The High Commissioner of Malaysia, Wan Zeidi Wan Adullah will be the special guest speaker at a session on “Bilateral trade between Sri Lanka and Malaysia ”, organized by the National Chamber of Commerce of Sri Lanka , on November 24th from 3.00 p.m to 4.30 p.m at the chamber Auditorium.
Malaysia has had one of the best economic records in Asia, with its GDP growing at an average of 6.5 percent per annum for almost 50 years. The economy has traditionally been fuelled by its natural resources, but is expanding in the sectors of science, tourism, commerce and medical tourism. Today, Malaysia has a newly industrialized market economy.
Trade between Sri Lanka and Malaysia has been increasing over the last few years and Malaysia has emerged as one of Sri Lanka’s major trading partners. Malaysia’s exports to Sri Lanka jumped 44 percent to RM414.05 million in the first half of the year, up from RM 286.23 million in the same period last year.
According to the Malaysian Commodities Minister, the increase was largely contributed by palm oil products valued at RM 267.71 million, as well as timber and timber products worth RM105.41 million.
This was followed by the export of rubber and rubber products valued at RM 35.04 million and cocoa and cocoa products worth RM 5.88 million.
Sri Lanka’s main imports from Malaysia are petroleum, palm oil, timber, timber products, rubber ,rubber products, cocoa and products ,vegetable fats, chemicals, urea, plastics articles, iron & steel articles, etc
Sri Lanka’s main exports to Malaysia are natural rubber and rubber based products (tyres, gloves etc), precious stones / semi precious stones (e.g. Rubies, Sapphires and Emeralds), tea, apparel, coconut.