The Hindu Business Line : Kerala, Lankan industry chambers sign MoU

With a view to wooing investors from Kerala, Sri Lanka has offered several sops. The surge in industrial and economic activities in Kerala would provide an opportunity for businessmen for more trade transactions in future. B2B initiative to promote trade and industry

THE PRESIDENT of the Federation of Chambers of Commerce and Industry of Sri Lanka, Mr Nawaz Rajabdeen, and the President of the Kerala Chamber of Commerce and Industry, Mr E.S. Jose, exchange documents after signing a memorandum of understanding in Kochi on Tuesday. - Vipin Chandran

Kochi April 17 Kerala Chamber of Commerce and Industry, and the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) have signed a memorandum of understanding to promote and facilitate effective cooperation in trade, economic and industrial activities between companies, private business organisations and members of both parties.

With a view to wooing investors from Kerala, Sri Lanka has offered several sops. The MOU aims to facilitate and expand business network, promote joint economic projects between businessmen and private business organisations in both countries.

Speaking on the occasion, Mr E.S. Jose, President of the Kerala Chamber, said that it focussed on international business in the last couple of years to promote the State.

The surge in industrial and economic activities in Kerala would provide an opportunity for businessmen for more trade transactions in future.

A delegation from the Chamber had visited foreign countries such as Malaysia, UAE, Saudi Arabia and China to bring in foreign business. The Chamber will soon send a delegation to West Germany in July to attend a global business meet, he said.

Speaking on the occasion, Mr Nawaz Rajabdeen, President of the FCCISL, said that the Free Trade Agreement between India and Sri Lanka would definitely expand the domestic and bilateral trade of both the countries.

He pointed out that Indians tourists are highest in number surpassing Germans and this was made possible due to road shows in several Indian cities.

However, lot of efforts have to be made to attract tourists from Kerala as both the regions have the same geographic and climatic conditions. Both the chambers can play a major role to encourage tourist promotion in the regions, Mr Rajabdeen added.

Mr Deshbandu Macky Hashim, Former President of SAARC Chamber of Commerce and Industry, said that the signing of MoU and various conventions with European Union has helped Sri Lanka to achieve GS Plus status that will offer various concessions and zero duty exemptions. Business units can use this opportunity to re-export their products from Sri Lanka to various countries.

Moreover, the Sri Lankan Port is the only one in the entire region, which allows 21-day free stay for transhipment containers meant for exports, he said, adding that therefore there are lot of opportunities for businessmen in Sri Lanka.

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