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IE Singapore Inks First-Ever MOU with Sri Lanka to Drive Business Collaboration in the Western Region Megapolis

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IE Singapore Inks First-Ever MOU with Sri Lanka to Drive Business Collaboration in the Western Region Megapolis M E D I A RELEASE IE Singapore inks first-ever MOU with Sri Lanka to drive business collaboration in the Western Region Megapolis MR No.: 030/16 Singapore, Monday, 18 July 2016 1. International Enterprise (IE) Singapore and the Ministry of Megapolis and Western Development (MoMWD) of Sri Lanka signed a Memorandum of Understanding (MOU) today at the Istana. This is the first MOU between Sri Lanka and a Singapore government agency, paving the way for stronger Singapore-Sri Lanka investment and economic partnerships. The MOU aims to enhance business flows through greater access to partnerships for the development of the Western Region Megapolis. 2. Mr Tan Soon Kim, Assistant Chief Executive Officer (CEO) of IE Singapore and Mr Nihal Rupasinghe, Secretary to MoMWD of the Government of Sri Lanka signed the MOU this morning. It was witnessed by Singapore’s Prime Minister Lee Hsien Loong and Sri Lanka’s Prime Minister Ranil Wickremesinghe, who is currently on an official state visit to Singapore. Opening doors for Singapore companies in the Western Region Megapolis 3. Home to 5.8 million people, the Western Region accounts for 29% of the population in the country. The region is the main driver of Sri Lanka’s economy, contributing to 40% of its total GDP in 20141. Growing steadily since 2004, the Sri Lankan government aims to triple its per capita income to US$12,000 by 2020, targeting an average annual growth rate of 7-8% over the next 14 years. Anchored by Colombo, the nation’s 1 Source: Western Region Megapolis Master Plan International Enterprise Singapore is the government agency driving Singapore’s external economy. IE Singapore Media Release 18 July 2016 commercial capital and a key shipping hub in South Asia, the Western Region Megapolis is one of the flagship developments by the Government of Sri Lanka. It is expected to increase employment and growth, with 142 projects estimated at US$40 billion over the next 15 years2. 4. Said Mr Tan Soon Kim, IE Singapore’s Assistant CEO, “Given its accelerated growth, the Western Region Megapolis is a good first stop for Singapore companies to consider when doing business in Sri Lanka. The MOU signed between IE Singapore and MoMWD creates a platform for Singapore and Sri Lankan companies to partner each other in the urban solutions and connectivity sectors.” 5. Within the Western Region Megapolis, Singapore companies can look forward to opportunities in Urban Solutions and Connectivity. These include: Master planning, urban design and investments in industrial and tourism development zones; Port-related development, and logistics services and infrastructure to build its Aero-Maritime Trade Hub; Technology collaboration for Smart City infrastructure; Development of the Central Business District of Colombo, such as the restoration of heritage buildings and transport infrastructure. 6. “The Western Region Megapolis Project is one of the most ambitious initiatives of the Government of Sri Lanka, through which we expect to bring forth a major urban transformation in our capital city region. There will be many investment opportunities that emerge as a result," said Mr Nihal Rupasinghe. "We expect that the MOU we have signed between my Ministry and IE Singapore will deepen the collaboration we already have, and open the door for more Singaporean investors to participate in Sri Lanka's growth." IE Singapore engages Sri Lanka Prime Minister for business opportunities in the Western Region Megapolis and beyond 7. To help Singapore companies better understand the business developments in Sri Lanka, IE Singapore will be hosting Sri Lanka Prime Minister Ranil Wickremesinghe in 2 Source: Address by Hon Malik Samarawickrama M.P, Minister of Development Strategies and International Trade of Sri Lanka, at the Interaction with the Confederation of Indian Industry (CII) and Indian Companies Page 2 of 3 IE Singapore Media Release 18 July 2016 a closed-door IE Singapore Global Conversations 3 dialogue and lunch session tomorrow, 19 July 2016. 20 Singapore company representatives from urban planning and development, hospitality, energy, logistics, information and communication technology and manufacturing sectors will discuss key economic priorities of the Sri Lankan government and exchange ideas on areas of collaboration in the Western Region Megapolis and the greater Sri Lanka. At the session, Singapore companies will also discuss how they can navigate challenges on the ground, such as partnering the Government of Sri Lanka and local corporate companies. --End-- Note to Editor Please use ‘IE Singapore’ if an acronym for ‘International Enterprise Singapore’ is required. Unless otherwise stated, the use of statistics cited in our media releases, website or Statlink, should be attributed to IE Singapore. For media enquiries and/or event photos, please contact: Ms Cheryl How Manager, Media Corporate Communications Group DID : (+65) 6433 4655 Email : [email protected] ________________________________________________________________________ About International Enterprise Singapore International Enterprise (IE) Singapore is the government agency driving Singapore’s external economy. We spearhead the overseas growth of Singapore-based companies and promote international trade. Our vision is a thriving business hub in Singapore with Globally Competitive Companies and leading international traders. IE Singapore attracts global commodities traders to establish their global or Asian home base in Singapore. Today, Singapore is a thriving trading hub with a complete ecosystem for the energy, agri-commodities and metals & minerals trading clusters. Through our Global Company Partnership and Market Readiness Assistance, we also work with Singapore-based companies in their various stages of growth towards being globally competitive. Our global network of overseas centres in over 35 locations provides the necessary connections in many developed and emerging markets. Visit www.iesingapore.com for more information. 3 IE Global Conversations bring together world-renowned thought leaders for an upclose interactive dialogue session to discuss emerging economic opportunities across markets. Page 3 of 3 .
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