countries have agreed to promote investment in areas such as fisheries, food processing, tourism, and green energy

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