An industrial zone to cater Indian and Pakistan markets

President, Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) Nawaz Rajabdeen requested to set up and industrial zone to cater to Indian and Pakistan markets when he met a high powered trade delegation from Julin Province, China.

Rajabdeen said as Sri Lanka has signed Free Trade Agreements with India and Pakistan and as such all what is manufactured in Sri Lanka with 35 per cent value addition could be exported to these two countries with zero tariff charges.

He also said but if those products are exported to those countries direct from China a heavy export duty will have to be paid when crossing the products to India or Pakistan.

He said if the Jilin Province decides to set up an industrial zone in Sri Lanka, they could select an ideal location with all the amenities in place and the Sri Lankan Government would extend many attractive concessions on direct foreign investment in Sri Lanka.

The Chinese Trade delegation was led by Vice Division Director, Department of Commerce, Jilin Province Xu Dechen. The main purpose of the visit of the Chinese delegation has been to promote the fourth China Julin Northeast Asia Investment and Trade Expo which is scheduled to be held from September 2 to 6 in China Jilin Changchun International Conference and Exhibition Centre.

FCCISL hopes to take a delegation from Sri Lanka so that those trade delegates could procure joint ventures, bilateral trade and other export and import matters that would mutually benefit Sri Lanka and China.

Rajabdeen also said that FCCISL is closely connected with the Chinese Business Community. He said the Federation of Chambers has been in the practice of sending Sri Lankan Trade Delegations to China and they have mutually benefited.

He added that there would be a lot of development activities in Sri Lanka and on account of these development and construction activities opportunities will arise to have Sri Lankan and Chinese collaboration programmes.

Xu Dechen said with a population of 680 million China takes up one fifth of the economic power of the world and the volume of exports and imports between China and the other five countries in the Northeast Asia by 2006 accounted for 21.5 per cent of China's total foreign trade.

He said Jilin Province has become one of the most dynamic provinces in China. In 2006 the gross regional product increased by 15 per cent ranking the second in the country. Increasing rate of fixed assets investment has topped the country for two consecutive years.

The Jilin NE Asia Trade Expo is an action taken by the Chinese Government to promote economic and trade communication between China and other Northeastern Asian countries aiming for a platform to enjoy mutual benefits, exchange and cooperation, opening and competition between these countries and China.