The Ceylon Chamber of Commerce, Sri Lanka's largest business organization, on Wednesday said it had strengthened ties with Singapore businesses following the signing of the Free Trade Agreement (FTA) between the two countries.
The Sri Lanka-Singapore Business Council of the Ceylon Chamber of Commerce said in a statement that it has inked a memorandum of understanding with the Singapore Chinese Chamber of Commerce and Industry to expand trade and investment opportunities.
"Following the recent signing of the Free Trade Agreement between Sri Lanka and Singapore, a significant milestone unfolding opportunities for Sri Lanka and Singapore companies has been marked by unlocking a new era of partnership," the Sri Lanka-Singapore Business Council said.
President of the Singapore Chinese Chamber of Commerce and Industry, Roland Ng said many Singapore businesses see Sri Lanka as a gateway to South Asia and both countries must take advantage of the opportunities to network and to foster new partnership.
The delegation of the Singapore Chinese Chamber of Commerce and Industry is the second largest delegation from Singapore to visit Sri Lanka since January 2018 after the signing of the FTA with Singapore.
Last year, Sri Lanka, Singapore total bilateral trade was 1.4 billion U.S. dollars, surging from 2016's 1.1 billion U.S. dollars.
Sri Lanka's top exports to Singapore last year were ships and boats, newspapers and products of printing industry, apparels and tea. Main imports from Singapore were petrol, gold, jet fuel and fuel oil.