Singapore and Sri Lanka will likely sign a free trade agreement (FTA) today during Singaporean Prime Minister Lee Hsien Loong’s visit to the island country.
The Singaporean prime minister arrived in Colombo yesterday for a three-day official visit.
The media quoted analysts and businesses as saying that they expect a boost in trade between the two economies and greater access for Singapore firms to the growing market.
Song Seng Wun, economist at CIMB Private Bank, said with China heavily investing in the South Asian island country, among other things, a port and a financial centre, the FTA will help Singapore benefit indirectly from the fruits of China’s Belt and Road Initiative there.
Sri Lankan Law and Order Minister Sagala Ratnayaka, right, accompanies Singapore Prime Minister Lee Hsien Loong, centre, during a welcoming ceremony at the Bandaranaike International airport in Katunayake, near Colombo, yesterday.
