Products and services from Malaysian companies are expected to easily penetrate the market in Sri Lanka if both countries are able to forge a Free Trade Agreement (FTA).
Prime Minister Datuk Seri Najib Abdul Razak said among the main products Malaysia exports to Sri Lanka is palm oil, but it is subject to several specific taxes, and if the FTA were to be implemented, the taxation system in both countries would be reviewed.
Najib said this to the Malaysian media today after holding a meeting with Sri Lanka President, Maithripala Sirisena, and attending a roundtable negotiation between the government and private sector of both countries.
Najib said Malaysia's exports to Sri Lanka for the period from January to September 2017 amounted to US$499.1 billion (about RM2 trillion), an increase of 13.6% compared with the same period last year.
Malaysia's exports to Sri Lanka is 10 times the value of Sri Lanka's exports to Malaysia, and during the negotiations, Sri Lanka requested Malaysia to import more of its products.
"We will study the request and may look at importing products such as tea from Sri Lanka into Malaysia as the country's tea products are among the world's best, besides gemstones," he said.
Najib said during the roundtable negotiations, he had informed the participants that Malaysia had a lot of expertise including in international airport management services, highway construction and healthcare services.
"We have expertise in various fields and sectors, this is our opportunity (to participate) in the economic development in Sri Lanka," he said.
The Prime Minister said during the roundtable discussion, certain parties had shown keen interest in working with Malaysia's Digital Free Trade Zone, as Sri Lanka regarded Malaysia as the gateway to Asean and beyond, and felt that both countries could become business partners in various fields.
He said Sri Lanka also saw Malaysia's halal certification system as the best and could add value to their halal products.
The Prime Minister's three-day official visit to Sri Lanka starting Sunday marks the 60th anniversary of Malaysia-Sri Lanka diplomatic ties.
Najib's entourage is made up of International Trade and Industry Minister Datuk Seri Mustapa Mohamed, Health Minister Datuk Seri Dr S. Subaramian, Minister in the Prime Minister's Department Datuk Seri Azalina Othman Said, Deputy Foreign Minister Datuk Seri Reezal Merican Naina Merican, and Malaysia's Special Envoy on Infrastructure to India and South Asia Tun S. Samy Vellu.
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