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Measures to boost trade between Panama and Sri Lanka

The Sri Lanka-Panama Society has proposed a single country exhibition in Panama this year to boost Sri Lanka exports and promote trade between the two countries.

This subject was discussed by the society at a recent progress review meeting at the Power and Energy Ministry chaired by Minister Karu Jayasuriya who is also the patron of the society, said a press release issued by the Consul General for Panama in Sri Lanka Susantha M. Jayasena.

The release said at this meeting Mr. Jayasena said, that the Panama Government is interested in having closer relations with Sri Lanka in the fields of shipping, trade, education, culture etc. Panama has the largest Shipping Registry in the world and at present around 1,000 Panamanian registered vessels call over in Sri Lanka annually. Panama has the second largest free trade zone in the world, in Colon, serviced by the world famous Panama Canal. Some of the local products to the free trade zone in Panama are not routed direct, but through an intermediate source, whereby the local manufacturers profit margin is reduced while the cost of the product is increased. As for Sri Lanka tea, he added that, we could make Panama the centre for distribution of this product for the entire Central and Latin Americas, and also southern parts of USA.

Kingsley T. Wickramaratne, President of the Society, who initiated the idea of a Single Country Exhibition in Panama, explained that the Colon Free Trade Zone in Panama could be the direct gateway to a number of countries in the region in Central America, South America and USA. In view of the proposed restrictions of export of garments to the USA, it is always advisable to establish a strong link with Panama.

Minister Jayasuriya while endorsing the proposals made by the Society, promised to arrange a meeting with Prof. G. L. Peiris, along with his officials to discuss the matter in detail on the matter of Single Country Exhibition in Panama. He also stressed the need for the appointment of an Honorary Consul General of Sri Lanka in Panama, to coordinate the activities in Panama. This is now being pursued with the Foreign Ministry and the name of a suitable Panamanian has already been submitted to the Foreign Ministry, the release said.

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