Singapore, Sri Lanka affirms diplomatic relations with the Agri-Business and Digitalisation Webinar

A webinar on Monday (27 July) declared that the COVID-19 pandemic would build opportunities for Singapore and Sri Lanka to strengthen trade ties. Highlighted for particular emphasis were the trade ties with agri-business and digitalisation. Speaking at the webinar, the High Commissioner of Singapore for Sri Lanka, S. Chandra Das, spoke of new prospects given the fact that COVID-19 was "a very tiring time both (for) diplomatic and business cooperation."

"And as we begin to rebuild our economies and cultures, new ideas will start to multiply. COVID-19 (will) inspire us to re-envision possibilities and explore new opportunities, "he said. Chandra Das tallied: "Singapore and Sri Lanka have a long-standing commercial relationship, particularly (in) the food sector."

"Our import of Sri Lankan produce has evolved from cayenne spices to crabs, both in terms of quantity and variety," he said. The High Commissioner of Sri Lanka to Singapore, Sashikala Premawardhane, said food security was one of the regions in which the two nations could enhance cooperation.

"On the investment side we did very well between 2015 and 2019," she said, pointing out that Singapore was the fifth biggest investor in Sri Lanka. He added that about 100 Singaporean companies were working in Sri Lanka. "We see tremendous possibilities for the two nations to increase relations particularly in the fields of economics, commerce and investment, "she said.

COVID-19 emphasised the importance of keeping countries in contact at a time when borders were closed, and supply chains disrupted to ensure food security problems did not obstruct economic activity, she said. Locally, Singapore produces less than 10 per cent of its food needs.

The webinar on business opportunities took place on the 50th anniversary of diplomatic relations between Singapore and Sri Lanka. It touched particularly on areas such as digitalisation and agri-business. Chandra Das said: "The friendly relationships that we have enjoyed today between our two countries focused on historical events, including family bonds, long before our independence."

A declaration from the High Commission of Sri Lanka in Singapore noted that relations between the two countries date back to at least the 1800s, as both share the same ancient maritime trading routes. During the webinar, the topics discussed included company digitisation, food supply resilience in Singapore and food security.

According to the Sri Lankan High Commission, total bilateral trade last year was estimated at $883 million (S$ 1.21 billion) with Sri Lankan exports estimated at $115 million.

OSL Take: The Sri Lanka Investor Forum in Singapore and the many B2B meetings held are indicative of the potential for business/investments of local companies. The government of Sri Lanka is engaged in an investment drive along with the aggressive development programme that covers all critical economic sectors islandwide. Foreign businesses/investors could explore business/investment opportunities in Sri Lanka.

 VBS/AT/04082020/Z_TB4