Malaysia, Sri Lanka businesses told to invest in each other's country

KUALA LUMPUR: Malaysian and Sri Lankan business communities should strengthen cooperation and invest in each other's country to enhance the bilateral trade and investment, said Minister of International Trade and Industry Datuk Seri Mustapa Mohamed.
He said the government was committed to encourage a conducive trade environment with Sri Lanka and deepen economic engagement.
"Malaysia has a strong presence in Sri Lanka, namely, in the services, tourism and manufacturing sectors.
"We are Sri Lanka's fourth largest trading partner and one of the biggest investors is Axiata Group Bhd with over US$2 billion (RM8.93 billion), representing over 1.3% of the country's gross domestic product," he said at the Sri Lanka-Malaysia Business Forum here today.
The forum was held in conjunction with the three-day official visit of Sri Lanka's President Maithripala Sirisena starting today.
According to the Statistics Department, from January to September this year, trade between both countries increased by 11% to US$439.2 million (US$1=RM4.46) from US$428.5 million in the corresponding period of 2015.
Total investment in 2015 stood at US$125.83 billion.
Malaysia's major exports to Sri Lanka in 2015 were palm oil and palm-based products, chemicals and chemical products, petroleum products, electrical and electronic products and machinery parts.
Imports from Sri Lanka were petroleum products, textiles, clothing and footwear, processed food, rubber products and natural rubber. — Bernama