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The Sri Lanka Philippine Friendship Association in collaboration with the Ceylon Chamber of Commerce and the Philippine Chamber of Commerce plans to promote trade, investment and tourism between the two countries following improved economic and political environment in Sri Lanka. Joe Aloysius, the President of the Association held preliminary discussions in this regard at the 22nd Executive Committee Meeting of the Association at the Galle Face Hotel recently. Consul General for the Republic of the Philippines William Perera proposed the name of Joe Karunarathne, the Vice Patron of the Association to work with the Ceylon Chamber of Commerce and the Philippine Chamber of Commerce to develop business contacts. Perera said that deficits of the balance of trade between the two countries are approximately Rs. 291.29 million from January to October 2002, which is favourable to the Philippines. Imports to Sri Lanka from the Philippines is Rs. 638.41 million and the exports from Sri Lanka to Philippines is Rs. 347.12 million. He said that for the first time the Philippines has imported 25.55 million Kgs of 'Wheat' to the value of Rs. 161.2 million under the HS heading No. 23.02 from Sri Lanka and is said to be the highest import of 46.4% of the total value as of October 2002. Karunarathne said that due to the ongoing peace process the time was "opportune' since Sri Lanka was on the threshold of a durable peace and pointed out that the country needed economic development to go parallel with the peace initiatives in order to deliver the peace dividends to the people and it would be open to all those who have an interest in promoting trade between Sri Lanka and the Philippines. The Association also felicitated Ariya Rekawa, Sri Lanka's Ambassador-Designate to the Republic of the Philippines at the Galle Face Hotel, on the same evening.

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