Phl, Sri Lanka seek more trades, investments

MANILA, Philippines - The Philippines and Sri Lanka have agreed to tap more sectors to expand their bilateral trade and investment partnership.

Miguel Varela, president of the Philippine Chamber of Commerce and Industry (PCCI), said the Philippines considers Sri Lanka as an essential market in the South Asia region.

“Opportunities for both countries in tourism, garments, electronics and semiconductors, and infrastructure are worth exploring,” Varela said during a recent business forum on Sri Lanka.

Varela noted that the Philippines is a destination for trade and investments in the region on the back of its robust economic growth rate, ease of doing business competitiveness and impressive investment grade ratings.

“The Philippines, from inside and out, embody a positive brand of economic growth and development in the region,” he said.

Varela believes that the linkage through business councils is important to facilitate important meetings, discussions and fora to create a groundswell for the two countries’ business communities.

In 2008, the PCCI signed a memorandum of understanding with the Federation of Chambers of Commerce of Sri Lanka (FCCISL) to improve further economic partnership between the Philippines and Sri Lanka.

For his part, Sri Lankan Minister of External Affairs Prof. G.L. Peiris identified his country’s priority sectors, including export-oriented manufacturing and services, and import substitution like textile and accessories, dairy and milk foods, pharmaceuticals and agricultural products.

Peiris said their priority projects are tourism and tourism-related projects, infrastructure projects, higher education/skill development, value-added strategic projects, agriculture and establishment of industrial estates, special economic zones and knowledge cities. – Philexport News and Features