Minister Basil tells Japanese investor community:

'Reap benefits of fast growing Lankan economy'

A Japanese business delegation led by Japan - Sri Lanka Business Co- Operation Committee and senior cooperate adviser to ITOCHU Corporation of Japan chairman Kouhei Watanabe met Economic Development Minister Basil Rajapaksa at the Economic Development Ministry yesterday.

Watanabe said the Japan Sri Lanka Business Co- Operation Committee is working toward promoting investment and trade between the two countries. The Committee met in Japan last year with over 150 Japanese businessmen and investors attending. A joint meeting between Sri Lankan and Japanese business communities will be held this year in Sri Lanka.

Japan - Sri Lanka Business Co- Operation Committee and senior cooperate adviser to ITOCHU Corporation of Japan chairman Kouhei Watanabe greeting Economic Development Minister Basil Rajapaksa at the Economic Development Ministry at the ministry yesterday. Picvture by Chaminda Hittatiya

Watanaba said ITOCHU Corporation of Japan is interested in trading Sri Lankan tea in Japan and China. Therefore two trade representatives of the company are visiting Sri Lanka to undertake a feasible study.

"The demand for Sri Lankan tea in the Japanese market is increasing. China is a major tea producing country but now there is a big demand for high quality tea. Therefore ITOCHU Corporation is going to export Sri Lanka tea to both markets," he said.

Minister Rajapaksa thanked Japan for the continuous support given by the Japanese government and people for the upliftof the countries economy and well being of its people.

He said the Japan - Sri Lanka business co - operation has done a very good service to promote economic cooperation between the two countries. ITOCHU Corporation has operated in Sri Lanka for a long period. Some big companies left Sri Lanka during the crisis time. But ITOCHU Co-operation remained in Sri Lanka throughout the good and bad periods and thanked the corporation for that.

The minister said Japan helped Sri Lanka build its economy by providing financial and technical assistance and Japan has been and remains Sri Lanka's major aid provider from 1970s. "Now it is time for the Japanese investor community to reap the benefits of the fast growing Sri Lankan economy by investing and expanding trade and commercial ties. Fishing is a specific area that two countries can have joint ventures, since Japan is helping Sri Lanka promote sea cucumbers and sea trade. A plan is presently underway to start joint tourist prograames aiming at the Maldives and Sri Lankan markets, " the minister said.

The minister said the Economic Development Ministry together with trade and foreign ministries will extend its fullest co operation to make joint the Sri Lanka Business Council meeting a success.

He said the visit by Japanese Deputy Prime Minister this year helped strengthen economic - cooperation between the two countries and likewise the Sri Lanka - Japan business joint meeting will also bring rich dividends to both countries. Charge d affairs of the Embassy of Japan in Sri Lanka Hidekki Ishizuka, ITOCHU Corporation International Coordination Department General Manager Akihiko Suzuki, ITOCHU Corporation's South west Asia Chief officer Ichiro Shimizu and ITOCHU Corporation General Manager Thakashi Yoshino also participated in the discussion.