Minister calls for economic ties expansion:

Iran exports $520m technical services to Sri Lanka

Iran carried out $520 million of technical and engineering services in Sri Lanka, Iranian Commerce Minister Mehdi Ghazanfari said Monday.

During his meeting with External Affairs Minister Prof. G. L. Peiris, Ghazanfari declared Tehran's readiness to boost economic cooperation with Sri Lanka, IRNA News Agency reported. During the meeting the two sides discussed construction of a new oil refinery in Sri Lanka by Iranian experts, exporting Iranian LNG to Colombo, and boosting tourism.

Minister Peiris thanked Iranian experts for carrying out projects in Sri Lanka and called for expansion of economic ties between Tehran and Colombo. The 9th Joint Economy and Trade Cooperation Committee meeting between Iran and Sri Lanka, was held from September 13-15. Meanwhile, the two countries, Commerce Ministers signed six MOUs and cooperation agreements in the fields of customs, Shahid Rajaei and Colombo ports and acceptance of each other's maritime certificates. Agreements were made between the two countries in the science, culture, art and standardization.

An increase in trade, holding international exhibitions, enhancing maritime relations and implementing engineering and technical projects were among other agendas during the meeting.

In April 2008, Iran began work in several infrastructure development projects in Sri Lanka, all part of a $1.5 billion loan to the Country. These projects included doubling the oil refinery capacity of Sapugaskanda refinery as well as building a 100-megawatt hydropower project and irrigation plan in Uma Oya. In June 2009, the country signed a $106 million agreement with an Iranian firm to provide electricity to roughly 1,000 villages in Sri Lanka. Tehran Times