Sri Lanka and Thai trade bodies sign deal to enhance bilateral trade

The Ceylon Chamber of Commerce with a view to build a dependable, pragmatic, and advantageous relationship and to establish friendly and cordial relations between Sri Lanka and Thailand, signed a Memorandum of Understanding (MOU) with the Thai Chamber of Commerce on 12th July 2018, at the Ministry of Development Strategies and International Trade.

Signing of the MOU was initiated by Chulamanee Chartsuwan, Ambassador for Thailand in Sri Lanka as a result of a discussion held during her visit to the Ceylon Chamber of Commerce in June 2017.

The Thai Chamber of Commerce is the representative body of the industrial and commercial entities of Thailand established with an objective of increasing the flow of trade through creating business opportunities and improving the business climate for the private sector.

“We have similar objectives and we enter into an alliance with Thai Chamber in order to promote the private sector business entities to become reciprocal partners and to extend all support cooperation and assistance to each other for the overall benefit of both countries” said Rajendra Theagarajah, Chairman of the Ceylon Chamber of Commerce.

Kalin Sarasin, Chairman of the Thai Chamber of Commerce/Board of Trade of Thailand and signed the MOU in the presence of Her Excellency Chulamanee Chartsuwan, Ambassador for Thailand in Sri Lanka, Kshenuka Senewiratne, Ambassador for Sri Lanka in Thailand and Mrs. Dhara Wijayatilake, Chief Executive Officer of the Ceylon Chamber of Commerce.\

The scope of the MOU would be to disseminate trade and investment related information to enhance bilateral trade and business, initiate/promote joint ventures, partnerships and other business linkages, provide technical expertise, arrange business promotion missions between the two countries, formulate proposals to accelerate bilateral relations, and convene Business Forums and Business Matchmaking Sessions.

Balance of trade with Thailand is in favour of Thailand. Exports from Sri Lanka to Thailand amounts to US $ 53 million during 2017 compared to US $ 34 million in 2016. Imports from Thailand amounts to US $ 519 million in 2017 compared to US $ 492 million in 2016.

The Ceylon Chamber of Commerce, have already signed 127 Memoranda of Understanding to expand and further strengthen strong relationships with overseas trade promotion organisations for the benefit of business community in Sri Lanka.