Ceylon Chamber signs MoU with CCC - Chile

To further strengthen trade, investment and tourism:

The Ceylon Chamber of Commerce with a view to build a dependable, pragmatic, and advantageous relationship and to establish friendly and cordial relations between Sri Lanka and Chile, signed a Memorandum of Understanding (MoU) with the National Chamber of Commerce, Services and Tourism Chile (CCC-Chile)recently.

Signing of the MoU was facilitated by the Ambassador for Sri Lanka in Brazil Dr. Mahinda Balasooriya, Hony. Consul for Chile in Sri Lanka Deshamanya Mano Selvanathan who is also the Past Chairman of the Ceylon Chamber of Commerce and Hony. Consul for Sri Lanka in Santiago, Chile Sebastian Vicuna.

'CCC-Chile' is the representative body of the industrial and commercial entities of Chile, established with an objective of increasing the flow of trade creating business opportunities and improving the business climate for the private sector. "We have similar objectives hence we enter into an alliance with CCC-Chile to promote the private sector business entities to become reciprocal partners and to extend all support cooperation and assistance to each other for the overall benefit of both countries" said Ceylon Chamber of Commerce Secretary General / CEO Harin Malwatte.

The scope of the MoU would be to make provisions for a possible alliance between the parties to carry out trade duties and functions for the betterment of the trade, Industrial, services and tourism sectors. Both parties agreed under the Memorandum of Understanding that coordinated efforts be made to promote joint ventures, initiate partnerships, provide technical expertise, introduce licensing possibilities and arrange visits of industrialists, businessmen and entrepreneurs in co-operation with Board of Investments of both countries and the respective diplomatic entities.

It was further agreed that strategic and concrete proposals, suggestions and recommendations that are consequential and significant in the acceleration of bilateral relations of the two countries need to be formulated in order to achieve the main objectives of the MoU. They are image building to dispel perceptions, attracting of investments and trade opportunities, organizing and maintaining a database to identify and promote products and services, influencing the initiation of investment protection, taxation/other treaties, initiating measures to enhance mutual trust, patience, transparency, promote joint promotions and marketing and ventures.

Consul of the Republic of Chile in Sri Lanka Mano Selvanathan, said he is very glad that a MoU has been signed between Ceylon Chamber of Commerce and Chile Chamber of Commerce. He also said that 'Chile is a business hub and the best city for doing business in Latin America. Chile's strategy of international integration has played a key role in this process. Thanks to the country's widening network and Free Trade Agreements signed with countries such as USA, Canada, European Union etc, companies in Chile enjoy privileges, in many cases, zero tariff-access to more than 1.25 billion consumers in the world, and many foreign investors are taking advantage of these opportunities. Due to Chilean political stability and the dynamic business environment multinational companies have increasingly begun to view Chile as a springboard to do their business through the region and the rest of the world. Sri Lankan Companies too could, set up their regional hub in Chile and other parts of the American Continent through the Free Trade route. Presently Sri Lanka is the 10th largest exporter of tea to Chile and I am sure in the near future Sri Lanka could increase the tea exports. Canned Fish and Wines are the major imports from Chile to Sri Lanka and is increasing on a regular basis. I am sure that the MoU signed would increase the business relationship between the two countries'.

Trade with Chile is in favour of Sri Lanka. Exports from Sri Lanka to Chile amounted to US $ 31 million during 2011 compared to US $ 26 in 2010. Main exports from Sri Lanka consist of tea, rubber products, garments, fruits and nuts. Imports from Chile amounted to US $ 7 million in 2011 compared to US $ 11 million in 2010. Items imported from Chile to Sri Lanka are canned fish, wine and tobacco.

The Ceylon Chamber of Commerce has already signed 93 such Memoranda of Understanding (MoU) expanding and further strengthening relationships with overseas trade promotion organisations for the benefit of the business community in Sri Lanka. (SJ)