Bilateral trade between Sri Lanka and Thailand is expected to grow significantly in 2025 as the Sri Lanka-Thailand Free Trade Agreement (SLTFTA) is in operation, said a top official of the Sri Lanka-Greater Mekong Business Council of the Ceylon Chamber of Commerce.
President of the Sri Lanka-Greater Mekong Business Council of the Ceylon Chamber of Commerce, Nimal Ratnayake said, “The SLTFTA is a great opportunity to boost trade between Sri Lanka ad Thailand as it reduces tariffs and trade barriers encouraging trade in various sectors.”
He was addressing a B2B meeting in Colombo on ‘Business opportunities between Sri Lanka and Thailand’ organised by the Sri Lanka Greater Mekong Business Council of the Ceylon Chamber of Commerce last week.
Sri Lanka and Thailand have been organizing trade promotion activities and high-level visits, including Thailand’s Prime Minister’s visit in 2024.
“These efforts aim at strengthening economic cooperation and increasing trade between Sri Lanka and Thailand,” Ratnayake said.
Trade between the two countries reached around USD 430 million following the trade diversification last year and is poised to grow this year following the FTA between the two countries.
Ambassador of Thailand to Sri Lanka, Paitoon Mahapannaporn said the SLTFTA will also help boost investments between the two countries which have immense potential for further collaborations in many sectors including raw materials, processed products, textiles, agriculture and tourism.
Sri Lanka exports garments, textiles, coffee, tea, spices, processed products to Thailand while rubber, electrical and electronic goods are imported from Thailand. Thailand’s exports to Sri Lanka were about $290.87 million in 2023.
“Thailand is one of the biggest outbound investors in the region making over USD 20 billion in investments which Sri Lanka can leverage to promote trade and investments,” said Chairman, Ceylon Chamber of Commerce, Duminda Hulangamuwa.
Thailand attracts over 30 million visitors a year while Sri Lanka has been able to attract so far only around two million travellers.
“There is plenty of scope for growth in trade and investments in tourism, green energy, industrial and agri-food sectors between Sri Lanka and Thailand,” Thailand’s envoy, Mahapannaporn said.
This year marks the 70th anniversary of diplomatic relations between Sri Lanka and Thailand.
