The Sri Lanka-Malaysia Business Council of the Ceylon Chamber of Commerce (SLMBC) is focusing on encouraging more joint ventures to take place between Sri Lankan and Malaysian firms.

The council will start several initiatives during the upcoming year, including establishing more business match-making events, Lanka Business Today reported quoting SLMBC President Nilrukshi De Silva as saying.

Further exchange of information on trade and investment between both countries would also be undertaken, she said.

Nilrukshi was re-elected as the President of the SLMBC for a second successive year during the council's annual general meeting recently.

Present at the function was Malaysian High Commissioner to Sri Lanka, Azmi Zainuddin.

Azmi had said that he was pleased to note that the SLMBC has continuously played a vital role through its investor facilitation and trade relationships development initiatives, member's forum and interactions with other business entities and stakeholders.

He said the links developed with the newly revitalized Malaysia-Sri Lanka Business Council in Kuala Lampur would be an important driving force to strengthen business and investment ties between private sector stakeholders, entrepreneurs and investors in Sri Lanka and Malaysia.

"I am confident that there are still a lot of room for expansion in our trade relationship," he said.

Trade between the countries last year stood at US$661.5 million with Malaysia's exports to Sri Lanka amounting to US$573.99 million while Sri Lanka's exports to Malaysia stood at US$87.52 million.

On investment, he said Malaysia was still one of the leading foreign investors in Sri Lanka and it was important to note that Malaysian investors have further increased their investment in the country.

(BERNAMA)