Trade conference with India to boost economic relations
17 Dec '07
2 min read
A two day long conference, themed, 'India-Sri Lanka: Trade and Investments' was to be inaugurated today in Chennai by Sri Lankan Minister for International Trade GL Peiris.
The conference is organized by Observer Research Foundation in collaboration with Confederation of Indian Industries. The deputy high commission of Sri Lanka will emphasize on issues of industrial, investment and trade.
Traders from both the sides were to have an interacting session to strengthen bilateral relations for the realization of mutual benefits. Even stakeholders and industry trade representatives of the respective countries will get opportunities to exchange views and come to an agreement regarding how to develop their economy through shared investments and business transactions.
Past records prove that after the Free Trade Agreement signed between the two countries in 1998, bilateral trade has nearly doubled in a period of only three years. While it stood at $557 million in 1999, it has surged to reach $2.7 billion in 2007.
The Indian Oil Corp is one of the many companies to have invested in Sri Lanka. It is partially owning the Sri Lanka IOC administering more than 100 petrol pumps of Ceylon Petrol Corp. This apart, Ashok Leyland has also established a production unit in Sri Lanka.
On the other hand Sri Lankan companies like Brandix (a textile giant), is also planning to come up with one of its unit on 1,000 acres in Andhra Pradesh.
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