Sri Lanka, Philippines Identify 'thrust sectors' for joint collaboration



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Mangala Yapa, Secretary General of the Ceylon Chamber of Commerce (R) invited the Ambassador for Philippines to work together with the Ceylon Chamber to identify thrust sectors for joint collaboration between Sri Lanka and Philippines.


"Agriculture, tourism, manufacturing become the propellers of our economic growth" said the Ambassador for Philippines based in Dhaka, Viccente Bandillo during a visit to the Ceylon Chamber of Commerce on 31st March.


Mangala Yapa, Secretary General of the Ceylon Chamber of Commerce invited the ambassador to work together with the Ceylon Chamber to identify thrust sectors for joint collaboration between Sri Lanka and Philippines, considering the benefits that could derive from the existing trade agreements, especially Indo-Lanka and Sri Lanka - Pakistan Free Trade Agreements in addition to SAFTA.


Yapa, commenting on the business environment stated that 24 hour service which was introduced by the Sri Lanka Customs is an attractive platform for exporters in Sri Lanka to further expand their export portfolios. Philippine exporters could process raw material in Sri Lanka's free port area located in the Southern part of the island with state of the art facilities available with improved infrastructure and re-export them to many countries in the region.


The ambassador stated that while Philippines has recently become an economic powerhouse in Asia, with strong growth driven mostly by domestic consumer spending on goods and services, the government will focus on foreign investment.


In 2014, the Philippine GDP was up 6.1 percent, placing the country just behind China, which had the fastest economic growth for the year at 7.4 percent. further stated that the services, agriculture, construction and manufacturing sectors drove most of that growth.


Private sector investment made up 19 percent of the country's $272 billion gross domestic product (GDP) last year. In 2014, Phillipines attracted more than $5 billion in foreign direct investments, more than double the amount of 2011.


Hugh Dissanayake, Consul General for Philippines in Sri Lanka and Ms. Lilakshini de Mel, Senior Assistant Secretary General attended the meeting with Bandillo.


 
 
 
 
 
 
 
 
 
 
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