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| Tuesday, 19 October 2004 |
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BOI signs MoU to strengthen economic co-operation with China The Board of Investment of Sri Lanka (BOI) and the Shandong Department of Foreign Trade and Economic Cooperation, China signed a Memorandum of Understanding (MoU) recently, to strengthen economic cooperation and investment relations between the two countries. The MoU was exchanged between the Chairman/Director General, BOI, Saliya Wickramasuriya and Zhang Lin, Deputy Director General, Shandong Dept. of Foreign Trade and Economic Cooperation. Officials from the Ceylon Tourist Board and the Ministry of Fisheries were also present. The MoU targets key sectors such as agricultural machinery, fisheries, food processing, textile manufacturing, highway construction and other related investment. "The signing of this MoU with one of the largest provinces in China, is a groundbreaking step towards achieving greater knowledge and technology transfer from China to Sri Lanka", Wickramasuriya said and added that this MoU was the result of consistent investment promotion in China and the visit of the Minister of Industry, Tourism and Investment Promotion, Anura Bandaranaike to China, in August this year. Wickramasuriya said that the MoU will not only be of immense mutual tourist benefit to both countries, but will also enable greater policy coordination, market access and faster business and visa registration in Sri Lanka to the enterprises of Shandong. Zhang Lin said that the Dept. of Foreign Trade would actively encourage companies in Shandong to create direct investment or joint venture enterprise opportunities in Sri Lanka, via greater economic and commercial cooperation and business partnerships with local enterprises. The Shandong delegation also expressed keen interest in the feasibility reports handed over to them by the BOI, regarding the revival of textile factories in Thulhiriya and Mattegoda, where existing factories can be upgraded and brought on-stream in a relatively short period of time. The delegation accompanied Wu Guanzhen, Member of the Standing Committee of the Political Bureau of the Chinese Communist Party on his state visit to Sri Lanka. The delegation also paid a visit to the Katunayake Export Processing Zone during their stay. Shandong, one of the largest provinces in China is between Beijing and Shanghai. It has 17 major cities and will be host to the aquatic sports of the 2008 Olympics. |
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