(Commonwealth_ In a recent pivotal meeting between the Sri Lanka-Greater Mekong Business Council (SLGMBC) of the Ceylon Chamber of Commerce and the Vietnamese Ambassador to Sri Lanka, Ho Thi Thanh Truc, key strategies were discussed to enhance production, increase exports, and attract investments across various sectors such as agriculture, construction, logistics, tourism, and pharmaceuticals.
Strengthening Business Ties: Sri Lanka and Vietnam
SLGMBC President, Suriyakumara, led the discussions, underscoring the importance of attracting Vietnamese investors to Sri Lanka, particularly in agriculture and manufacturing. These sectors hold significant potential for growth and development. Emphasizing the need for robust business partnerships, Suriyakumara highlighted that bolstering Sri Lanka’s production and export capabilities through Vietnamese investment could be transformative.
Focus on Agriculture and Manufacturing
Agriculture emerged as a primary focus area, with the Council advocating for the adoption of successful Vietnamese models. Vietnam’s proficiency in agricultural production and processing, particularly in cashew and coffee, was cited as exemplary. By leveraging Vietnam’s expertise, Sri Lanka can enhance its own agricultural sectors. Investment in agricultural infrastructure and technology could lead to improved productivity and export quality, benefiting both nations through a mutually beneficial exchange of knowledge and resources.
Boosting Tourism Through Strategic Initiatives
Tourism was another critical area of discussion. The Council proposed several initiatives to attract more Vietnamese tourists to Sri Lanka. These included cultural exchange programs and the establishment of direct flight connections between the two countries. Such initiatives are aimed at making Sri Lanka an appealing destination for Vietnamese travelers, thus fostering cultural ties and economic benefits through tourism.
Educational Collaboration: A Growth Avenue
Education also featured prominently in the discussions. The growing interest among Vietnamese students in studying abroad presents a unique opportunity for Sri Lanka. The Council highlighted Sri Lanka’s competitive advantage in offering affordable and high-quality English medium education compared to other countries. This could be an attractive proposition for Vietnamese students. Establishing partnerships with educational institutions in Vietnam and promoting Sri Lanka as a prime destination for higher education could stimulate significant growth in this sector.
Developing the Pharmaceutical Sector
The meeting also identified the pharmaceutical sector as a priority for investment. Given Sri Lanka’s heavy reliance on pharmaceutical imports, collaboration with Vietnamese pharmaceutical companies could be pivotal. Such partnerships could reduce dependency on imports and help develop a robust local manufacturing base. This would not only meet domestic needs but also position Sri Lanka as a potential exporter of pharmaceutical products in the region.
Infrastructure and Construction: Opportunities for Joint Ventures
Joint ventures in construction and infrastructure projects were also explored. With Sri Lanka’s pressing need for modern infrastructure, Vietnamese investors have a lucrative opportunity to contribute to and benefit from this sector. Investment in infrastructure development can drive economic growth and create a more conducive environment for other sectors to flourish.
Enhancing Logistics for Smoother Trade
Logistical challenges were another topic of discussion. Solutions to streamline business operations and facilitate smoother trade between the two countries were proposed. The introduction of direct flights was highlighted as a critical factor. Reducing travel time and costs is essential for boosting both tourism and business travel, thereby enhancing economic ties.
Vietnam’s Commitment to Economic Cooperation
Ambassador Ho Thi Thanh Truc expressed strong support for these initiatives, reaffirming Vietnam’s commitment to enhancing economic cooperation with Sri Lanka. She emphasized Vietnam’s dedication to bringing more business delegations to Sri Lanka, aiming to explore and expand potential avenues for strengthening economic ties. Her commitment to fostering closer economic relationships was clear, with an emphasis on actionable steps to turn these discussions into concrete outcomes.
