Huge Opportunities For Malaysian Companies In Sri Lanka - Envoy

From R. Ravichandran COLOMBO, July 21 (Bernama) -- There are huge opportunities for Malaysian companies to expand their business and investment in Sri Lanka, said Malaysian High Commissioner to Sri Lanka, Wan Zaidi Wan Abdullah. He said the Malaysian government was also committed to strengthening investments as well as businesses with the island nation. He said Sri Lanka's economy recorded a growth of 4.8 per cent last year and it was projected to achieve over 5.1 per cent this year. "Considering that Malaysian companies in Sri Lanka have been quite resilient since two decades ago, the investment sector is wide open for the Malaysian firms," he said to Malaysian journalists in conjunction with the two-day working visit by Deputy Prime Minister Dr Ahmad Zahid Hamidi to Sri Lanka beginning Thursday. The press conference was held at the Malaysian High Commission in Sri Lanka here, Wednesday. Wan Zaidi noted that Malaysia's investments in Sri Lanka had breached over US$2 billion and he hoped to see good development in this area in the coming years. "We (Malaysian companies) are striving to capitalise on the investment opportunities in various sectors such as gas and petroleum, healthcare, recreation centres and others," he said. The bilateral trade between both countries amounted to US$570.9 million in 2015, in favour of Malaysia. Malaysia's exports to Sri Lanka totalled US$481 million in 2015 which included palm oil based products, chemical products, electrical and electronics, machinery and spare parts. Imports amounted to US$90 million including textiles, clothing, rubber-based products and processed food such as tea. Wan Zaidi said Sri Lanka was Malaysia's 46th biggest trading partner and its 38th biggest export destination. Malaysian companies are also involved in various business sectors including hospitality industry, banking, telecommunications as well as education. Wan Zaidi said Public Bank, for example, had stamped its footprint in that country for almost two decades with branches outside Colombo. In the construction sector, he said Malaysian firms had secured projects worth over US$500 million. Additionally, Bank Islam has forged a cooperation with Amana Bank in developing Islamic banking in Sri Lanka. He said a Malaysian company was also interested in building a gas pipeline project in the country. Wan Zaidi said a delegation from Malaysia's Johor Corporation was also scheduled to visit Sri Lanka next week to explore business opportunities, among others, investment in hospitality and healthcare sectors. -- BERNAMA