The first Taiwan-Sri Lanka Economic Forum was held in Colombo, capital of the South Asian island nation, with the two sides promising to further strengthen bilateral trade and economic cooperation.

The forum was jointly organized by the Taipei-based Chinese International Economic Cooperation Association (CIECA) and the Ceylon Chamber of Commerce of Sri Lanka, reported Taiwan's English daily, The China Post.

Addressing the meeting, Taiwan's former Minister of Economic Affairs Shih Yen-shiang, who headed the Taiwan delegation in his capacity as president of the India Committee of the CIECA, said that their visit is aimed at getting more information on Sri Lanka's current situation, industrial development and investment climate.

Shih said that his delegation is composed of representatives from various sectors, including the information and communications, construction, electronic business, auto parts and accessories and stainless steel industries, as well as professionals specialized in higher education and trade promotion.

Meanwhile, Dhara Wijayatilake, chief executive officer of Ceylon Chamber of Commerce, expressed hope that the two sides will establish closer cooperation relations in the economic, trade, investment, education, culture, tourism and agricultural fields.

Li Chao-cheng, director of the Taipei Economic and Cultural Center in Chennai, India, was also invited to attend the one-day meeting, in which he promised to offer consular services to facilitate bilateral economic cooperation.

In addition to attending the forum, members of the Taiwan delegation held personal business contacts with their respective Sri Lanka counterparts on the sidelines of the meeting.

According to data released by the Taipei Economic and Cultural Center in Chennai, Taiwan became the 10th-largest supplier for Sri Lanka in 2015, exporting a total of US$459 million-worth of products, said The China Post.