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| Friday, 23 January 2004 |
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Meeting to enhance economic cooperation between Lanka, Iran The ongoing seventh sessions of the Sri Lanka - Iran Joint Commission for Economic cooperation is likely to gain fruitful results with several key important decisions to be taken during the final meeting today to enhance economic cooperation between the two nations. An Iranian delegation led by its Economic Affairs and Finance Minister Tahmasah Mazaheri is currently in the country attending the Joint Commission meeting, while the Sri Lankan delegation is led by Minister for Commerce and Consumer Affairs Ravi Karunanayake. A part of the Iranian delegation came to Sri Lanka on January 20 and had several joint and one to one meetings with Sri Lankan officials on bilateral issues, while the inauguration of the JEC meeting would take place today at 9.30 am at the Hotel Galadari. These meetings between officials mainly focused on the areas of Shipping & Maritime cooperation, promotion of investments, cooperation in export credit insurance, purchase of crude oil and gas and constraints that exists in Sri Lanka's export of tea and desiccated coconut to Iran. The current trade turnover between Sri Lanka and Iran amounts to approximately Rs. 20 billion while Sri Lanka's purchases from Iran were Rs. 17 billion. Iran's purchases of products from Sri Lanka is only Rs. 3 billion, leaving a huge trade balance in favour of the Middle Eastern country which Sri Lanka hopes to reduce following this joint commission meeting. Sri Lanka's exports to Iran are mainly tea, desiccated coconut, natural rubber and garments while Iran's exports to Sri Lanka include. mainly crude oil and gas. |
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