COLOMBO, April 30, 2008 (Bernama) -- Sri Lanka business leaders are urging Malaysian investors to turn strategically-located Colombo into a South Asian gateway and explore ways to enter markets in the region, where one-fourth of the world's population live.
Businessmen in Colombo say Malaysian investors continue to bypass the war-torn island state and are yet to fully tap into Sri Lanka's potential as a trading or a production base.
"Sri Lanka can be a gateway like Singapore. It is an ideal platform for Malaysian companies to set up their trading houses and set up value additions, and enter big markets like India, Pakistan and Bangladesh," Dr M. Rohitha Silva, the former president of Sri Lanka-Malaysia Business Council told Bernama.
The business community foresees the country as a future gateway for the South Asian Association for Regional Cooperation (SAARC) member nations, where dominant economies like India and Pakistan would capitalise on Sri Lanka potentials.
"For those coming from Malaysia and willing to invest here, this (Sri Lanka) will be a good base to re-export their products to neighbouring countries and also to Africa and Madagascar," said K.D Wickramaratne, the present council president.
Speaking at the first Roundtable Meeting on "Trade and Investments Opportunities in Malaysia", organised by the Malaysia External Trade Development Corporation (MATRDE), the local businessmen also called on more Malaysians to invest in their country to bridge the growing trade gap.
Sri Lanka's bilateral trade with Malaysia stands at RM1.3 billion (US$407 million). Exports from Malaysia accounted more than 90 percent of the trade valued at RM1.2 billion (US$375 million) while Sri Lankan imports were merely RM115 million (US$36 million).
Malaysia's main exports to the country are palm oil, chemicals and chemical products and electronic products, while Sri Lanka exports crude rubber, transport equipment and processed food to Malaysia.
-- BERNAMA
