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CII delegation visits Sri Lanka to expand cooperation

By Our Special Correspondent

CHENNAI, SEPT. 12. A delegation of heads of companies in the southern region recently visited Sri Lanka under the sponsorship of the Confederation of Indian Industry and held discussions with officials and business leaders there on possibilities expanding cooperation.

The delegation, led by K.K.M. Kutty, immediate past chairman of the CII-Southern Region (CI-SR), met Jeyaraj Fernandopullai, Sri Lankan Minister of Trade, Commerce and Consumer Affairs; Mangala Samaraweera, Minister of Ports and Aviation, and Lakshman Kadirgamar, Minister of Foreign affairs.

It was emphasised that both countries should make full use of the free trade agreement (FTA) between them and the proposed comprehensive economic cooperation agreement (CECA) to mutual benefit, says a CII-SR release.

At meetings with the Indian High Commission, the Ceylon Chamber of Commerce, the Board of Investments of Sri Lanka and the Export Development Board, investment and trade opportunities for Indian companies and issues relating to non-tariff barriers (NTBs) were discussed.

Noting that trade between India and Sri Lanka had reached a record high of $1.3 billion since the FTA was signed (in December 1999), the CII leaders also noted that the adverse trade balance (against Sri Lanka), which stood at 15:1 last year, had come down to 4.5:1 this year.

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