Singapore gives Sri Lankan firms access to ASEAN market: Iswaran
ECONOMYNEXT – Sri Lankan companies have much to gain by linking up with firms in Singapore as it would give access to a bigger Southeast Asian market, S. Iswaran, visiting Singaporean Minister of Trade and Industry, said.
Singaporean companies had embarked on a path of internationalisation as they didn’t have a choice given the city state’s small market, Iswaran told the Sri Lanka-Singapore Business Forum.
Singapore was a member of ASEAN (Association of Southeast Asian Nations), he told the forum organised by the Sri Lanka-Singapore Business Council of the Ceylon Chamber of Commerce. “The pact will be useful for Sri Lankan companies as gives it access to a market of 626 million people,” Iswaran said.
Iswaran was accompanied by a business delegation including potential investors organized by the Singapore Business Federation (SBF) and International Enterprise (IE), Singapore.
The SBF is Singapore’s top business chamber, which represents over 22,000 companies, while IE Singapore is the government agency driving overseas growth of Singapore-based companies and promoting international trade.
Iswaran said both countries were keen to go ahead with the proposed free trade agreement between them.
Initial studies by Singapore say both sides have much to gain from the agreement , he said.
“The free trade agreement will help bring both our economies closer together,” Iswaran said.
(COLOMBO, June 01 2016)