YNBC to Enter the Sri Lankan Market | Sunday Observer

YNBC to Enter the Sri Lankan Market

11 June, 2023
Nikita Bondarenko
Nikita Bondarenko

Youth Networking Business Committee of Asia-Pacific Region (YNBC) Vice President for Operational Strategy and External Relations, Nikita Bondarenko, told the Sunday Observer Business that they plan to bring Sri Lankan business to the Asia-Pacific market through Singapore.

Due to recent challenges in Sri Lanka and the resulting trade tensions, YNBC strives to play a constructive role in strengthening the sense of openness and engagement by opening channels of cooperation with Asia-Pacific countries.

Sri Lankan businesses often encounter challenges when expanding globally, including limited access to certain financial services and complexities in navigating international trade regulations. YNBC aims to address these challenges by providing valuable support and guidance to Sri Lankan companies.

“We strive to provide a platform for dialogue, cooperation and relationship-building by establishing constructive business relationships that can help mitigate the effects of these challenges,” He said.

One of the key areas where we can offer assistance is by leveraging Singapore’s status as a global financial and logistics hub. Singapore has a well-established financial ecosystem, offering a wide range of banking and financial services. “YNBC can help connect Sri Lankan companies with suitable financial institutions in Singapore, facilitating access to essential financial resources and expertise needed for international trade and investment activities.”

The following is an online Q&A with YNBC Vice President Nikita Bondarenko.

Q: Can YNBC assist Sri Lankan companies in accessing Singapore as a gateway to the Asia-Pacific region, considering the challenges faced by Sri Lankan businesses?

A: Yes, the headquarters of YNBC is in Singapore, which gives us the opportunity to help Sri Lankan companies expand the geography of their business in Singapore or through Singapore to the countries of the Asia-Pacific region. YNBC recognises the immense potential for cooperation and economic growth between Sri Lanka and Singapore. As an international organisation, we are well-positioned to assist Sri Lankan companies in leveraging Singapore as a gateway to the wider Asia-Pacific region.

Singapore’s extensive network of trade agreements and partnerships with countries across the Asia-Pacific region presents significant opportunities for Sri Lankan companies. By operating in Singapore, Sri Lankan businesses can tap into these agreements, thereby gaining easier access to markets in China, India, and the ASEAN nations. Singapore is renowned for its vibrant ecosystem of innovation and technology. YNBC can facilitate connections between Sri Lankan businesses and Singapore’s dynamic startup community, research institutes, and technology hubs.

Q: What other aspects make Singapore an attractive destination for businesses, especially from the perspective of Sri Lankan companies?

A: Over the past decades, Singapore has certainly become a key regional player on an international scale. Singapore offers several compelling reasons for businesses, including those from Sri Lanka, to consider it as a strategic business destination in the Asia-Pacific region.

First, Singapore is often referred to as the “Silicon Valley of Asia” due to its thriving technology and innovation ecosystem. This presents significant advantages for Sri Lankan companies looking to tap into the digital landscape and leverage technology-driven opportunities.

The island’s open and free market provides a conducive environment for business operations with minimal restrictions. The low tax rates and favourable investment climate makes Singapore an attractive choice, particularly for technology-focused enterprises.

Q: How can Sri Lankan companies benefit from Singapore’s business ecosystem and market access?

A: By establishing a presence in Singapore, Sri Lankan businesses gain access to a highly developed and technologically advanced environment that fosters innovation and collaboration.

They can tap into Singapore’s extensive network of startups, investors, and technology-focused events, which can accelerate their growth and provide valuable opportunities for partnerships. Singapore’s infrastructure and strong business support services, including legal, financial, and professional services, make it easier for Sri Lankan companies to navigate the complexities of international trade and expand their operations across the region.

Q: Are there any specific industries in Sri Lanka that YNBC seeks to focus its attention on?

A: One area of interest for us is sustainability, particularly in relation to renewable energy. Sri Lanka has a promising potential in this sector, and we are keen to support the development of sustainable energy solutions and initiatives.

Another industry that has caught our attention is construction and real estate. Sri Lanka offers opportunities for infrastructure development and urban planning.

Sri Lanka is renowned for its high-quality tea and a rich variety of spices. We are eager to establish cooperation in this sector.

Tourism and hospitality present promising opportunities for collaboration.

Q: How and why YNBC was founded and what are its objectives?

A: From 2010 to 2020, I lived in Seoul, the capital of the Republic of Korea. Then, I moved to Moscow and currently live in Singapore. Since childhood, I have had a passion for travelling, meeting people, their culture and tradition. Our team members represent different countries.

About a year ago, the members of the YNBC Board of Directors gathered at the InnovAsia conference in Busan, South Korea. At this event, we decided to create an organisation that would help young entrepreneurs develop leadership skills and expand their professional contacts.

After many meetings and discussions, the Board of Directors proposed the name Youth Networking Business Committee of Asia-Pacific Region (YNBC) and appointed those responsible for the main areas of activity. Since the founding of YNBC, we have significantly increased the total revenue of member companies to US $ 73 billion, mainly in the field of IT technology, biotechnology, international trade and logistics, financial services, and the gaming industry.

The number of our members today exceeded 90 in 48 countries of the Asia-Pacific region, and the total number of employees in our member companies amounted to about 65,000 people, which contributed to the creation of many jobs and made a significant contribution to the prosperity of the region.

Q: How could a person become a member of YNBC?

A: To become a member of YNBC, a person must fill out an application form on the YNBC corporate website and meet certain requirements in accordance with the Charter and traditions set up by our founders. Or a person can be personally invited by any member of our management board.