Dr Sarath Amunugama, Minister of Enterprise Development and Investment Promotion welcomed a high-powered Malaysian business delegation at his Ministry and briefed them on Sri Lanka ‘s potential for trade and investment. Tan Sri Dato Soong Chairman of the Wirasawah Sdn Bhd headed this 18-strong delegation. Also participating at the discussion were His Excellency Rosli Ismail Malaysia’s High Commissioner to Sri Lanka, H.E D.D. Ranasinghe, Sri Lanka’s High Commissioner to Malaysia and senior BOI officials.

The delegation consisted of leading entrepreneurs from of the Associated Chinese Chamber of Commerce and Industry of Malaysia (ACCCIM), one of the largest chambers in Malaysia, which represents the business interests of the country’s successful Chinese community.

Tan Sri Dato Soong then briefed the Minister and the delegates on the composition of his delegation and their mission in Sri Lanka. The ACCCIM is an umbrella body of ethnic Chinese chambers of commerce in Malaysia. It has been in existence for 60 years. One of its goals is to foster entrepreneurship in Malaysia and overseas by providing consultancy services on making SMEs more marketable. He added that the Malaysian Government encourages investment overseas and gives investing companies attractive incentives to invest. The 18 strong delegation is exploring possibilities of investing in Sri Lanka and will be meeting leading State and private sector institutions in the country. They are particularly interested in joint ventures with Sri Lankan enterprises.

The sectors they represent are extremely varied and include among others, palm oil mills, agro industries, timber products, vitamin manufacture, rubber industries, steel, fans and blower technology, pollution control equipment, energy saving systems for lighting, information technology, computers and telecommunications, PVC flooring manufacture, cutting tools, first aid equipment, plastic furniture. Many of these companies are interested in selling their products in Sri Lanka, but are exploring the possibility of entering into joint ventures with Sri Lankan enterprises and in investing in the country.

Dr Amunugama spoke about the many similarities between Sri Lanka and Malaysia. Relations between Sri Lanka and Malaysia have always been friendly and Malaysia has emerged in recent years as the leading source of Foreign Direct Investment into the country.

Malaysian investments are mainly in the telecommunications and construction areas and total US$ 834 million (as of September 2008). In addition Malaysian company MTD had acquired one of Sri Lanka’s major commercial enterprises. The Minister described the assistance provided by Malaysia to Sri Lanka after the devastation caused by the Tsunami.