‘Thailand Week - Trade Fair and Business Opportunity with Thailand’, which explored the opportunities for economic corporation and business ties between the countries for mutual benefit, concluded last week in Colombo.
A Memorandum of Understanding on a strategic economic partnership will be signed between Sri Lanka and Thailand shortly, prior to starting negotiations on the Thailand - Sri Lanka Free Trade Agreement (FTA), in a bid to give a further fillip to existing trade and investment ties between the two countries.
A special seminar, titled, ‘Sri Lanka strategic partnership in the making - perspectives on trade, investment and development opportunities’ was held at the inauguration of Thailand Week, held in Colombo.
Commenting on the proposed FTA, Thai Ambassador to Sri Lanka Chulamanee Chartsuwan said that negotiations pertaining to same would take some time and expressed hope that both parties would start on it soon.
Highlighting major barriers in terms of attracting Thai investments into Sri Lanka, the ambassador emphasised the importance of implementing necessary tax reforms while addressing issues with regard to ease of doing business and the business climate in Sri Lanka.
A senior official attached to the Ministry of Development Strategies and International Trade speaking at the seminar also expressed hope that both parties would start negotiating on the scope of the FTA most likely in April this year.
Sri Lanka has currently adopted a two-prong strategy to enhance trade and investment ties with Thailand and also to attract major Thai investment into Sri Lanka, especially in the production sector here.
In 2017, two-way trade between the two countries has tripled with the total trade amounting to US $ 512.74 million.
Plans are also underway to increase this number up to US $ 1.5 billion by 2020.
Thailand investment in Sri Lanka currently stands at US $ 700 million from US $ 70 million in 2015, registering a 100% growth rate with Thailand investors having made strategic investment in the areas of tourism, food processing, automobile, construction material, jewellery and educational training in Sri Lanka.
The second edition of Thailand Week in Colombo held this year showcased the best quality products from Thailand for Sri Lankans to shop and trade directly with Thai entrepreneurs as well as to taste and experience Thai cuisine and cultural shows under one roof.
The inauguration followed by the Business Matching Forum with 30 selected companies from Thailand featuring more than 100 quality products directly from Thailand and the special seminar on “Sri Lanka–Thailand Strategic Partnership in the Making, Perspective on trade, investment and development opportunities between Thailand and Sri Lanka” organized in collaboration with the Royal Thai Embassy, Colombo and Ministry of Development Strategies and International Trade of Sri Lanka along with panelists from the Export Development Board of Sri Lanka was the highlight of the event.