In a strategic move to capitalize on the expanding trade relations between Sri Lanka and Thailand, officials from the Hambantota International Port Group (HIPG) recently visited the Ports Authority of Thailand (PAT) and Ranong Port. The primary objective of the visit was to revitalize a five-year-old agreement and identify new avenues for collaboration.
Johnson Liu, CEO of HIPG, emphasized the importance of reconnecting with Thailand, particularly Ranong Port, stating, “With growing international interest in the Sri Lankan economy, reconnecting with Thailand, especially Ranong Port, is crucial.”
HIPG has initiated the revival of its Memorandum of Understanding (MoU) with the Ports Authority of Thailand and plans to facilitate reciprocal visits from Thai authorities to explore business opportunities.
Beyond governmental collaborations, the HIPG delegation engaged with potential business partners and investors in Thailand and Singapore. They also held discussions with the Thai-Sri Lanka Chamber of Commerce, extending invitations to its members to explore investment opportunities at the port and industrial park.
HIPG reported that talks with fleet management companies and ship owners focused on promoting HIP’s ship supply and marine services.
This initiative aligns with the broader context of increased economic cooperation between Sri Lanka and Thailand, marked by the signing of the Sri Lanka Thailand Free Trade Agreement (SLTFTA) in early February 2024. Encompassing trade in goods, investment, customs procedures, and intellectual property rights, the SLTFTA is expected to mutually benefit both countries.
Thailand, already ranking as Sri Lanka’s 37th largest export destination, with a GDP of USD 495 billion in 2022, has been a significant investor in Sri Lanka, contributing over USD 92 million since 2005. The SLTFTA aims to triple the current bilateral trade value from USD 550 million to USD 1.5 billion in the coming years.
In addition to the SLTFTA, the two nations signed a new Bilateral Air Services Agreement, signaling a commitment to modernizing aviation relations and regulatory frameworks. Furthermore, the Gem and Jewellery Research and Training Institute (GJRTI) of Sri Lanka and the Gem and Jewellery Institute of Thailand (GIT) signed a Memorandum of Understanding (MOU) to enhance collaboration in the Gem and Jewellery sector, building on a strategic economic cooperation agreement from 2018. The MOU focuses on information exchange, research, training, and joint exploration efforts, further solidifying the partnership between the two countries. Source – Newsfirst.lk
