Thai exports by 7.4% and Sri Lankan exports by 43% risen before FTA

Prime Minister Srettha Thavisin, during the recent Sri Lanka – Thailand Business Networking event, highlighted the thriving economic relationship between the two sides, pointing out the Thailand-Sri Lanka Free Trade Agreement (FTA) as a milestone showcasing mutual confidence in the economic prospects of both nations.

The trade between Thailand and Sri Lanka has witnessed a 16% increase from the previous year, with Thai exports rising by 7.4% and Sri Lankan exports by 43%, underscoring the growth and potential for further cooperation.

Srettha brought attention to the seafood processing industry in Sri Lanka, recognizing it as a sector where companies from both countries could collaborate to make a global impact. The Premier also emphasized the support provided by Thai intermediate goods to the burgeoning service industry in Sri Lanka, particularly in skill development and capability enhancement through partnerships between educational entities and the hospitality industry.

Srettha also spoke on the benefits of tourism from the strong cultural and religious connections between Thailand and Sri Lanka, highlighting the resumption of Thai Airways’ commercial flights from Bangkok to Colombo starting March 31, 2023, as a move that will further strengthen these ties and boost tourist exchanges.

On the investment front, Srettha encouraged Thai businesses to explore opportunities in Sri Lanka’s growing sectors, such as infrastructure development, manufacturing, and energy. He outlined Sri Lanka’s potential as a strategic partner in Thailand’s vision to become a key logistics hub in the ASEAN region, leveraging the Landbridge project to connect the Andaman Sea with the Gulf of Thailand. (NNT)