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The Sri Lanka Chamber of Small Industry (SLCSI) and the Karnataka Small - Scale Industries Association (KASSIA) signed a Memorandum of Understanding (MoU) in Bangalore recently under the auspices of the Federation of Karnataka Chambers of Commerce and Industry (FKCCI), at the FKCCI Cabinet Hall.

The ceremony took place at the time the 15-member trade delegation of the SLCSI was visiting Bangalore, lead by its President, Aloy R. Jayawardene.

Over 200 business and industry representatives took part. Roshan Baig, Minister of Small-Scale Industries of the State Government of Karnataka was the chief guest.

Roshan Baig, said that the MoU would help in more interaction between businessmen of Sri Lanka and Karnataka. He assured the President of SLCSI Jayawardene, that the State Government of Karnataka would participate in the International Trade Fair, that is being organised by SLCSI in May 2003. He called upon the industrialists of Karnataka to explore more areas to establish trade relations between Karnataka and Sri Lanka.

The Minister said that the State Government was ready to tie up with Sri Lanka to promote institutional linkages.

President of KASSIA N. Jayakumara said that the MoU signed to exchange comprehensive information will facilitate trade contracts, sharing of business opportunities and to liaise with governments for the promotion of Trade and Business links and exchange of publications. The MoU is the first of its kind in its 52 years of the Association, Jayakumar said.

Jayakumar invited the SLCSI to participate in an Industrial Exhibition in February 2003 in Bangalore, and the participation will be free of costs. Aloy R. Jayawardene President of SLCSI, said that the 15-member delegation was looking for joint ventures, marketing opportunities for products, machinery and raw materials. With a solution to the ethnic conflict in sight, the Indian business community and industrialists could think of more investment in Sri Lanka.

Jayawardene said the Free Trade Agreement (FTA) between India and Sri Lanka was signed in 1998, to expand domestic markets, promote mutually beneficial trade and inter-regional economic co-operation but regretted that India has not lived up to the spirit of the FTA. Sri Lanka was suffering not only from non-tariff barriers, but also from the two tier sales tax structure in India.

He said with the MoU, the two parties will promote trade and business between Sri Lanka and Bangalore. We will exchange information about our respective organisations, and share such information that will assist in further trade and investments between Colombo and Bangalore. We will exchange trade and business opportunities available in our respective countries for the mutual benefit of our members, Jayawardene said.

K. N. Jayalingappa, President of the Federation of the Karnataka Chambers of Commerce and Industry (FKCCI), welcomed the gathering and B. S. Arun Kumar, Vice President of FKCCI proposed the vote of thanks.

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