Sri Lanka Signs Landmark MoU with
Singapore and Sri Lanka have recently pledged to develop close trade and economic
relations through the signing of a Memorandum of Understanding (MoU) at the
inaugural Sri Lanka-Singapore Business Forum.
The MoU, which was signed by Singapore Business Federation (SBF) and the Sri
Lanka Singapore Business Council (SLSBC), aims to improve information sharing,
promote a favorable business climate, increase investment flows and protect the
intellectual property between their members. The two parties also affirmed their
commitment to further their partnership in the infocommunications technology,
biotechnology and pharmaceutical industries.
This MoU comes on the back of another investment cooperation MoU signed
between SBF and Sri Lanka’s Board of Investment earlier on 15 February this year.
The said MoU aimed to deepen collaboration in the private sector and bolster
institutional relations between both economies.
Singapore company registration specialist Rikvin acknowledges the latest MoU with
Sri Lanka as part of the Republic’s concerted efforts to strengthen its network of
trade relations with fast-growing economies and create new opportunities for firms
that are based in Singapore.
In the same week, Singapore has signed MoUs as well as trade agreements with
Colombia and Portugal. Commenting further, Mr. Satish Bakhda, Rikvin’s Head of
Operations said, “In May alone, Singapore has signed two MoUs with Colombia and
four trade agreements with Portugal. It has also sent a delegation consisting of 22
companies to Turkey to explore business opportunities. These trade delegations are
symbolic of Singapore’s commitment to bolster its network of trade partnerships to
serve the needs of its business community.”
The latest MoU demonstrates Singapore’s commitment to grow its relationship with
Sri Lanka. Furthermore, the MoU highlights that both parties have recognised that
there are grounds to develop their relationship as well as an understanding to bring
it to the next level for the benefit of their economies.
According to data from the Sri Lanka High Commission in Singapore, total trade
between both economies have grown almost four fold between 2002 and 2008. In
2002, total trade between both economies registered US$502 million, but in 2010, it
registered US$1799 million.
The Ceylon Chamber of Commerce has already announced that it anticipates that
trade between Sri Lanka and Singapore is projected to increase substantially in the
near term and we couldn’t agree more. Singapore firms are in good stead to benefit
from this partnership and tap opportunities in the infocommunications technology,
biotechnology and pharmaceutical sectors. In time, we could also see more Sri
Lankan enterprises set up in Singapore,” affirmed Mr. Bakhda.
About the Publisher:
Rikvin is a Singapore-based consultancy that offers business solutions for both
local and foreign professionals, investors and entrepreneurs. Rikvin’s areas of
expertise include assistance to form a Singapore company, Singapore company
registration, offshore company setup, accounting, taxation, Singapore employment
pass, Singapore work visa and other related corporate services. Rikvin also
provides immigration services for foreign professionals wishing to relocate to
Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines: (65) 6438 8887
Fax (65) 6438 2436