Minister Sabry highlights SL’s progress on economic stabilization during visit to Singapore

singapore economy finance

During Foreign Minister Ali Sabry's visit to Singapore recently he had a productive discussion with the Foreign Minister of Singapore on enhancing relations between both countries, recognizing shared opportunities and challenges.

At the luncheon hosted by Singapore's Foreign Minister, Sabry emphasized collaboration in areas of mutual interest including seeking assistance for capacity building for public officials.

Minister Balakrishnan conveyed Singapore’s willingness to facilitate training programmes for Sri Lankan civil servants. Both Foreign Ministers also discussed the ways and means for the viable implementation of the FTA and MoU on Carbon Credits Cooperation and regional cooperation including through the Indian Ocean Rim Association (IORA) and ASEAN. Minister Sabry invited Minister Balakrishnan to visit Sri Lanka.

Minister Sabry paid a call on Senior Minister and former Prime Minister of Singapore Lee Hsien Loong. The discussions centered on trade, investment, climate resilience, food security and regional developments.

Minister Sabry briefed the Senior Minister Loong on the recent debt restructuring agreement with bilateral creditors. He expressed gratitude to the Singaporean government for their support during challenging times. The Foreign Minister conveyed Sri Lanka’s desire to bolster bilateral ties, share best practices, and learn from Singapore’s experiences.

Minister Sabry also met the Minister of Home Affairs and Minister for Law of Singapore, K. Shanmugam at the Ministry of Home Affairs. During the meeting, the Minister briefed on the recent developments in Sri Lanka. 

He thanked Minister Shanmugam for facilitating the visit of the Immigration and Checkpoint Authority (ICA) delegation to Sri Lanka in May 2024 to explore opportunities for collaboration through the integration of advanced technology aimed at aligning with Singapore's standards.

He emphasized that the visit of the ICA delegation would significantly contribute to Sri Lanka’s efforts in modernizing and improving Sri Lanka’s immigration processes. Emphasis was also placed on the importance of security and defence cooperation to combat transnational crimes. Minister Shanmugam stressed the significance of enhancing collaborations between the agencies of both countries to respond to emerging threats and technological challenges.

During his visit, Minister Sabry engaged with the Singapore business Community at an event organised by the Singapore Indian Chamber of Commerce and Industry (SICCI). The minister highlighted Sri Lanka’s experience in the recovery of economic and social stability within two years and the country's progress in economic stabilization.

He outlined the potential investment opportunities emerging and the interests of various partners from East to West to seize the openings. He invited Singaporean investors to invest in Sri Lanka, especially in the sectors of renewable energy, port & logistics, and digital economy. 

Welcoming the Minister, Chairman of SICCI, and the Member of Parliament, Neil Parek expressed readiness to connect their members with Sri Lanka in arranging a business delegation from the Chambers to explore opportunities, acknowledging shared heritage and regional commonalities in South Asia.

Foreign Minister Sabry took part in the Reuters Next Asia Pacific Summit held on 09 July in Singapore. He attended the keynote interview by the Editor in Chief of Reuters Alessandra Galloni and the discussion delved into a range of current topics including regional and international geopolitics, Sri Lanka’s debt restructuring and interestingly, cricket.

High Commissioner of Sri Lanka in Singapore Senarath Dissanayake and the senior officials of the High Commission of Sri Lanka in Singapore were associated with the Minister at the official meetings.

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