We are here on that promise and our officials have been tasked to convert new trade and business ideas into tangible results that benefit the people of both countries, he added.

Further speaking the Thai deputy prime minister said,” “We discussed wide ranging issues at State level and are looking to triple our bilateral trade in the next five years. Private sectors of the two countries need to make all efforts to achieve the maximum benefit from this mutual cooperation. Our prime minister is committed to supporting Sri Lanka in its journey towards growth”.

“There are four main areas Thailand can help Sri Lanka to achieve its growth potential, “Firstly, industrial development, secondly adding value to small and medium industries (SMEs), thirdly, tourism and fourthly infrastructure and human development”, the Thailand deputy prime minister pointed out.

Thai Industry Minister Atchaka Sibunruang said, “Thai investors keen on investing overseas have identified high potential opportunities in Sri Lanka in agriculture, food processing, seafood products, basic infrastructure projects, tourism and hospitality, gem and jewellery and manufacturing of tech-devices. Meanwhile, Sri Lankan investors have the opportunity to invest in Thailand in industries such as natural rubber products, gems and jewellery, industrial chemicals and international trading activities”.

Daya Gamage, minister of Primary Industries said,” Our bilateral trade has declined over the past several years which stands at only US$ 500 million at present. It is geared to go up to US$1.5 billion in the next five years with the renewed efforts to boost our bilateral trade. Sri Lanka has to work towards ensuring that at least one third of that envisaged trade volume will account for exports from Sri Lanka to Thailand. While we urge Thai investors to invest in Sri Lanka, it’s important to mention that they will have the opportunity to sell their value-added goods to India and Pakistan benefitting from the Free Trade Agreements ( FTAs) Sri Lanka has with the two countries. India-Sri Lanka FTAallows Sri Lanka to export 4,200 products on zero duty while the FTA with Pakistan allows the same for 4,500 products”.

Sujeewa Senasinhe, State Minister for International Trade said the Bureau of Investment (BOI) and the EDB are doing everything they can to reap the maximum benefit from this renewed bilateral cooperation.

A large number of businesspeople from the two countries had the opportunity to forge business ties at this forum where Indira Malwatte, chairperson of the EDB was also present.