Rishad pitches for SL-S’pore CEPA; with peace Sri Lanka is placed to achieve full potential: Sha...
Industry and Commerce Ministry Rishad Bathiudeen yesterday pitched for a Comprehensive Economic Partnership Agreement (CEPA) with Singapore, whilst the latter’s Foreign Minister K. Shanmugam declared Sri Lanka, with peace in place, was poised to achieve its full potential.
These expressions of optimism were the key highlight during the duo’s remarks at the signing of the MOU between two chambers of both countries. A 21-member Singapore business delegation is also in the country.
“We are gratified by the intensive interest shown by forms from both countries,” said Singapore’s Minster for Foreign Affairs and Law K. Shanmugam, who is on a four-day official visit.
“The diverse composition of Singapore firms here indicates the tremendous interest of Singapore business towards growth opportunities in Sri Lanka,” he added and noted that Singapore-Sri Lanka bilateral trade has increased by 6% in 2011 compared to 2011, maintaining its upward momentum.
“Three months after President Mahinda Rajapaksa’s visit to Singapore in February, today Minister Bathiudeen and I are witnessing the signing of a MoU between the chambers of both sides. The broadening of linkages between our respective chambers and strengthening of closer trade and economic ties through the signing of the MoU is timely. With the return of peace, Sri Lanka is placed to achieve its full potential,” Shanmugam said.
Minister Bathuideen said Sri Lanka was keenly looking forward to a Sri Lanka-Singapore CEPA. “To this end, we would strive to collaboratively establish a Joint Study Group so that the CEPA process becomes active. I believe that our historic friend Singapore too would consider this joint initiative in a positive light,” he added.
He also urged Singaporean firms to maximise from Sri Lanka’s post-war potential as well as the country’s FTAs with two South Asian giants, India and Pakistan.
