Singapore, Sri Lanka MoU to boost business

President Mahinda Rajapaksa who is on a two day visit to Singapore held bilateral talks with Singapore Prime Minister Lee Hsien Loong on February 15. At the end of the bilateral talks a memorandum of understanding (MOU) was signed on the development of business and investment relations between the Board of Investment of Sri Lanka and the Business Federation of Singapore.

This MOU was signed by Secretary to the President, Lalith Weeratunga on behalf of Sri Lanka and Chief Executive Officer of Singapore Business Federation, Ho Meng Kit on behalf of Singapore at Singapore President’s House, Istana Palace in the presence of the Heads of State of the two countries, a President’s Media Division release said.

It said: It is expected to get the institutional relations between the two countries strengthened and the relations among the private sectors consolidated through this MOU. Building a congenial atmosphere for business and investment in all economic sectors of Sri Lanka and Singapore, constant exchange of investment policies and information relating to relevant projects and an in increasing investment and business opportunities are the other objectives envisaged by this MOU.

‘Trade between Sri Lanka and Singapore during 2011 amounted to USD1.85 Billion and consequent to the end of terrorist atmosphere in Sri Lanka trade between the two countries has been increased by 53 percent.

Business companies in Singapore pay increased interest in investing specially in areas such as cereal and flour industry, land development, information technology, knitting and garment industry and gem and jewellery manufacture.

Earlier President Mahinda Rajapaksa met Singapore President, Tony Tan Keng Yam yesterday and engaged in a cordial discussion. Sri Lankan delegation led by the President and the First Lady were received cordially at Istana Palace, the official residence of Singapore President.

A Guard of Honour was accorded to the President by the Singapore Army. After introducing the delegates of respective countries President Rajapaksa discussed with the President of Singapore a number of matters which are of common interest to both countries. Singapore President, Tony Tan Keny Yam who appreciated the on going reconciliation Programme stated that it is important for Sri Lanka to forget the past and to concentrate on the future prosperity of the country.

In response to the request made by President Rajapaksa to encourage Singapore investors to make investments in Sri Lanka, President Keng pledged to provide the necessary assistance.

Afterwards President Rajapaksa held bilateral talks with Singapore Prime Minister Lee Hsien Loong.


Courtesy: Daily News