Sectors include telecoms, oil and gas, infrastructure and automotive
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He said last year’s total trade between Malaysia and Sri Lanka stood at US$570.9 million with some US$481.4 in exports and US$89.5 in imports.
“Malaysia and Sri Lanka enjoy a strong cordial bilateral relationship both politically and economically. This is made stronger with the six agreements previously signed by both countries in several areas, including air services, avoidance of double taxation, economic, scientific and technical protection,” Zahid said in his speech at the ground breaking ceremony of Hyrax Oil Sdn Bhd lubricant manufacturing plant in Gampaha District, Western Province, here, on Thursday.
He said the collaboration between Hyrax Oil and Sri Lanka’s national oil company Ceylon Petroleum Corp shows the commitment and good relations between the two countries’ business communities and also the governments.
Describing it as a historical moment, Zahid said the groundbreaking ceremony marked another milestone for a Malaysian manufacturing Former inspector-general of police
has been appointed independent non-executive director of Media Prima and New Straits Times Press. company venturing abroad and it would spur other local companies to follow suit.
“This new manufacturing set-up will not only create more jobs here but also generate more business opportunities for both Malaysia and Sri Lanka,” he said.
Hyrax Oil is a transformer oils, lubricants and petroleum derivatives manufacturer and marketer. It exports to more than 35 countries.
The new plant, costing US$30 million, will be built on a two-hectare site and is expected to start operating by the end of next year. Datuk Loo Took Gee is set to take on role as independent non-executive director of Media Prima, Media Prima Digital and Synchrosound Studio