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| Wednesday, 4 February 2004 |
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Major benefits under Indo-Lanka Industrial Co-operation Agreement - Rohitha Bogollagama by Shrajiv Sirimane Minister of Industries Rohitha Bogollagama said that the Indo Lanka industrial co-operation agreement, which was inked last week, would bring major benefits to Sri Lanka. At present, the FTA between the countries is being highly underutilised by Sri Lanka. I hope to reverse the tide by this industrial agreement and place Sri Lanka in an advantageous position," he said. The Minister said that unlike most of the FTA's and other trade agreements, which were signed recently, this MoU took only six months to be formulated. The Ministry has formed a special unit headed by former John Keells Holdings Group director M. Kailasapille to monitor the progress of this agreement and provide assistance for companies in both countries. This agreement would be valid for three years and would benefit local companies especially in the small and medium sector industries in a big way. This would be a boon especially for rural sector based industries. "This is the first time that an industrial agreement is being signed in Sri Lanka for the industrial sector. The agreement is similar to the agreement between Mexico and USA where Mexico is gaining financially and technically as a result." The Minister said that since India is technically and financially more advanced than Sri Lanka and is classified as the second largest growing economy in the world, the local companies would have the advantage of sharing technology and would be able to find partners as well. Since Sri Lanka is strategically located in the world economic map by way of air and sea routes the island has an edge over India. "Sri Lanka is in a better position to reach Europe and the world and this would be the main reason for Indian companies to set up business in Sri Lanka. In addition India would also take into account the skilled and educated labour force in the country." Indian companies would look for local partners and by this Sri Lankan companies would get an opportunity to share their knowledge." This agreement has also laid the foundation for local industrial development. |
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