Two Chinese firms here after SCCI, China Council tie-up

by Ramani Kangaraarachchi

Two large-scale investors from China are in Sri Lanka following the MoU signed between the SAARC Chambers of Commerce and Industry (SCCI) and the China Council for the Promotion of International Trade (CCPIT) in December last year. The two companies involved in trade and real estate and export rubber will commence operations shortly.

President SAARC Chamber of Commerce Macky Hashim said that this tie-up with China is important as Chinese technology, and investment can develop SAARC region as an important economic block to meet the challenges of the global village syndrome.

He said that SCCI in recent years focussed its activities in six core issues namely WTO, Government industry partnership, facilitation of intra- regional trade and investments commercial arbitration international standards and movement of goods and people in the region.

Among other important areas that the SCCI aims to address are harmonisation of standards, movement of goods and services, corporate governance and social responsibility.

SCCI would also aim at management related themes in collaboration with leading management institutions within the region, with regard to issues such as the art of business negotiations, financial and personnel management and match-making for business which would help strengthen the process towards a South Asian Free Trade area, Hashim said.

SCCI has also proposed to initiate discussions on issues related to competition policy, investment rules, government procurements, linkage between trade and environment, trade facilitation, e-commerce anti dumping measure, implications of the phase-out of MFA etc, according to Hashim.

The agreement entered into for a period of three years will be reviewed within three months of the expiry date.