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| Thursday, 15 May 2003 |
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On Monday, May 12 Secretary Charitha Ratwatte of the Ministry of Policy Development and Implementation and Ambassador of The Netherlands, Susan Th. Blankhart, signed a Memorandum of Understanding on the Programme for Cooperation with Emerging Markets (PSOM). The Dutch Ministry of Foreign Affairs has initiated the Programme for Co-operation with Emerging Markets (PSOM) in order to share some of the initial financial risks that companies face when investing in new products and/or technologies in emerging markets in developing countries. As of January 2003 the PSOM has been revised and will be continued on a more structural basis, aiming at some 60 investments per year in 17 countries, the Netherlands Embassy said yesterday. The PSOM co-finances pilot projects, which are to catalyse long-term investments and a lasting trade relation between the parties. The PSOM funds are made available to consortia of Dutch companies and companies of the host country interested to undertake such an investment and trade project. A typical PSOM-project involves a mix of technical assistance, hardware supply and installation, marketing, demonstration and training. The PSOM projects usually try out -on a pilot scale - a new line of production or production technology to see whether it is commercially feasible in the country concerned and whether (export) quality standards can be attained. Investors are expected to observe a high standard of corporate social responsibility. The legal basis for the PSOM is provided by a Memorandum of Understanding (MoU) between the Dutch government and the Government of Sri Lanka, in which the priority sectors for the PSOM have been identified. The Ministry has appointed Senter, an executing agency of the Dutch government, to implement the PSOM. |
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