The Sri Lanka-Malaysia Business Council (SLMBC) is buoyant of enhancing trade ties between the two countries, as business delegation of over 20-strong visits various entrepreneurs, business executives, start-ups and officials engaged in business & trade in Kuala Lumpur this week.
Led by the SLMBC of The Ceylon Chamber of Commerce (CCC) together with its President Mr. M.H.K.M Hameez, the diverse group encompasses representatives across key industries including banks, tourism, food and beverage, gems and jewellery trading, Information Technology, aviation, logistics, telecommunications, education, legal and business consultancy services. The five-day visit is from 29 October to 2 November 2023.
The two countries have enjoyed healthy trade in past years, with Malaysia exporting USD797 million worth of goods to Sri Lanka in 2021, with main products being refined petroleum, palm oil and coconut oil. According to data by OEC World, Malaysia is Sri Lanka’s 39th largest trading partner, with exports to Sri Lanka expanding 5.8% annually since 1995.
Conversely, Sri Lanka exported USD97.3 million worth of goods to Malaysia, led by refined petroleum, rubber and wheat flour. Trade grew by 5.6% per year since 1995 from RM23.7 million.
The visit comes after on the heels of a successful CEO Business forum in Sri Lanka where the Malaysian Minister of Foreign Affairs Dato Seri Dr. Zambry Abdul Kadir was the Chief Guest.
Through this visit, SLMBC intends to strengthen bi-lateral business ties to promote new business ventures between Sri Lanka and Malaysia, beyond and broader than of the interest of the team travelling, or the membership but for businesses of every scale and sector from Sri Lanka as well as Malaysia.