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Sri Lanka's exports to China have increased over three-fold from Rs. 408 million in 2001 to Rs. 1,043 million in 2002, recording an increase of 155%. However, the balance of trade continued to be in favour of China. Imports on the other hand reflected an increase of only 25%, Shamil Mendis, President, Sri Lanka/China Business Council said at a council meeting last week.

In order to strengthen trade relations between Sri Lanka and China, the Sri Lanka/China Business Council which functions under the aegis of The Ceylon Chamber of Commerce had a meeting with the newly appointed Ambassador of the People's Republic of China, Sun Guoxiang.

Mendis and Tilak de Zoysa, Chairman The Ceylon Chamber of Commerce addressed the gathering on behalf of the Business Council. De Zoysa said that Sri Lanka and China share a rich history founded on Buddhism and an economy based on agriculture. With the emergence of new business opportunities, Sri Lanka and China are both experiencing changes in economic, social and cultural environments. Sri Lanka being a small island requires support from China on its way forward.

Mendis outlined the history of the Council and highlighted its achievements during the past two years. He said that the Council had meetings with several delegations from China. These meetings assisted the members in sourcing suitable business contacts.

He also said that today, China is identified as a lucrative market by the rest of the world. Yet, barriers such as geographical spread and language have kept this huge market closed to most parts of the world. In addition to that lack of knowledge and information in identifying potential areas also prevent new business ventures with China.

Sun Guoxiang said that in spite of the different social systems and national conditions prevailing in both countries, Sri Lanka and China continue to maintain a good relationship and understanding. He stressed the importance of mutual support and sound a relationship and said that Sri Lanka and China have very sound political ties and that they are making every effort to strengthen the economic ties. He pledged his support in promoting co-operation between Sri Lanka and China through the Sri Lanka/China Business Council.

In accordance with the constitution of the Council, the Ambassador accepted the invitation to be the Patron of the Sri Lanka/China Business Council.

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Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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