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The business community of the State of Karnataka in India have stressed the need for strengthening trade ties with Sri Lanka.

The members of the Federation of Karnataka Chambers of Commerce and Industry (FKCCI) who met Commerce and Consumer Affairs Minister Ravi Karunanayake on his recent visit to India discussed with him ways of identifying sectors in Sri Lanka and Karnataka where investment on business is possible.

The Minister addressing the Chamber members said that Sri Lanka could offer various facilities to businessmen from Karnataka who are willing to invest in Sri Lanka. "Among them are duty concessions, tax holidays, cheap labour and efficient port services. There are several investment opportunities in the fields of education and tourism sectors.

The manufacturing of oil barrels is another industry in which the Karnataka businessmen can invest in Sri Lanka," the Minister said. He said the economic resurgence since the new Government came to power and the peace initiative have created a favourable climate for foreign investors to start joint ventures in Sri Lanka.

FKCCI President M. Sathyanarayana called upon the Minister to explore the possibility of launching direct flights between Colombo and Bangalore to promote tourism in Karnataka and Sri Lanka.

"The Minister's visit is a tremendous opportunity for us to interact on the mutual opportunities available in Sri Lanka and India in general and Karnataka in particular.

With the backdrop of the long business and cultural relations of the two countries it should be possible for us to discuss and focus on trade opportunities available at present.

We have common areas of industry and trade including plantation, fisheries and textiles.

Karnataka is proud to present abundant opportunities available in traditional sectors such as engineering and sericulture and also in non-traditional knowledge based industrial sectors including information technology, bio-technology, food processing and research and development fields," Mr. Sathyanarayana said.

(CK)

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