Sri Lanka to sign MoU with Singapore’s Surbana Jurong to develop Trinco

Trincomalee

Jun 01, 2016 (LBO) – Sri Lanka’s Minister of International Trade said that Surbana Jurong, a firm specializing in urbanization and infrastructure development, will sign a memorandum of understanding with the government to develop Trincomalee.

“Surbana Jurong will also be developing a Master Plan for the Trincomalee region,” Malik Samarawickreme, minister of development strategies and international trade, said.

“We hope to sign the MOU with Surbana Jurong during Minister Iswaran’s visit.”

He was speaking at the Sri Lanka – Singapore Business Forum, Wednesday, where Singapore’s Minister for Trade and Industry, S. Iswaran was also present.

The initial plan maps out a detailed long-term development plan for Trincomalee and surrounding cities in the islands east.

Sri Lanka’s cabinet in May decided to approve a planning review to be done to develop Trincomalee and surrounding cities in the islands east.

Data shows that Sri Lanka was Singapore’s 39th largest trading partner in 2015, with bilateral trade amounting to 2.05 billion Singapore dollars and foreign direct investment from Singapore to Sri Lanka amounted to 656 million Singapore dollars as of 2014.

“I am confident Minister Iswaran’s visit with this high-level business delegation will be a event, which will take the trade and investment relationship between our two countries to a much higher level,” Samarawickreme added.

“We are taking the opportunity of Minister Iswaran’s visit to initiate work on a FTA with Singapore. We both agree there are mutual benefits to a Sri Lanka – Singapore FTA. It would be a modern and comprehensive one. We have directed our officials to advance the process expeditiously.”

He said Surbana Jurong has also formulated the Western Region Megapolis Plan, which will be the center-piece of the government’s development program.